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Old 7th August 2019, 17:16   #601
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Default Re: Which bank to open an account in?

A couple of options.
1) Check with Bank if you can submit the Importers copy of the Bill of Entry or if you have the Exchange Control copy's photocopy, will a notarised version do any good?
1a) If notarised won't do any good, ask if a Customs stamped version will do. Your Customs Broker (CB) should be able to "manage" this.
2) Ask your Customs Broker to generate another set from the EDI section. Although not official, it can be done "at a cost".

If you are not okay with "spending" to get rid of this menace, complain to the Banking ombudsman and RBI stating that Bank has lost the Exchange control copy and is putting the blame on you and you have the Importers copy to prove your import.

Last edited by riteshritesh : 7th August 2019 at 17:27.
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Old 8th August 2019, 11:01   #602
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Default Re: Which bank to open an account in?

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Originally Posted by shipnil View Post
.........

Last month, without notifying me or even without my consent, they changed my home branch. When I posted the question to customer support over telephone as well as email, they were clueless. They raised tickets informing me they will clarify why it happened. It never came.

......
I have also experienced the strange arbitrariness of Kotak. Their IT is totally disconnected from the branches. Every time they goof up, I just contact either the branch or the relationship manager, and things are set right, till they change another thing.
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Old 8th August 2019, 11:11   #603
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Default Re: Which bank to open an account in?

Currently banking with IDFC First bank and so far the experience has been pretty seamless. Since my company was one of the first few corporate patrons of the bank, we get royal treatment including doorstep baking for even the smallest things, a Signature debit card right from the outset etc.

Another positive is that they offer 7% interest for savings bank balance over Rs. 2 lakhs, which is among the highest in the present market. It is a new age bank and so far, no complaints, touchwood. Only negative is that there aren't too many branches, but they have opened some new ones over the past year and this issue is improving.
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Old 8th August 2019, 15:38   #604
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Default Re: Which bank to open an account in?

Quote:
Originally Posted by riteshritesh View Post
A couple of options.
1) Check with Bank if you can submit the Importers copy of the Bill of Entry or if you have the Exchange Control copy's photocopy, will a notarised version do any good?
1a) If notarised won't do any good, ask if a Customs stamped version will do. Your Customs Broker (CB) should be able to "manage" this.
2) Ask your Customs Broker to generate another set from the EDI section. Although not official, it can be done "at a cost".

If you are not okay with "spending" to get rid of this menace, complain to the Banking ombudsman and RBI stating that Bank has lost the Exchange control copy and is putting the blame on you and you have the Importers copy to prove your import.
Thanks for the advice. Option 1 they cannot accept without some additional documentation and running around on my part.
Option 2 Is also out as far as my agent is concerned and also as per my contact in customs.

Ideally I would like to follow the correct procedure but I expect the bank to do all the running around and bear the expenses atleast partly.
If I do manage to find a contact point in the RBI from the relevant department I would definitely explain the situation and ask them for suggestions.
What is the current situation on stamp paper ? Is it available easily once more ? I remember at the time of opening the account I had to get franking done instead and there was only one bank nearby that did it and had an amount limit per day with long lines, requiring several visits.
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Old 15th November 2019, 02:03   #605
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Default Re: Which bank to open an account in?

Hi Guys!

Issue: I just want a copy of my Sanction Letter which the bank is not providing.

Background

I am having a very disappointing experience with the Kotak Mahindra Bank's personal loan department and I was not sure where/whom to ask help for. At the bank level I have tried almost everything, reached out to all the people I knew. The issue is the bank reps stop responding to my calls right after a day of listening to my query. To summarize I am a "Privy League" customer of the Kotak Mahindra. You attain that 'stature' after having deposits above a certain value. Apparently, Privy League is a big deal but its all a sham to lure customers. Till date, and I have been a customer for a very long time, I have not received a single benefit/advantage/priority service because of my Privy League account. And it is genuinely frustrating to see the bank fooling people with Privy League advertisements promising priority service.

