Stay away from HDFC bank!!(EDIT: Solved see post 33 onwards)

Ricky_63 · 30th July 2008, 15:43

I'd like to say that I have had a loan for my Scorpio thru a DSA from HDFC Bank & never had a problem. The loan has since been closed.

Recently I had my Audi financed thru the HDFC Bank, again no problem. The DO & DD were made out in one day of signing the requisite papers.

But yes, there have been instances of, delays, unplesantness etc especially with ICICI (not with me, but from what I hear)

Best is to approach a nationalized bank, there dealings are time consuming but transparent & fair. (Based on my experiance for a home loan)

Cheers

Ricky_63 · 30th July 2008, 15:46

Quote:

Originally Posted by finneyp

rkg, the links you posted is quite an eye-opener esp the last one where a HDFC Bank customer holding a Salary Account was forced to close his Account because he changed his Company and the new Company has a Salary account elsewhere!
He was in a real soup coz he had given his HDFC A/c no for Mutual fund, Shares dividend credits etc.

Just because he changed his company, can the Bank forcibly close his Account?

Ideally, they could have changed the Account type from Salaried to Savings A/c!
A win-win situation for all!
But, sadly he was forced to close his Account & he moved to ICICI Bank for good!

Now, I am worried, I also have a Salary A/c with HDFC Bank, have given countless ECS mandate on this Account, what will happen if I change my Company & the new Company doesn't deal with HDFC Bank?

IMHO, always have a dedicated account in which all ECS mandates etc are given. Treat this as your permanent a/c. You can still do it - before you change your job or your company changes it's bank

That way you will always have the option of keeping your inward credits happening uninterrupted irrespective of changes on your professional front / transfers etc

Cheers

rkg · 30th July 2008, 15:53

Check these from the link i have posted earlier
That's How It Really Works !!: HDFC Bank - Totally Sucks
November 03, 2006 5:58 PM, Anonymous sd said...

Mailing across an article proving that HDFC bank officials are crooks!

Delhi Police has filed an FIR against two top officials of HDFC Bank, charging them with cheating and breach of trust, after the bank allegedly deducted three EMIs from the account of a person without disbursing a loan to him.

In an FIR, lodged against the Managing Director and the Regional Head of HDFC on the direction of a Metropolitan Magistrate, it was alleged that the officials illegally and fraudulently deducted three Essential Monthly Installments (EMI) from the account of one Abhay Gupta who was never disbursed any loan.

The General manger of the Indian Bank, the banker of Gupta, has also been charged in the FIR for his alleged role in clearing the EMIs towards repayment of the loan.

Gupta, on December 19, 2005, was handed over a cheque of Rs 1.97 lakh after he was sanctioned a car loan from the HDFC bank through its direct selling agent, the FIR alleged.

But, the said cheque was allegedly dishonoured by the HDFC bank. When contacted, the Bank officials informed Gupta that the loan was never sanctioned to him, it said.

Gupta, however, was taken aback when received the repayment schedule from the Bank and was also issued a letter on February 15, 2006, threatening to use recovery mechanism if he failed to repay the loan.

He received another rude shock when he came to know that the Indian Bank had deducted three EMIs from his account through Electronic Clearing System (ECS) and denied his request to stop further payment to HDFC, the FIR alleged.

Earlier, the Defence Colony Police Station had refused to lodge an FIR in the case forcing Gupta, a resident of Masjid Moth in south Delhi, to approach a Delhi court for redressal.

Metropolitan Magistrate Chadra Shekhar, taking cognizance of his complaint which was filed through counsel Nishchal Joshi, had directed the police to lodge the FIR and submit the report after completing the probe.

The FIR has been lodged under various sections including 409 (breach of trust), 420 (cheating) and 506 (criminal intimidation) of the IPC against the accused

Samurai · 30th July 2008, 16:38

Quote:

Originally Posted by finneyp

Just because he changed his company, can the Bank forcibly close his Account?

Ideally, they could have changed the Account type from Salaried to Savings A/c!
A win-win situation for all!
But, sadly he was forced to close his Account & he moved to ICICI Bank for good!

Now, I am worried, I also have a Salary A/c with HDFC Bank, have given countless ECS mandate on this Account, what will happen if I change my Company & the new Company doesn't deal with HDFC Bank?

You are barking the wrong tree here. You should blame the employer for this policy, not the bank. When employees leave my company, we inform HDFC bank to delink the salary account from the company, so it becomes a normal individual account. However, if I ask the bank to close the account instead of delinking, they will do that too. It is the employer's choice.

NetfreakBombay · 30th July 2008, 16:55

Quote:

Originally Posted by Samurai

we inform HDFC bank to delink the salary account from the company, so it becomes a normal individual account. However, if I ask the bank to close the account instead of delinking, they will do that too. It is the employer's choice.

Thats seems unusual. At least will 2006 HDFC did not have this feature in their systems. They could not change "Relationship type" for a savings account and account had to be closed.

mmmjgm · 30th July 2008, 19:33

Quote:

Originally Posted by finneyp

rkg, the links you posted is quite an eye-opener esp the last one where a HDFC Bank customer holding a Salary Account was forced to close his Account because he changed his Company and the new Company has a Salary account elsewhere!
He was in a real soup coz he had given his HDFC A/c no for Mutual fund, Shares dividend credits etc.

Just because he changed his company, can the Bank forcibly close his Account?

