[appuchan]

Originally Posted by Mission_Safari

AFAIK the time restriction is with all the banks which use EFT (Electronic Funds Transfer) for funds transfer across banks. You can choose for NEFT or give a standing instruction in that case.

IMO The codes from the boxes behind the debit card is a good thing as it is an additional security whenever you do an online transfer.

There is no time restriction for transfer of funds from Citibank to any other bank and it does not make any sense for an online transaction.

I understand that transactions are actually executed at some specific times at the back end system (EFT/NEFT/RTGS etc). However technically it is always possible for an online application to store the user requests and execute them in appropriate time instead of forcing these time on to the end user. Else, what is the difference between offline and online banking.

The codes are just a hassle and impose difficulties in making online transactions. Its not always possible to carry around the debit card. In fact I would tend to use online access especially when I dont have the card with me. I cant think of any online portal where you need to carry some "hard stuff" with you to make transactions. It makes sense only in "physical world" where you need to "show/swipe" them. Even advanced security features like like biometrics doesnt expect you to "carry anything" extra.

[Mission_Safari]

Originally Posted by appuchan

I understand that transactions are actually executed at some specific times at the back end system (EFT/NEFT/RTGS etc). However technically it is always possible for an online application to store the user requests and execute them in appropriate time instead of forcing these time on to the end user. Else, what is the difference between offline and online banking.

I agree. What you mean is an automatic standing instruction after that time window rather than declining the transaction and allowing the user to issue a standing instruction manually. In anycase the amount will be credited only when the next time window for EFT opens.

Sorry Nikhil for going OT. Ok now lets get back on track

[Shakensoul]

SBI has a high security feature which can be enabled or disabled by the end user, they send a password to your mobile via SMS which needs to be entered on the site to complete the online transaction.

Also, while dealing with HDFC and SBI online, I have been able to transfer money flawlessly without any issues. As pointed out earlier, NEFT is processed in batches as per scheduled time and if you initiate a transfer after the scheduled time, it is automatically processed the next working day.

These are the timings for NEFT.

SBI
Presently, NEFT is settled in six batches at 09:30 A.M., 10:30 A.M., 12:00 P.M., 1:00 P.M., 3:00 P.M. and 4:00 P.M. hours on weekdays and 09:30 A.M., 10:30 A.M. and 12:00 P.M. hours on Saturdays in RBI. OnlineSBI sends the transaction requests upto 3:30 P.M. on weekdays and upto 11:30 A.M. on Saturdays.

RTGS transaction requests will be sent to RBI upto 3:30 PM. on weekdays and upto 11:30 AM on Saturdays.

HDFC

• Note:
• The Funds transfer request made by 2.45 p.m will be presented to RBI on the same day. The Funds transfer request made after 2.45 p.m will be presented to RBI on the next working day.
• On Saturdays, funds transfer request made by 10.15 am will be presented to RBI on the same day and funds transfer request made after 10.15 am will be presented to RBI on the next working day.
• Funds transfer request made on non- working days will also be presented to RBI on the next working day.
• The actual time taken to credit the account depends on the time taken by the Payee's Bank to process the payment.
• The money will reach the Payee's bank within the time stipulated by the Reserve Bank of India.
• HDFC Bank is not responsible for any charges / commission of any kind levied/charged by the Beneficiary Bank.

[ramie2400]

what is the minimum balance required in ICICI of a saving account?

[speedmiester]

I have my salary account in IDBI Bank. I have found them to be pretty good.
They have internet banking and online transfers. The ATM card can be used in any of the VISA ATMs free of charge. Though they are far few branches, I have never had any reason to visit the bank in the last two years.

[Nikhilb2008]

Please dont apologise for going OT!! I am learning a lot. Continue the discussions. You are raising questions I didnt know existed and then answering them too!!

[nkapoor777]

Originally Posted by Eddy

Tried this for Delhi. No citibank.

I bet you didn't try New Delhi Eddy. I was fooled myself for a few minutes for the first time. But then common sense prevailed.

Originally Posted by Mission_Safari

AFAIK the time restriction is with all the banks which use EFT (Electronic Funds Transfer) for funds transfer across banks. You can choose for NEFT or give a standing instruction in that case.

Originally Posted by appuchan

There is no time restriction for transfer of funds from Citibank to any other bank and it does not make any sense for an online transaction.

A lot of the banks dont allow you to queue an NEFT transfer request after the applicable hours on a given day. However, you can process the same right after 12:00 midnight on the very next day. Don't need to wait till the normal banking hours for the same. CITI and ICICI allow you to queue a NEFT transfer any time during day or night. Obviously, It gets processed on the next working day only.

Originally Posted by Nikhilb2008

Please dont apologise for going OT!! I am learning a lot. Continue the discussions. You are raising questions I didnt know existed and then answering them too!!

I currently bank with CITI, HDFC, HSBC, AXIS, SBI & ICICI.