Now, coming to the issue:
I had a personal loan which I want to foreclose. While taking the loan I remember receiving a mail from the bank with all the terms and conditions where it was clearly mentioned (after negotiation) that foreclosure charges after 1 year is zero. However, I lost that mail. That mail was sent to my office email ID and I changed jobs late last year so i do not have access to that email anymore.

My initial request has been to resend that mail to me. That's it. My mistake was I mentioned to them that I might want to foreclose. Post that they have stopped entertaining me. They stopped taking my calls, replying to my texts, etc.

Thereafter I got hold of another slightly senior guy in the PL department and he confirmed that since my PL amount is above 10L, my foreclosure charges will be NIL. When asked where can I find this condition he mentioned that the Sanction Letter contains all these details. Thus began my quest for the Sanction Letter. That day onwards, this guy from the PL department stopped taking my calls.

My RM advised me to call the customer service center, however they were of no help either.

Now, I want some advice on the next steps. What are they hiding? How is my own Sanction Letter such a confidential document? Going forward, whom do I complain to? Should I approach the Banking Ombudsman? What other legal routes do I have?

I am fighting for this because the foreclosure charges are really high. If levied, I will have to pay close to INR 75000 as foreclosure charges as on date. Hence the ordeal and rant.

Last edited by Pancham : 15th November 2019 at 02:06.
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Old 15th November 2019, 05:29   #606
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Default Re: Which bank to open an account in?

Quote:
Originally Posted by Pancham View Post
I am fighting for this because the foreclosure charges are really high. If levied, I will have to pay close to INR 75000 as foreclosure charges as on date. Hence the ordeal and rant.
Getting a copy of the sanction letter is your right, the bank is obligated to provide you one prior to disbursement of your loan. There is no confidentiality angle since you are the borrower, and the sanction letter is a key part of the loan contract that outlines the most important terms and conditions of the loan.

Have you filed a formal complaint with the bank? Either online or offline? Do this, and if you don’t get a satisfactory response in 30 days time, please write to Banking Ombudsman or RBI. You should have a resolution then.

Last edited by Pequod : 15th November 2019 at 05:33.
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Old 15th November 2019, 08:44   #607
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Quote:
Originally Posted by Pequod View Post
Getting a copy of the sanction letter is your right, the bank is obligated to provide you one prior to disbursement of your loan. There is no confidentiality angle since you are the borrower, and the sanction letter is a key part of the loan contract that outlines the most important terms and conditions of the loan.

Have you filed a formal complaint with the bank? Either online or offline? Do this, and if you don't get a satisfactory response in 30 days time, please write to Banking Ombudsman or RBI. You should have a resolution then.

Yes I had called the customer service and had complained. That counts right since I have a complaint reference number.
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Old 15th November 2019, 08:49   #608
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Default Re: Which bank to open an account in?

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Yes I had called the customer service and had complained. That counts right since I have a complaint reference number.
Yes it definitely does. Also, if possible, submit a letter at your branch referencing the complaint.
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Old 15th November 2019, 10:07   #609
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Default Re: Which bank to open an account in?

Quote:
Originally Posted by Pancham View Post
I am fighting for this because the foreclosure charges are really high. If levied, I will have to pay close to INR 75000 as foreclosure charges as on date. Hence the ordeal and rant.
You can write to the bank telling them you won't be paying the foreclosure charges and the bank can prove otherwise by forwarding you the initial mail (sanction letter) which has details on the same. Failing to do so, the bank can't charge you as they themselves can't source the letter.
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Old 15th November 2019, 12:20   #610
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Default Re: Which bank to open an account in?

Most of these irritating behaviour are solved if you write to the Bank Ombudsman. I have done on a few occasions - interest charged on one day late payment, double debit not solved etc and one letter solved the matter within two weeks.
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Old 16th November 2019, 11:52   #611
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Default Re: Which bank to open an account in?

An update: They sent me the email with all the conditions mentioned and it clearly states foreclosure charges are ZERO. I am relieved. After weeks of pursuing I think the threat of going to the Ombudsman helped. Although I was really threatening, I was actually going to complain.

