Another SBI rant

I was impressed when onlineSBI allowed me to do a recurring deposit, including specifying standing instructions to debit saving account each month - without needing to visit the Bank.

The recurring deposit was due to mature on 9th Sep 2014.  I checked online a couple of days later and found that the deposit amount had not been transferred to Savings.  Nor was it renewed as an FD. It was just showing "0%" interest with a maturity date for 9th Sep 2015.

I clearly remember having had to choose one of two options when I opened the RD for maturity instructions - "credit principal and interest to savings" or "place a term deposit with the maturity amount".  I had chosen the former. 

The RD was in my wife's name and she had to go to the Bank and ask the staff about this.  They were unperturbed - "Write a letter requesting closure of the RD and transferring the proceeds to Savings".  

"But why was it not done automatically?"  No answer.  No explanation.  

So much for hazzle-free online banking.

Talking about online, I had to open a couple of fixed deposits as part of "locker opening".  These were done manually by the staff.   But even after several days, it did not show up online.  I raised a complaint in the online portal only to get a message saying "Contact your Branch Manager".

On "contacting the Branch Manager", she tried several things, but to no avail.  To this date, the FDs do not show up.

And the clincher was when I decided to add a beneficiary to move some money out of SBI!  I follow the steps, add the recipient name, account number, everything and then I see the message - "take a printout with the reference number and get it approved by the Branch".  Why?  Because "your mobile number is not present"!

Huh!  I get regular debits for SMS charges against my account, but where it matters, the mobile number is not present!

Enquiries revealed that the mobile number that the Bank had against my account "did not automatically apply" to the online account!  No, I am not kidding!  I need to fill a form with a "reference number" that the system generated to "associate my cell phone number" with the "internet username" for the purpose of doing these.  Looking back, I was one of the early adopters of onlineSBI - more than 10 years back!   Perhaps that is working against me.

I tell these to my aunt (who is an SBI officer) and she is incredulous!  "These are so easy to sort out", says she.  "Indeed, they are!  Provided the staff is interested, not if it is a nuisance to them"!


  1. O yes, these can be tricky. Indeed. I too have had similar experiences. I have been lucky to get someone at the bank who was very patient and helpful.


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