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Share your PSU Bank story- The Good, The Bad and the Drama!!!

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I have 3 PSB accounts :

1) PNB - I had opened an account in UBI for my home loan. It was merged with PNB and my October, 2020 EMI was not auto debited and it still reflects in my CIBIL history. I had sufficient balance at that time so I wrote an email to CIBIL and also complained to PNB but in vain. The home loan was foreclosed thereafter!
Still have the account with some FDs.

2) Canara Bank - This account was opened just for the locker and is continuing since more than 10 years. They never called or contacted and neither did I till last month. From TF, I got to know about RuPay Select DC so I went to the branch and the kind lady took my phone, installed the app and applied for the DC. All within 5 mins!!
Received the DC within 5-6 working days.
I must say the app is decent and responsive.

3) SBI - I don’t want comment anything because the very thought of SBI makes me swear and I don’t want to be thrown out of TF for using abusive language.

That’s it folks 😀
 
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Anshit said:
I have never been a fan of PSU banks as all my experience with them have been frustrating, Anger inducing and making me wonder at level of stupidity at which they operate but that's my story, but what's your experience with PSU banks? Share all the Great Experiences, Bad incidents and all the Drama...
Click to expand...
They all suck equally!

Here's my experience with SBI:

https://www.technofino.in/community/threads/sbi-deducted-₹5-000-from-the-principal-amount-upon-fds-maturity.39836/

And see its update:
CosmicCat

Post in thread 'SBI Deducted ₹5,000 From the Principal Amount Upon FD's Maturity'

Looks like even forwarding the complaint to RBI BO was useless. Today, my father received the following email from RBI Ombudsman (crpc@rbi.org.in):

"Dear XXXXXXX,

With regard to your complaint number NXXXXXXXXXX, RE's reply is being shared with you as under.
"...With reference to the captioned ombudsman complaint, customer alleges for deduction of TDS. In this regard, we have referred the matter to the concerned branch, and they have replied the customer for the reasons on whose ground customer’s request cannot be proceeded with and the letter is attached...
Click to expand...
  • Like

Despite being 3 months already, RBI has turned a blind eye against SBI and haven't provided any resolution yet. The complaint with BO is still open.

Also, on another note, another issue happened with my mom's SBI account:
CosmicCat

Issue Resolved Post in thread 'COMPENSATION! PMJJBY unauthorised activation & cancellation - SBI Savings A/C'

White_Fox said:
I have an SBI savings account. They (probably branch employees) activated PMJJBY without my consent. It resulted in a debit of ₹436.00.

Complained to the SBI customer care (screenshot attached), but they said to contact the branch.

Visited the branch the next day. They tried to convince me not to cancel the insurance that it's only a small amount deducted every year. On insisting on cancellation, I was told to submit an application for cancellation of the insurance to the branch.
So went to the branch a day later armed with the application. However, they didn't...
Click to expand...
  • Like

And this year, they deducted her account again:

https://www.technofino.in/community...ncellation-sbi-savings-a-c.27038/post-1015660

Had to wait more than a month to get the refund, as their portal was supposedly down. However, the cancellation was processed only after raising the complaint to RBI BO. But so far, no compensation for the mental agony caused yet.
 
CosmicCat said:
They all suck equally!

Here's my experience with SBI:

https://www.technofino.in/community/threads/sbi-deducted-₹5-000-from-the-principal-amount-upon-fds-maturity.39836/

And see its update:
CosmicCat

Post in thread 'SBI Deducted ₹5,000 From the Principal Amount Upon FD's Maturity'

Looks like even forwarding the complaint to RBI BO was useless. Today, my father received the following email from RBI Ombudsman (crpc@rbi.org.in):

"Dear XXXXXXX,

With regard to your complaint number NXXXXXXXXXX, RE's reply is being shared with you as under.
"...With reference to the captioned ombudsman complaint, customer alleges for deduction of TDS. In this regard, we have referred the matter to the concerned branch, and they have replied the customer for the reasons on whose ground customer’s request cannot be proceeded with and the letter is attached...
Click to expand...
  • Like

Despite being 3 months already, RBI has turned a blind eye against SBI and haven't provided any resolution yet. The complaint with BO is still open.

Also, on another note, another issue happened with my mom's SBI account:
CosmicCat

Issue Resolved Post in thread 'COMPENSATION! PMJJBY unauthorised activation & cancellation - SBI Savings A/C'

White_Fox said:
I have an SBI savings account. They (probably branch employees) activated PMJJBY without my consent. It resulted in a debit of ₹436.00.

Complained to the SBI customer care (screenshot attached), but they said to contact the branch.

Visited the branch the next day. They tried to convince me not to cancel the insurance that it's only a small amount deducted every year. On insisting on cancellation, I was told to submit an application for cancellation of the insurance to the branch.
So went to the branch a day later armed with the application. However, they didn't...
Click to expand...
  • Like

And this year, they deducted her account again:

https://www.technofino.in/community...ncellation-sbi-savings-a-c.27038/post-1015660

Had to wait more than a month to get the refund, as their portal was supposedly down. However, the cancellation was processed only after raising the complaint to RBI BO. But so far, no compensation for the mental agony caused yet.
Click to expand...
Are you still with SBI? If Yes Why?
 
CosmicCat said:
Why IOB though? Their TT Buy rates are surely better, but their service ain't great. I use HDFC, whose TT Buy rates are on decent level, and they also provide FIRC automatically post credit into account.
Click to expand...
Did few months of research to narrow down to IoB. You are scaring me
scared the simpsons GIF


@Ram1 -- FIRC fear unlocked now.
 
HumorSimpson said:
Did few months of research to narrow down to IoB. You are scaring me
scared the simpsons GIF


@Ram1 -- FIRC fear unlocked now.
Click to expand...
1. Would you get the FCY amount on a regular basis?