Quote:
Originally Posted by blackwasp View Post
You can write to the bank telling them you won't be paying the foreclosure charges and the bank can prove otherwise by forwarding you the initial mail (sanction letter) which has details on the same. Failing to do so, the bank can't charge you as they themselves can't source the letter.
Actually, it doesn't work that way. They wont close the loan till you pay the entire amount which means interest will keep adding up. Also, the bank will make you sign a standard agreement which states charges at 5% + GST. So it all boils down to the Sanction letter which contains specific conditions for the individual. Sounds absurd but thats how it is at least with Kotak Mahindra.

Quote:
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Most of these irritating behaviour are solved if you write to the Bank Ombudsman. I have done on a few occasions - interest charged on one day late payment, double debit not solved etc and one letter solved the matter within two weeks.
Thanks. I wrote a stern mail to them mentioning the Ombudsman. They sent me the mail containing the details yesterday.
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Old 16th November 2019, 12:46   #612
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Default Re: Which bank to open an account in?

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Originally Posted by kannan666 View Post
Have been having a Digibank account since December 2016 and I must say my experience with them has been excellent so far. No nasty surprises at all except that the SB interest rate was revised according to market rates which all bank do. Still zero balance, no charges for any kind of transfers and absolutely no call from anyone whatsoever. Both I & M Banking trouble free since day one, do go ahead with opening the account
I have their account for more than an year. My usage is limited to ATM and day to day shopping. Haven't seen any kind of charges so far and it is a zero balance account. But there is a limit to number of ATM transaction in other banks ATM. After that there will be charge for every transaction.
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Old 17th November 2019, 09:42   #613
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Default Re: Which bank to open an account in?

I got this SMS from Axis Bank
Quote:
Dear Customer, please take a moment to review the updated privacy policy www.axisbank.com/privacy . It covers how we collect, store & share your personal info.
In the link provided, they have mentioned that the Bank intends to share our information such as name, registered email address, registered phone number with the third parties.

Third party list provided is:

1. Google.com
2. Facebook.com
3. Lemnisk.co
4. Twitter.com
5. LinkedIn.com
6. Instagram.com
7. Youtube.com
8. Gmail.com
9. Adobe (damdex.com)

It also mentions "In the event the User wants to dissent and/or withdraw his / her consent to provide his/her personal Information with the third parties at any time, the User may give a missed call on 9029001428 using his/her registered mobile number."

So, I would suggest all BHPians having account in Axis Bank to withdraw their consent for data sharing.

Also, please share if someone has similar information about other banks.
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Old 19th November 2019, 12:31   #614
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Default Re: Which bank to open an account in?

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Originally Posted by Pancham View Post
Hi Guys!
Hello Pancham.
Good to hear the issue is resolved.
Just for reference, if in future their is any kind of issue with the banks just talk to the branch or customer service. If their is no satisfactory reply, lodge a complaint on the banks website and wait for 30 days. If the problem still persists one can go to RBI website, on the homepage below you will find a link (Complaints). And you can file the complain with concerned BO for your state. The complain can be regarding banks, NBFCs or regarding any digital transaction (eve 3rd party service providers).
The complain could be of maximum of 20 lakh and for harassment on can can claim Upto 1 lakh extra (BOs discretion).
Regards
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Old 19th November 2019, 13:59   #615
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Originally Posted by BlackMamba24 View Post
Hello Pancham.

Good to hear the issue is resolved.

Just for reference, if in future their is any kind of issue with the banks just talk to the branch or customer service. If their is no satisfactory reply, lodge a complaint on the bank’s website and wait for 30 days. If the problem still persists one can go to RBI website, on the homepage below you will find a link (Complaints). And you can file the complain with concerned BO for your state. The complain can be regarding banks, NBFC’s or regarding any digital transaction (eve 3rd party service providers).

The complain could be of maximum of 20 lakh and for harassment on can can claim Upto 1 lakh extra (BO’s discretion).

Regards

Noted BlackMamba. This is very useful. Hopefully I will never have to be in a situation to do all this. Nevertheless.
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