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Old 15th August 2013, 00:05   #271
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Default Re: What Bank for commercial operations?

I would say ICICI going by my friend's company experience. But, with the pvt players, be ready to pay additional fees for everything. If I could suggest, pl. validated their schedule of Charges (SOC) before committing to any of them.
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Old 16th August 2013, 01:16   #272
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Default Re: What Bank for commercial operations?

I would say go with CITI bank. The customer service is excellent though you might want to consider the charges for the services which are on offer.

nIk
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Old 16th August 2013, 15:41   #273
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Default Re: What Bank for commercial operations?

Stick to a good nationalised bank. In the long term these private banks scalp more from you then you imagine. A smaller nationalised bank like e.g. Canara Bank etc. gives better interest rates on loans/cc etc. and also better service than a bigger bank like SBI/UBI but then has lesser branches for any multi-city work you may require it for.
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Old 18th August 2013, 17:11   #274
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I would say go with CITI bank. The customer service is excellent though you might want to consider the charges for the services which are on offer.

nIk
I work with Citi and dont think the charges are anyway higher than competition.
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Old 18th August 2013, 17:13   #275
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This is mainly for day to day operations, CC limits for working capital and loans. We have substantial security available for loans. Ideally all banks are more than willing to take my account. I only want a bank which gives me customer service to the ratio of business I am giving them.
Please PM if you want Citi Mumbai guys to get in touch with you.

I am based in Delhi.
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Old 19th August 2013, 11:19   #276
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Default Re: Which bank to open an account in?

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Please PM if you want Citi Mumbai guys to get in touch with you.

I am based in Delhi.
I tried PMing you, however it says that your inbox is full.

Devansh
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Old 19th August 2013, 11:23   #277
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Default Re: What Bank for commercial operations?

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Stick to a good nationalised bank. In the long term these private banks scalp more from you then you imagine. A smaller nationalised bank like e.g. Canara Bank etc. gives better interest rates on loans/cc etc. and also better service than a bigger bank like SBI/UBI but then has lesser branches for any multi-city work you may require it for.
I would disagree with that. We have our account with a nationalized bank for over 25 years now and they are the reason I want to change. I don't mind slightly higher charges as long as my work gets done. This is not for a savings or current account but for CC and Term Loan against property for a commercial company. I have just had it with nationalized banks.
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Old 19th August 2013, 11:29   #278
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I would disagree with that. We have our account with a nationalized bank for over 25 years now and they are the reason I want to change. I don't mind slightly higher charges as long as my work gets done. This is not for a savings or current account but for CC and Term Loan against property for a commercial company. I have just had it with nationalized banks.
I too am running a big company/cc account since last 30 years with UBI. I flirted with ICICI Bank and Axis Bank and and got CC limits against property (much more than the credit limits) but eventually closed all of them down and reverted back to nationalised banks. I now only keep some FDs with the private banks to get higher returns. Rest all credit requirements are fulfilled by nationalised banks at lower rates and charges. So enjoying best of both worlds.

Wishing you have a better experience with the private banks...
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Old 19th August 2013, 11:36   #279
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Default Re: What Bank for commercial operations?

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Stick to a good nationalised bank. In the long term these private banks scalp more from you then you imagine.
I find the Nationalised Banks charge more for services than many foreign banks (SCB in our case). Their charges depend on the 'relationship' you have. I will try and find a good MNC bank. The only downside is that you cannot do treasury operations (Advance Tax) on MNC banks.
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Old 19th August 2013, 11:41   #280
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I find the Nationalised Banks charge more for services than many foreign banks (SCB in our case).
Unfortunately SCB has very few branches in UP (none in Meerut) so that makes them quite nonviable for our kind of operations where parties put money in your current accounts from remote locations and for that nothing can beat SBI. I run parallel accounts in UBI and SBI. SBI for people to put money in at remote locations and UBI for the credit needs. But every one has different requirements...

Last edited by dkaile : 19th August 2013 at 11:42.
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Old 19th August 2013, 11:45   #281
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Default Re: What Bank for commercial operations?

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Originally Posted by spawnofsatan View Post
This is mainly for day to day operations, CC limits for working capital and loans. We have substantial security available for loans. Ideally all banks are more than willing to take my account. I only want a bank which gives me customer service to the ratio of business I am giving them.
If you are okay with scheduled banks, then Shamrao Vithal could be a good option. I have a few FDs, locker and SB a/c with them, and every visit to the branch has been pleasant and hassle free. I guess they have a large presence in Mumbai. Feedback from most people I know [who bank with them too] is very positive.

I have no idea about what services are needed by a businessman and their associated charges, though.

Cheers,
Vikram
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Old 19th August 2013, 12:00   #282
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Default Re: What Bank for commercial operations?

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If you are okay with scheduled banks, then Shamrao Vithal could be a good option. I have a few FDs, locker and SB a/c with them, and every visit to the branch has been pleasant and hassle free. I guess they have a large presence in Mumbai. Feedback from most people I know [who bank with them too] is very positive.

I have no idea about what services are needed by a businessman and their associated charges, though.

Cheers,
Vikram
I agree. SVC is in the top three when it comes to cooperative banks. Good governance, good profits and an extremely good customer service.
My parents are very happy with them for the last 15+ years.
They have accounts with BoB, NKGSB, HDFC, IOB and a few others. But none of them give the same customer service that SVC does.

In terms of online experience, ICICI is the most innovative with new features coming in first.
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Old 19th August 2013, 15:13   #283
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Default Re: What Bank for commercial operations?

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Originally Posted by dkaile View Post
Unfortunately SCB has very few branches in UP (none in Meerut) so that makes them quite nonviable for our kind of operations where parties put money in your current accounts from remote locations and for that nothing can beat SBI. I run parallel accounts in UBI and SBI. SBI for people to put money in at remote locations and UBI for the credit needs. But every one has different requirements...
Agreed. However, with National Banking things are far better now. In terms of national footprint the order is SBI and then ICICI. I have my salary account with SBI (since 1977). My son is with SCB and ICICI. Technically he is also with SBI but that account is dormant. Now he has just opened his salary account with Axis (Fortis Gurgaon banks with them). In general the level of service also depends on how fat a cat are you? We are Priority with SCB and he opens with Platinum with Axis, as is his ICICI account.

Last edited by sgiitk : 19th August 2013 at 15:32.
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Old 3rd September 2013, 18:43   #284
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Default Re: Which bank to open an account in?

I wanted to open a PPF account with SBI in my one and a half year old son's name. I was taken aback when they asked me to produce the child's PAN card for this purpose. Is this normal?

I have the child's passport, but they are insisting on the PAN card.

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Old 3rd September 2013, 18:51   #285
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Default Re: Which bank to open an account in?

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Originally Posted by Oxy View Post
I wanted to open a PPF account with SBI in my one and a half year old son's name. I was taken aback when they asked me to produce the child's PAN card for this purpose. Is this normal?

I have the child's passport, but they are insisting on the PAN card.
My daughter was 2 years when I opened her PPF account in SBI. No PAN was required. But it is possible to get PAN card for anybody of any age.
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