Transfer only to a few cities

When one wants to transfer money from one bank to another,there is an option of selecting a bank only in a select few cities like Bangalore,Hyderabad,Mumbai etc.

Surprisingly cities like Pune are not listed.

This causes a lot of inconvenience to people who work in such Metros,but want to transfer money to banks in smaller cities.

I had learnt that the RBI was working to resolve this issue..but have no update on this.

Just pray that this option is enabled at the earliest.

Posted in ICICI, HDFC, Citibank, IDBI | No Comments »
Minimum account balance

ICICI Fund Transfer

I thought I would start with the good features first.

While transferring funds from one ICICI account to another,when one puts the account number,the site fetches the account holder’s name and shows it against the account number.

Thus u are absolutely sure u r transferring the money to the right person before u actually do so.

This is quite a smart feature provided by ICICI :) I did not see this feature in IDBI.

This is quite simple to implement and banks already have the data necessary to implment this feature.

Dont know why IDBI did not think about it.They should ..

Minimum account balance

Saturday evening when I checked up my ICICI account through an ATM,I was in for a rude shock.

My account had gone into a negative balance.When I called up customer service,they told me that I was penalised for not maintaining a minimum quarterly balance of Rs.5000.

Now what I wanted from ICICI was some kind of a warning email telling me that I was falling short of funds and asking me to take necessary action,before slapping the penalty charge.

ICICI already had my email id and they regularly send me information on promotional products.

When I posed this question to the customer service REP of ICICI,they had no answer and so obviously reversed the penalty.

I also got a call in the evening from ICICI,apoligizing for what they had done and suggested I register for alerts to be sent through email.

Now only because I was prompt enough to look into why my account had gone into negative balance,I managed to save myself Rs.842/- which I think is not a small amount.

I wonder how many customers let this happen to themselves without protesting..

The purpose of this Blog

First the purpose behind this blog :
For anyone who can read this blog,Banking is a another basic need like air,water,food and shelter.
With the internet,Net banking has become the way we deal with banks.

I have been using the Net Banking facility of different banks - ICICI,HDFC,IDBI and Citibank for over a 5 years now.

During this period,I have found several useful features of these banks which make life easy.Some banks do better than the others.

Also,some of the banks have some nasty restrictions(rules,regulations and procedures) which trouble u at times.

Here on this blog,I plan to list the features as well as the flaws that I have come across.Maybe these could be useful to someone,somewhere.

If any official from these banks happens to read this blog,he/she can either feel good about a good feature provided by his/her bank or ponder over the flaws listed here and think of making amedments.

Bottomline-This blog aims at creating a win-win situation for Indian banks as well as their customers so that all of us have a nice and peaceful time.The banks dont give us a headache and thus save a lot of abuses for their customer service.

I welcome all those who would like to particpate in achieving this goal to contribute to this blog.

Sincerely,
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