All the Way!. Review on State Bank Of India

Finally the grand old bank, State Bank of India, has woken up! Upon hearing the name 'SBI', the images coming to ones mind were the bored faces of the 'not-so-happy' staff, chocked interiors, haggles with the staff, frustration of running between counters, heaps of paper files, all the noise and arguments etc etc... But most of that has changed today. facing fierce competition from New Generation Banks, SBI is donning a completely new costume to attract new customers. Its high time they did that.

I wanted to open an SB account in a bank that had an extensive ATM coverage all over the country. The foremost choice in my mind was ICICI. But on hearing the horrible stories about the service of the bank, I changed my mind. I then opted for SBI, and entered the bank with the above images in my mind.

To my surprise, that was not to be. The staff turned out to be more helpful than one ever expects them to be. They were even smiling, a thing unheard of in PSUs. The lady at the counter patiently explained all the aspects of the form, and I duly filled it in, and got my new passbook, and applied for the ATM card.

ATM Service:

The ATM network is Impressive. Being a government bank has its advantages.

You get ATM machines at Railway stations, Airports, near to govt offices etc...

SBI allows you to use the ATMs of its subsidiary banks (State banks of Mysore, Hyderabad, Patiala, Bikaner & Jaipur, Saurashtra, Travancore and Indore), free of cost, taking the total number of State Bank ATMS accepting the SBI card in the country to around 3000. You can also use the card at any ATM accepting the Maestro card, (HDFC, ICICI, IDBI, Centurion, UTI, PNB etc) paying Rs.18 per transaction.

They dont levy charges for accessing an ATM. You can take money as many times as you want (a max. of Rs.10000 per day).

The ATM card took about 3 weeks to reach me. However, there is one glitch: Theres no deposit option in the ATM. The software is there, but it is not activated yet. Hope they will introduce it soon.

Even if you fall below the minimum balance in your account, they will wait for one month before fining you. That too, just Rs. 50.

I have not yet encountered an ATM that is not working. But once one of them was short of cash.

The ATM card doubles as a debit card, which you can use at almost all establishments accepting MasterCard. The amount gets debited from your account instantly. So no hassle of bills.

Infrastructure

About the interiors, most of the clutter had gone and the old desks are smartly refurbished using plywood and glass. But the buildings are still old and there is not much space to move around, but that is not much of a problem.

Communications

All communications I have had with the bank were addressed with promptly. I find it is excellent that they take care to serve to the needs of even a lowly SB account customer, without much delay.

Service

'Service' was not a term associated with SBI. But it has been a complete turnaround. Most of the faces at the bank have turned pleasant, smiling, they patently detail you about all the complicated banking processes, and some even find time to have a chat with you. There are a few boring faces, but a large majority of the staff are pleasant. Queries about banking processes get instant answers. It also helps you to finish your business fast, which took an eternity before.

Online services

This is also a boon, especially since you can use it for a wide range of internet shopping. You can even reserve railway tickets, no hassle of standing in long queues.

The changes are astounding. Anyway, compared to NG banks, SBI has far more relaxed rules, the network is extensive, you dont get clogged up with unanswered mail and you dont get fined for withdrawing your money. If I ever think of doing business with any bank, it will most definitely be with SBI.

Cheers!

vadakkus