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Old 19th November 2009, 15:30   #76
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i have a question. When a transfer over NEFT is done at night, after midnight since that is the next day. Do the banks religiously clear those in the queue at 9:00 a.m. clearing time or it depends upon their whim and fancy ?

the reason I ask this query is that the amount has been debited from my a/c but not yet credited to the other banks' (ICICI) a/c and I did the transfer after midnight in the expectation that all the transfers in the queue would be cleared at 9:00. but the amt has not been debited into the receiving bank's a/c even at 10:30 a.m. which is the second clearing cycle.
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update: Using NEFT facility after 9:00 a.m. and before 3:00 p.m. is safest for ensuring timely transfer. Looks like the transfers that are in queue 'after NEFT hot hours' are updated as and when the receiving banks feels like.
Not necessary lurker. As far as my experience goes, the queued transfer request gets processed in the first clearing cycle. However, since a transfer involves two banks (transferor and transferee), any one of these two may delay the processing. Most often, it is the transferee which delays the credit to a customer's account.

Let me give you an example: If I queue a transfer overnight from my Citibank account to be credited in HDFC, HDFC only credits funds at the end of the next banking day (mostly after 6 pm). However a similar transfer to my HSBC account shows up by 11 am. Go figure!
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Old 19th November 2009, 16:28   #77
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Amoung the Private banks I have a very good experience with YES Bank.

Since last 2 years i have been getting 5 star service.
I have never been to the branch office till date.
Even cheq collection is free.
HDFC bank is worst , ICICI has bad customer service compared to 8 years back
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Old 19th November 2009, 17:19   #78
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I was going to open an account with YES. The refused to acceot the fact that my signature differed so I told them that's the way it is, and if they don;t like it, then NO.

UTI Bank was good; AXIS is not.
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Old 19th November 2009, 22:56   #79
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Originally Posted by nkapoor777 View Post
Not necessary lurker. As far as my experience goes, the queued transfer request gets processed in the first clearing cycle. However, since a transfer involves two banks (transferor and transferee), any one of these two may delay the processing. Most often, it is the transferee which delays the credit to a customer's account.

Let me give you an example: If I queue a transfer overnight from my Citibank account to be credited in HDFC, HDFC only credits funds at the end of the next banking day (mostly after 6 pm). However a similar transfer to my HSBC account shows up by 11 am. Go figure!
yes, and the problem only seems to be with transactions in the queue.

those transaction that are initiated during the hot hours i.e. 9:00 a.m, 10:00 a.m., 11:00 a.m., 12:00 a.m., 1:00 a.m., 3:00 p.m.

wheneven I did interbank NEFT transactions during these hours, the receiving a/c in another bank was credited immidiately in the next clearing slot and after half-an hour always showed up in the clearing bank a/cs.

But this did not happen with those transations initiated after 3:00 p.m. or even the next day (eg after 12:00 a.m.). These were updated as and when the receiving bank felt. Sometimes even after 2 days.

this is the blog that gave me this misinformation that every transation initiated after 3:00 p.m. would be cleared next day at the 9:00 a.m. opening slot.

ePayments: NEFT Timings

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The fastest way to get funds through NEFT, is to execute a payment in the night,(as all banks now offer NEFT facility, through their NET Banking Mode) and the transaction will be settled in the next working day 9.00am batch. Transactions executed after cut-off time, will be in the queue, and will be executed in the immediate settlement cycle
as per my experience this has turned out to be bs.
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Old 21st November 2009, 15:37   #80
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Originally Posted by Fabiaous View Post
Amoung the Private banks I have a very good experience with YES Bank.

Since last 2 years i have been getting 5 star service.
I have never been to the branch office till date.
Even cheq collection is free.
HDFC bank is worst , ICICI has bad customer service compared to 8 years back
what cheques are we talking about here?
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Old 23rd November 2009, 17:27   #81
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Whichver, but not ICICI. try getting thru to their customer care. On the other hand, ABN's service is absolutely top class and terrific, and HDFC is also very good (much better than its closest peer ICICI, but not as great as ABN). These are the only banks that I have operated with for the past decade.
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Old 23rd November 2009, 17:39   #82
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Any bank other than ICICI Bank.

cheers
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Old 23rd November 2009, 17:53   #83
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Originally Posted by gowda79 View Post
Best is to go with the State Bank Of India or any State Banks for that matter, government owned and safety for the hard earned money.
Well said. I have saving bank accounts with Internet banking facility in both State Bank of India [SBI] and Axis Bank [Priority Account]. While SBI has given RTGS facility in Internet banking, Axis Bank has given only NEFT, no RTGS, that too for Priority Account-holders. Axis Bank says RTGS is extended only for corporate accounts. Since I do most of my transactions through Internet banking, both SBI and Axis Bank are equally good, IMO.