CITI: Used for Mutual Funds Investments only. CITI's online investing tools are simply the best in the business. Everything is available online except switching. One of the main reasons I still pay them 2.25% entry load instead of going direct to fund houses. And yes probably the only bank apart from ICICI to let you queue an NEFT transfer anytime of the day or night. Limited ATM reach. And the staff act very pricey unless they know you hold a significant chunk of investments with or cash with them. Personally experienced this in the initial days of my relationship.

HDFC: Efficient online banking and a very decent Branch/ATM reach. Basically a no-frills bank which does its job in a simple manner without ever going flashy. Have banked with them for over 6 years now.

HSBC: Best online banking experience I've had so far till date. Never needed to walk into a branch even though it is less than 500 meters away from my house. Very prompt with thier responses even to queries posted on the account online. Not the best ATM reach unless you have a Powervantage or Premier A/c (where unlimited transactions at any bank are free).

AXIS: Not had much experience with them, but they seem to have a decent enough Online banking experience. I agree with Zappo on the part about inconsistent service. I was told by my Priviledge Banking RM not to call up Phone Banking for any information. She said they are useless with it. Just imagine!

SBI: That bit about the PBB's in SBI is so true. It is an entirely different world than what we are so used to seeing. My A/c is in a PBB and I hardly find anyone in there whenever I've bothered to walk in. However, you would still be left frustrated by some of the age-old sarkari attitude. And to give them the benefit of the doubt, they sometimes genuinely don't know all the procedures themselves. The best Branch/ATM reach of all and it will stay like this for as long as you live. They are simply unbeatable.

ICICI: A very flashy and aggresive bank. A super Branch/ATM reach with a very decent online banking experience. But, boy you better stay on the right side of them with respect to your payments due. I've heard enough nasty experiences to steer clear of them for any kind of loan/advance. Believe this, I even refused a complimentary overdraft facility at very attractive rates.

All in all Nikhil, you would need to judge which bank provides the best facilities in your city and just go for it. Practice financial discipline and nothing can stop you from having a great banking experience, whichever bank you choose.

This one is for you Eddy. Can't get it up close and personal to the relevant post.

[phamilyman]

Post Edited by the Team-BHP Support : Abusive language is STRICTLY prohibited on this community, even if used indirectly (*****). Do NOT use inappropriate words on Team-BHP. A clean protocol is absolutely imperative keeping our varied audience in mind.

Please view our board rules carefully before proceeding any further.

Sorry for the late entry and not having read others, but I can confidently recommend you to take ING Vysya Bank. Total bank, no nonsense. Excellent network in South India.

Choose the orange savings account and what you get in 5k minimum balance is a use anywhere account, free Payable at Par cheques, and the usual thingmajig. Junta in delhi is helpful and the call center is extremely helpful and convenient. Full marks to them man.

ICICI on the other hand is I See, I dont bank - queues at the bank for any issue, queues at the stupid IVR. I suggest the little men in life!

PS: Just been holding Meru Cabs at 5:30sih am now for 15 minutes with six people in the queue. So much for choosing the leader!
Update: These wonderful guys dropped me after 15 minutes of holding.

PPS: Got dropped after another 15 minutes of holding. ARGHHHHHHH.
PPPS: booked online in one minit - now THEY will call

[diabloo]

Seeing the number of good banks, instead of 'Which bank to open' the question must have been 'Which bank NOT to open'.

[tsk1979]

HDFC also allows me to queue a NEFT transfer any time of the day, no issues.
And I would advise against citibank. They can steal your money. Pickpockets.
At the end of the month, you may have 2000rs missing from your account because they decided that you need life insurance which you never asked for.
Moreover they keep sending you credit cards too! And then bill you also.
Stay away from these crooks. Any other bank should be fine
As for online stuff, most banks allow you to trade MFs online. You don't need a demat account. Thats needed only for share trading

[whatcanthisbe]

as most have mentioned try the salary accnt with the back your compant banks with, in my previous orgn I had an HDFC salary account and was very happy with it my current co only banks with icici bank and now have one there in my experience i prefer HDFC over icici for their customer service and in 3 yrs HDFC upgraded me to a classic account with a personal banker and all.

[DCEite]

Bank of India - Since 2002
ICICI Bank - Since 2006 (previous salary acc.)
CITI Bank - Since 2008 (current salary acc.)

Credit Card:- ICICI Titanium MasterCard (pity i can't pay my bills online using CITI online)

In general its a good practice to include atleast one Public sector bank in your kitty.

[normally_crazy]

I have used HDFC, ICICI and Kotak.

I would rate the 3 in this order -
HDFC -> Kotak -> ICICI

Be it the hotline, credit card dept., banking section, personal banking, ATM's - HDFC is simply ahead of anyone else. Net banking is a breeze too with pretty simple layouts on the site.

[Nikhilb2008]

Thanks a lot for your suggestions. I'll be getting an ING Vysya Orange acocunt. Mostly it will be a regular Savings bank account.

[diabloo]

I can understand that, since your location is Mumbai. In Bangalore, HDFC isn't in Top 3.

Originally Posted by normally_crazy

Be it the hotline, credit card dept., banking section, personal banking, ATM's - HDFC is simply ahead of anyone else. Net banking is a breeze too with pretty simple layouts on the site.