Ideally, they could have changed the Account type from Salaried to Savings A/c!
A win-win situation for all!
But, sadly he was forced to close his Account & he moved to ICICI Bank for good!

Now, I am worried, I also have a Salary A/c with HDFC Bank, have given countless ECS mandate on this Account, what will happen if I change my Company & the new Company doesn't deal with HDFC Bank?

According to the conditions agreed upon by you when opening the banking account - the banker cannot close the salary account down upon the employer's insistence they have a signed agreement with you not the employer. An employer can have a hold on your account within 3 days of the employer crediting funds to your salary account.

This is as per the regular banking agreements entered into with employees and the bank for salary credit accounts only.

The question of shutting down an account without written authorization of the account holder(s) does not arise in any account.

You can sue the bank if incase a cheque bounces.

cheers
M M

PatienceWins · 8th August 2008, 22:53

I have two savings accounts with HDFC Bank and a housing loan with HDFC.

My experience with HDFC Bank:
I have been a customer for 10 years. Very good service.

My experience with HDFC:
I have been a customer for 3 years. Customer service is pathetic. No response to emails. Shortage of staff at the branch with lack of interest to service.

PAVAN KADAM · 8th August 2008, 23:13

Guys i think we need this thread to be closed.

Mods: Since the problem is solved, can we avoid more mudslinging and have this thread CLOSED

tsk1979 · 9th August 2008, 10:03

Note from mod: Issue solved, thread closed

30th July 2008, 15:43	#76
Ricky_63 Senior - BHPian Join Date: Dec 2006 Location: Gurgaon Posts: 3,885 Thanked: 518 Times View My Garage	I'd like to say that I have had a loan for my Scorpio thru a DSA from HDFC Bank & never had a problem. The loan has since been closed. Recently I had my Audi financed thru the HDFC Bank, again no problem. The DO & DD were made out in one day of signing the requisite papers. But yes, there have been instances of, delays, unplesantness etc especially with ICICI (not with me, but from what I hear) Best is to approach a nationalized bank, there dealings are time consuming but transparent & fair. (Based on my experiance for a home loan) Cheers Last edited by Ricky_63 : 30th July 2008 at 15:47.
	() Thanks

30th July 2008, 15:53	#78
rkg Senior - BHPian Join Date: Apr 2005 Location: bangalore Posts: 1,044 Thanked: 594 Times	Check these from the link i have posted earlier That's How It Really Works !!: HDFC Bank - Totally Sucks November 03, 2006 5:58 PM, Anonymous sd said... Mailing across an article proving that HDFC bank officials are crooks! Delhi Police has filed an FIR against two top officials of HDFC Bank, charging them with cheating and breach of trust, after the bank allegedly deducted three EMIs from the account of a person without disbursing a loan to him. In an FIR, lodged against the Managing Director and the Regional Head of HDFC on the direction of a Metropolitan Magistrate, it was alleged that the officials illegally and fraudulently deducted three Essential Monthly Installments (EMI) from the account of one Abhay Gupta who was never disbursed any loan. The General manger of the Indian Bank, the banker of Gupta, has also been charged in the FIR for his alleged role in clearing the EMIs towards repayment of the loan. Gupta, on December 19, 2005, was handed over a cheque of Rs 1.97 lakh after he was sanctioned a car loan from the HDFC bank through its direct selling agent, the FIR alleged. But, the said cheque was allegedly dishonoured by the HDFC bank. When contacted, the Bank officials informed Gupta that the loan was never sanctioned to him, it said. Gupta, however, was taken aback when received the repayment schedule from the Bank and was also issued a letter on February 15, 2006, threatening to use recovery mechanism if he failed to repay the loan. He received another rude shock when he came to know that the Indian Bank had deducted three EMIs from his account through Electronic Clearing System (ECS) and denied his request to stop further payment to HDFC, the FIR alleged. Earlier, the Defence Colony Police Station had refused to lodge an FIR in the case forcing Gupta, a resident of Masjid Moth in south Delhi, to approach a Delhi court for redressal. Metropolitan Magistrate Chadra Shekhar, taking cognizance of his complaint which was filed through counsel Nishchal Joshi, had directed the police to lodge the FIR and submit the report after completing the probe. The FIR has been lodged under various sections including 409 (breach of trust), 420 (cheating) and 506 (criminal intimidation) of the IPC against the accused Last edited by rkg : 30th July 2008 at 16:03.
	() Thanks

8th August 2008, 22:53	#82
PatienceWins Senior - BHPian Join Date: May 2007 Location: Bangalore Posts: 2,416 Thanked: 807 Times View My Garage	I have two savings accounts with HDFC Bank and a housing loan with HDFC. My experience with HDFC Bank: I have been a customer for 10 years. Very good service. My experience with HDFC: I have been a customer for 3 years. Customer service is pathetic. No response to emails. Shortage of staff at the branch with lack of interest to service.
	() Thanks

8th August 2008, 23:13	#83
PAVAN KADAM BANNED Join Date: Jan 2007 Location: NAMMA BENGALURU Posts: 5,602 Thanked: 2,549 Times	Guys i think we need this thread to be closed. Mods: Since the problem is solved, can we avoid more mudslinging and have this thread CLOSED
	() Thanks

9th August 2008, 10:03	#84
tsk1979 Team-BHP Support Join Date: Feb 2005 Location: San Jose, CA Posts: 23,717 Thanked: 22,825 Times View My Garage	Note from mod: Issue solved, thread closed
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