Need info on Zero balance Savings account

[6ix9ine]

SBI is one of the shittiest & unreliable bank ever. Charges are comparatively higher than other PSBs except SB MAB/SMS Charges etc. technologically they are inferior to many top PSBs like BOB/INDIAN/CANARA etc. Those who are praising OnlineSBI is one of the top most superior product then I would say it is a biased comment only. OnlineSBI has an edge 10years ago, now most of the PSBs are well equipped with technological upliftment. Moreover, I found SBI's statement description is quite confusing & short which doesn't translate any meaningful data specially if you have too many ADC transactions. I don't compare PVT BANKS with any PSBs in India. Pvt Banks always have an edge technologically or functionally over PSBs anyday but they are quite costly now a days with the worst branch banking experience. So, if you need any PSB account which is technologically superior, overall good banking service or good branch banking, you may select many other PSBs like INDIAN/CANARA/BOB/IOB over SBI. If you have any prospective for having Govt transaction, you may consider SBI as a back up bank only, try to avoid. It's not worthy in any parameters now a days.

Curious to know which charges are you talking about in SBI?

 

[tuhin]

It’s very old opened initially with post office in the introduction year when banks do not offer it

You can transfer the SSY account from Post Office to Bank. Total process is offline though hasslefree. Once I did the same with my PPF account too. You may follow below steps:

Transfer Existing Sukanya Samriddhi Yojana Account to ICICI Bank

Wish to transfer your child’s Sukanya Samriddhi Yojana Account to ICICI Bank? It’s Simple – Submit your SSY transfer request to existing bank/PO, fill up a new account opening form with a set of KYC documents!

www.icicibank.com

Though, this is a link from ICICI Bank but it is same in every banks where you are comfortable enough & having good branch banking experience.

My suggestion to avoid PO, I experienced many uncertainties over matured amount withdrawal or proper transaction reliability. They don't have any transparency too & most of the POs are having cash shortages. If you ask any Cheque or DD they may keep you waiting for infinite times. People thought it's government backed, hence fully trusted but if a financial institution can't provide enough clarity over transactions then how can it be guaranteed! Moreover, you may many other hassles if you need any help from them.

 

[panchabhut]

It’s very old opened initially with post office in the introduction year when banks do not offer it

I had opened SSY for my daughter in ICICI in the introduction year

 

[tuhin]

Curious to know which charges are you talking about in SBI?

Have you ever taken any loan from SBI? No right?

 

[6ix9ine]

Have you ever taken any loan from SBI? No right?

Yes, I took car loan in 2022 and cleared it in 2023 mid, it was smooth as butter. Even paid prepayment using internet banking, no charges whatsoever where other banks charge hefty amount for prepayment.

 

[tuhin]

Yes, I took car loan in 2022 and cleared it in 2023 mid, it was smooth as butter. Even paid prepayment using internet banking, no charges whatsoever where other banks charge hefty amount for prepayment.

Acha!!! Then, you are one of the luckiest customer. Once I had a HL with them. They didn't change interest on time with RBI Repo rate changes. I had another HL with another PSB but they used to change it smoothly but SBI was notorious. Moreover, they have many other hidden charges in the name of verification/legal queries etc. SBI used to charges Rs 5000+GST for reducing the interest rates. Thankfully I closed the loan swiftly but the experience was pathetic. Even, I had another education loan with them but they deducted one extra EMI even after paying full loan amount, later on, I struggled a lot for getting the refund of that extra amount. SBI doesn't have any proper grievance redressal channel also. Most if the cases, customer service will only push you to branch only where they don't treat people well enough. Technologically Yono or OnlineSBI is laggy & unreliable with too many outages. My experience with SBI is relatively poor even I heard the same with many of my friends too. Most of the people are frustrated with them for getting a basic service.

 

[Wealth is my birth right!]

I had opened SSY for my daughter in ICICI in the introduction year

Oh ok
In my village on those intro years only po was available

You can transfer the SSY account from Post Office to Bank. Total process is offline though hasslefree. Once I did the same with my PPF account too. You may follow below steps:

Transfer Existing Sukanya Samriddhi Yojana Account to ICICI Bank

Wish to transfer your child’s Sukanya Samriddhi Yojana Account to ICICI Bank? It’s Simple – Submit your SSY transfer request to existing bank/PO, fill up a new account opening form with a set of KYC documents!

www.icicibank.com

Though, this is a link from ICICI Bank but it is same in every banks where you are comfortable enough & having good branch banking experience.