2. Would the annual amount for the whole FY be more than ₹20L?

If the answer to either of these questions is "Yes," then FIRC is mandatory. Otherwise, you can go ahead with IOB.

Or use Wise to get remittances from abroad. Their rates are amazing and the amount is credited within minutes. But they don't provide an FIRC though.
 
CosmicCat said:
1. Would you get the FCY amount on a regular basis?

2. Would the annual amount for the whole FY be more than ₹20L?

If the answer to either of these questions is "Yes," then FIRC is mandatory. Otherwise, you can go ahead with IOB.

Or use Wise to get remittances from abroad. Their rates are amazing and the amount is credited within minutes. But they don't provide an FIRC though.
Click to expand...
1. Yearly once I want to withdraw dividends.
2. Not yet, but I may hit that in coming years.

Is there no way to get FIRC from IoB ?
 
HumorSimpson said:
Is there no way to get FIRC from IoB ?
Click to expand...
AFAIK, every bank is obliged to provide FIRC. But some do automatically, like Kotak, HDFC, and ICICI. Whereas for others, you have to explicitly request them. I'm not sure about IOB though. But as I recall, you have to ask for the FIRC manually every time you receive FCY funds in your IOB account.

Can you DM or comment for what purpose would you be getting the funds?
 
CosmicCat said:
AFAIK, every bank is obliged to provide FIRC. But some do automatically, like Kotak, HDFC, and ICICI. Whereas for others, you have to explicitly request them. I'm not sure about IOB though. But as I recall, you have to ask for the FIRC manually every time you receive FCY funds in your IOB account.

Can you DM or comment for what purpose would you be getting the funds?
Click to expand...
Sale of my RSUs
 
CosmicCat said:
AFAIK, every bank is obliged to provide FIRC. But some do automatically, like Kotak, HDFC, and ICICI. Whereas for others, you have to explicitly request them. I'm not sure about IOB though. But as I recall, you have to ask for the FIRC manually every time you receive FCY funds in your IOB account.

Can you DM or comment for what purpose would you be getting the funds?
Click to expand...
If its via email , I am OK. But if its in person then I am cooked.
 
HumorSimpson said:
Sale of my RSUs
Click to expand...
Once your bank receives the funds, you have to provide your bank the purpose code to get them credited into your account in INR. The purpose codes are listed here.

In HDFC, you can do it in Netbanking. Axis allows it via netbanking too. For Kotak, the last time I checked, you have to send a form via email. ICICI provides no option in iMobile and netbanking for saving account holders.

I don't know about IOB though. Sorry.
 
CosmicCat said:
Once your bank receives the funds, you have to provide your bank the purpose code to get them credited into your account in INR. The purpose codes are listed here.

In HDFC, you can do it in Netbanking. Axis allows it via netbanking too. For Kotak, the last time I checked, you have to send a form via email. ICICI provides no option in iMobile and netbanking for saving account holders.

I don't know about IOB though. Sorry.
Click to expand...
For axis there is a written form which I have to fill scan and send . Then via netbanking i had to enter code.

IoB, someone needs to shed some light on FIRC
 
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I’ve had a good experience with Bank of Baroda. I couldn’t apply online due to location issues, so I went to the nearest branch, which was about 23 km away near my wife’s house, and opened a BOB Lite account. The debit card took some time since their card printing machine had caught fire.

After around 6 months, I applied for the BOB Premier credit card (LTF). They did a quick home visit, took a few photos from outside, and approved it without asking for income proof. The credit limit matched my highest existing card. Later, I also got the BOB Snapdeal LTF card through their app. So far, everything’s been smooth.

I also have accounts with Canara (about 3 months old) and SBI (around 4 years old), but I haven’t visited either branch yet.

Only downside with BOB is the distance, but a new branch is opening just 4 km from my home. Thinking of shifting there or keeping the current one.
 
@CosmicCat seems IoB provides eFIRC on request as per google. Guess I can take the chance


To obtain an e-FIRC certificate from Indian Overseas Bank (IOB), you need to first ensure the foreign remittance has been received and is visible in your bank account statement. Then, you should submit a request to IOB, either through their online banking portal or by visiting a branch, providing details of the transaction and any required supporting documents. The bank will then process your request and issue the e-FIRC, which you can typically download from their online portal or receive via email. [1, 2, 3]


Here's a more detailed breakdown:
  1. Confirm Foreign Payment: Verify that the foreign currency payment has been credited to your IOB account. [1, 2]
  2. Gather Necessary Information: Collect details like the Unique Transaction Reference (UTR) number, transaction date, amount, and the purpose of the remittance. [3, 4]
  3. Submit Request:
    • Online: Log in to IOB's online banking platform and navigate to the relevant section for FIRC requests. Fill out the online form with the required information. [1, 3]
    • Branch: Visit your nearest IOB branch and obtain the FIRC request form. Complete the form with the transaction details and submit it. [1, 3]
  4. Provide Supporting Documents: You may need to submit documents like a copy of your bank statement, the sender's payment advice, or any other documents specified by IOB. [1, 3]
  5. Pay Applicable Fees: Banks usually charge a fee for issuing a FIRC, so ensure you make the payment as per the bank's instructions. [1, 3]
  6. Download e-FIRC: Once the processing is complete, you can download the e-FIRC from the IOB online portal or receive it via email. [1, 3]
AI responses may include mistakes.
[1] https://sell.amazon.in/ta/grow-your-business/amazon-global-selling/blogs/firc
[2] https://www.dbs.com/in/treasures/ar...-a-foreign-inward-remittance-certificate-firc
[3] https://wise.com/in/blog/firc-certificate
[4] https://salt.pe/blog/how-to-request-an-firc
 
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