Monday, March 30, 2009

SBI executives unaware of their products

Recently our employer provided us with facilities that the salary account can be transferred to SBI or HDFC from Citibank if required. I didn't have any problem with Citibank salary account. I can transfer funds easily, get statements easily, got my queries answered clearly etc. But what made me think is SBI's words that said some benefits in having salary account with them. The benefits they said were,
1. Concession in Demat account maintenance fees.
2. Free Multi City cheque(limited number of leaves).
3. Auto sweep facility.
4. 2 cards will be issued so that the account can be operated in either or survivor basis.
Also it was clearly said that the existing personal account we hold can be transferred to salary account.
I voted to go for SBI and when the helpdesk was put I went there to convert my personal account into salary account. Why open another new account. I was shocked with their answer, that the existing account cannot be converted into salary account. Ohhh... only from SBI people you can hear such responses. I asked them repeatedly what is the problem or why is it not possible to convert personal account into salary account. They said the features are different for both, so it is never possible. My thinking is that, there may be a flag or something which has to be changed to make a personal account into salary account. I didn't understand why it is difficult for them to do this.
Then regarding the concession in demat account maintenance fees, they said that the account opening is free. And what is the concession rate of annual maintenance fees ?, that is the same as ordianry cusotmers. This account opening fees is already waived (may be for limited period), and even if you go by ordinary route without salary account, you will not be charged anything as demat account opening fees.
Then regarding the multi city cheque, they are not aware, when it will be issued.
Then regarding the autosweep facility, they are not aware what it is !!!!.
The welcome kit is issued there itself. But it contained one ATM card, cheque book, and internet banking user id and password. When asked about the 2 cards, which can be operated in either or survivor basis, they are not aware of that.
I got in touch with my HR regarding the unability of transferring the personal account into salary account, and they told me that it can be done, just with the help of a letter and the passbook. But since these people told me that it is never possible, and got the welcome kit from them, I got another account opened.
State Bank of India has very good facilities and features. It has all the facilities that the private banks offer, and the charges is also very less compared to private banks for the same service. But you need to know everything about banking and the fees involved. Because I was charged money for depositing a multi city cheque with them, which shouldn't be. I asked 3 employees of the bank and was said it is chargeable, and finally after following it up with the cusotomer helpdesk got my charge reversed. Since I got doubt that then what is a multi city cheque for if it is charged a collection charge, what is its advantages than a outstation cheque, when its collection charge is higher than that of a outstation cheque, I followed it up with them. Read here for knowing how it was charged.

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