My suggestion to avoid PO, I experienced many uncertainties over matured amount withdrawal or proper transaction reliability. They don't have any transparency too & most of the POs are having cash shortages. If you ask any Cheque or DD they may keep you waiting for infinite times. People thought it's government backed, hence fully trusted but if a financial institution can't provide enough clarity over transactions then how can it be guaranteed! Moreover, you may many other hassles if you need any help from them.

Thanks I will try to move to either bob or icici by this method

 

[6ix9ine]

Acha!!! Then, you are one of the luckiest customer. Once I had a HL with them. They didn't change interest on time with RBI Repo rate changes. I had another HL with another PSB but they used to change it smoothly but SBI was notorious. Moreover, they have many other hidden charges in the name of verification/legal queries etc. SBI used to charges Rs 5000+GST for reducing the interest rates. Thankfully I closed the loan swiftly but the experience was pathetic. Even, I had another education loan with them but they deducted one extra EMI even after paying full loan amount, later on, I struggled a lot for getting the refund of that extra amount. SBI doesn't have any proper grievance redressal channel also. Most if the cases, customer service will only push you to branch only where they don't treat people well enough. Technologically Yono or OnlineSBI is laggy & unreliable with too many outages. My experience with SBI is relatively poor even I heard the same with many of my friends too. Most of the people are frustrated with them for getting a basic service.

Yeah, this seems like a specific case to you. In my experience and my friends n family members, it was always smooth wherever I go. Maybe due to I am more into them than they into me.

I am not one of those guys who just go to branch and stay quiet. I like to do things my way and within rules/regulations.

When I took car loan, I only visited once to sign all the formalities rest of the file work, visiting showroom etc was done by SBI itself, just signed the cheque and gave them account details, and on closing the loan, visited the branch and closed it on the same day and took all the docs for the RTO process.

Well, experience varies person to person. You will find multiple guys praising PSBs even in TF and outside of TF, on the other hand, haters will be there also.

Same goes for private banks, what you can do is just read the rules/regulations and visit them, don't let them think you are fool else be it any bank they will rob you.

 

[tuhin]

Oh ok
In my village on those intro years only po was available

Thanks I will try to move to either bob or icici by this method

Before considering ICICI, try to evaluate charges side also. It's one of the costliest bank in India.

 

[tuhin]

Yeah, this seems like a specific case to you. In my experience and my friends n family members, it was always smooth wherever I go. Maybe due to I am more into them than they into me.

I am not one of those guys who just go to branch and stay quiet. I like to do things my way and within rules/regulations.

When I took car loan, I only visited once to sign all the formalities rest of the file work, visiting showroom etc was done by SBI itself, just signed the cheque and gave them account details, and on closing the loan, visited the branch and closed it on the same day and took all the docs for the RTO process.

Well, experience varies person to person. You will find multiple guys praising PSBs even in TF and outside of TF, on the other hand, haters will be there also.

Same goes for private banks, what you can do is just read the rules/regulations and visit them, don't let them think you are fool else be it any bank they will rob you.

Definitely yes! One point, I noticed if your asset provider has any prior agreement/approval with SBI then it's hassle free. Your case, probably the car dealer had any agreement so SBI was the preferred lender. My case was different. I preferred HL from SBI because of the branch network & expansion but I regretted later. My project was not an approved one from SBI. Can you imagine they did searching & valuation two times for the single property & charged me 2X times. Later on, I complained the same in the branch also, they were explaining some blunt excuses. Though, I had another pathetic experience with BOB also for HL.

 

[cardy]

Experiences happen with staffs of the bank in the specific branches. I have seen managers who knows nothing but behave like a president and managers who goes far beyond to serve the customer out of willingness. So branches are not bad. Staffs are changing now and then. You may have a great experience in the same branch now a days where you experienced a bad one. Now a days PSBs are changing, serving better, atleast better than before. Instead private banks are becoming worse.

In cases of loans any day PSBs are better than private bank. @tuhin You may have bad charges from sbi, but if it was a private bank or NBFC it would have been a nightmare.