Last edited by J.Ravi : 23rd November 2009 at 17:55.
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Old 23rd November 2009, 18:17   #84
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I have an account in a bank called federal bank which is based in kerala.
i must say that this is one of the best private sector banks in india.
they have a really fast and efficient system which not much fuss regarding minimum balance(apart from 1000 bucks minimum for check withdrawals).
they also have a demat bank account which i have used to link with Geojit and use to transfer money using online transfer in seconds.
when ever i deposit money in the bank the moment i put my atm card in the machine i can see the amount deposited there.
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Old 25th November 2009, 08:59   #85
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what cheques are we talking about here?
Any cheque you need to be deposited along with payslip to be credited to your account
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Old 25th November 2009, 13:29   #86
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Never HDFC. That bank lives solely on Paperwork and doesn't believe in e-clearance. For everything, you have to run to the Bank and submit the papers in writing. And guess what, you have to write it down there in your own language.

In my particular case, I wanted to disconnect my credit card from my bank account and I was personally at the branch. Still they said that it can't be done by them unless I submit a request in writing or use my T-PIN. Who remembers a T-PIN when you have so many of them to remember. So I submitted and the letter was later rejected, because the signature differed ('cause I don't use written instruments like Cheques, DD, etc.). Horrible Service. Worst of all amongst ICICI, CitiBank and HDFC.

Govt Banks are getting better. Get into one of those tech-savvy banks and walk out smiling. SBI Personal Banking branches is recommended by many, plus their ATM network is the best you know out there. So, I bet on SBI PB and Union Bank amongst Govt Banks (UBI, thru Family link, I've seen them improve hugely).

Amongst Private, Citi if you have a salary account with them. BoB and PNB are also good option, though no experience. HDFC, NEVER.

PS : Did I say that Citi has the absolute best Netbanking. Yeah, that you bet!

Last edited by given2fly : 25th November 2009 at 13:31.
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Old 25th November 2009, 14:46   #87
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I agree, that even over my small number of years in India, government banks are now presenting a much more attractive service. I consider them more secure too.

As for this whole Priority Customer thing at Axis, I am entirely disillusioned. When I first opened the account there, nothing was too much trouble, and all problems were addressed and sorted promptly. Now UTI has turned to Axis, and service has turned to targets. Ask your Personal Relationship Manager what degree they have... they may very well have an MBA, but see what is their speciality: banking? finance? accounts? Huh! Marketing! They are a bunch of glorified sales people.

When we had major complaints, we were told that the branch manager would talk to us. Later we were told that he could not, because he was busy with meetings and meeting targets. Customer happiness obviously not among said targets. Avoid Axis Bank.
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Old 25th November 2009, 15:11   #88
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Amongst Private, Citi if you have a salary account with them. BoB and PNB are also good option, though no experience. HDFC, NEVER.

PS : Did I say that Citi has the absolute best Netbanking. Yeah, that you bet!
I truly agree! Been using Citibank Net banking since the past 3 years for everything including rent amount transfer, paying phone bills, electricity bills, recharging prepaid mobile and yeah even their debit card requires you enter the PIN at every transaction, which is a good feature. Communication to their customer contacts can be done through the netbanking itself, and replies are always present within a maximum of 2 days.

A big thumbs-up from me for Citibank and their service for a Corporate account. Ofcourse, never visit their branch to deposit money, coz you're charged for that. I learnt it the hard way!
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Old 25th November 2009, 15:47   #89
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Never HDFC. That bank lives solely on Paperwork and doesn't believe in e-clearance. For everything, you have to run to the Bank and submit the papers in writing. And guess what, you have to write it down there in your own language.

In my particular case, I wanted to disconnect my credit card from my bank account and I was personally at the branch. Still they said that it can't be done by them unless I submit a request in writing or use my T-PIN. Who remembers a T-PIN when you have so many of them to remember. So I submitted and the letter was later rejected, because the signature differed ('cause I don't use written instruments like Cheques, DD, etc.). Horrible Service. Worst of all amongst ICICI, CitiBank and HDFC.

Govt Banks are getting better. Get into one of those tech-savvy banks and walk out smiling. SBI Personal Banking branches is recommended by many, plus their ATM network is the best you know out there. So, I bet on SBI PB and Union Bank amongst Govt Banks (UBI, thru Family link, I've seen them improve hugely).

Amongst Private, Citi if you have a salary account with them. BoB and PNB are also good option, though no experience. HDFC, NEVER.

PS : Did I say that Citi has the absolute best Netbanking. Yeah, that you bet!
I'v had a good experience with HDFC here in Poona. Though I get really pissed when they ask me to visit the branch for something. I really hate to waste time and effort for such things. Besides their branch timing means I have to miss work to visit the branch. So what I do is whatever form/letter they want, I either ask them to courier it to me or take a print out of it, if available on the net, or ask them to email it. I then fill and sign it and drop it off into their box for correspondence at the ATM, at the time of my convenience. They (phone banking) often make some confusion about it that it can't be done that way and all... but the branch has always processed the stuff that way, till now. So far so good!
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Old 24th December 2009, 14:34   #90
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Hi all,
I've a Citibank salary account and when entered their site for opening a demat account its broker for online trading will direct me to kotakserurities.com. What is the matter with this? I'm a newbie to online trading and i'm planning to open a demat account as i don't have account in ICICI or HDFC though i've one in SBI.

Thanks,
Ramki
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