In my opinion SBI is not that bad , as how you experienced but yeah sometimes we experience something because some staffs have less knowledge or they don't try to go beyond their comfort zone. For an example suppose a fees can be waived if approved from zonal office , and since he have to contact his higher authority he will not do it out of fear. He will say you have to pay it.

 

[Trust Me]

Technologically Yono or OnlineSBI is laggy & unreliable with too many outages.

I haven't used Yono much, so can't comment. But as far as Online SBI goes, I don't know what you are talking about. In my experience it has been amongst the best for basic banking needs (and that includes the big 3 private banks also). I use it very regularly, and don't remember it ever being unreliable or having too many outages. I don't even find it to be too laggy either.

In fact it is the saving grace that allows me to keep my sanity by avoiding having to deal with their staff for the most part.

And all this is available to the regular customers. So much so, that it would be a big mistake to go for their Wealth management program (because the expectations are higher, which the SBI infrastructure is ill equipped to satisfy).

As far as the other PSBs are concerned, the BOB, Canara and Union experiences had been atrocious (including netbanking). Perhaps they have improved since, but I'm not keen to find out.
.

 

[tuhin]

Experiences happen with staffs of the bank in the specific branches. I have seen managers who knows nothing but behave like a president and managers who goes far beyond to serve the customer out of willingness. So branches are not bad. Staffs are changing now and then. You may have a great experience in the same branch now a days where you experienced a bad one. Now a days PSBs are changing, serving better, atleast better than before. Instead private banks are becoming worse.

In cases of loans any day PSBs are better than private bank. @tuhin You may have bad charges from sbi, but if it was a private bank or NBFC it would have been a nightmare.

In my opinion SBI is not that bad , as how you experienced but yeah sometimes we experience something because some staffs have less knowledge or they don't try to go beyond their comfort zone. For an example suppose a fees can be waived if approved from zonal office , and since he have to contact his higher authority he will not do it out of fear. He will say you have to pay it.

I do agree on your point. It varies branch to branch. Still, I have the lending experience with 5 PSBs so far, i.e. SBI/BOB/PNB/UCO/INDIAN. As per my experience, I shall not recommend anyone to take loan from SBI/BOB. Both I found non-transparent & lots of hidden charges. Comparatively PNB/UCO/INDIAN Bank is good & clear enough with customers. I never prefer NBFCs or PVT BANKS for the same reason, you stated above but we always expect better rates & transparency in PSBs specially large one. Now a days large PSBs like SBI/BOB are also behaving like a moderate private sector bank where a customer can be looted with hefty charges. I already shared my experience with SBI. Is this really far different than PVT Banks?

 

[tuhin]

I haven't used Yono much, so can't comment. But as far as Online SBI goes, I don't know what you are talking about. In my experience it has been amongst the best for basic banking needs (and that includes the big 3 private banks also). I use it very regularly, and don't remember it ever being unreliable or having too many outages. I don't even find it to be too laggy either.

In fact it is the saving grace that allows me to keep my sanity by avoiding having to deal with their staff for the most part.

And all this is available to the regular customers. So much so, that it would be a big mistake to go for their Wealth management program (because the expectations are higher, which the SBI infrastructure is ill equipped to satisfy).

As far as the other PSBs are concerned, the BOB, Canara and Union experiences had been atrocious (including netbanking). Perhaps they have improved since, but I'm not keen to find out.
.

OnlineSBI is good till everything is in your favour, like your branch is in State A & you are residing currently at State B and you forget OnlineSBI Profile passoword.

Or

It's Mar 31st & you forget to deposit money in your PPF. You suddenly remember & you are trying after 8pm via OnlineSBI

OR

You need to send money with an urgent basis & suddenly find SBIs ADC channel is facing downtime

Or

You forget your log in password & you don't have debit card handy.

Or

You need to do some transactions but OTP is not receiving on your phone, you are resending but still no response.

I have faced above scenarios & many more. I didn't find any other bank which can function unreliably. People may pull BOB but it's common that BOB WORLD entities will not work everyday after 12am, mostly this time is rarely useful for us for banking purposes. Still, I use SBI for any Govt transaction backup only, otherwise I never trust on SBI's infrastructure ever. It can puzzle anytime when I really need any banking service.