Private Bank Reviews

 In this series, I would be sharing some feedback and reviews on the services of the some of the private sector banks.

IDFC First Bank [Overall Rating: Recommended 😀] 

Pros:

• Product:
• Their Joint Account product is very mature. You can perform most of your transactions online even liquidating your joint deposit. To the best of my knowledge they do not levy a penalty for premature withdrawals on senior citizen FD and show you the amount upfront as well
• Returns:
• Higher interest rates on deposits obviously at a higher risk.
• Technology:
• They have a decent website

Cons: 

•     Premium Banking:
• No information on how to avail their premium banking services.

IndusInd Bank: [Overall Rating: Not recommended 😠]

Pros:

• Returns:
• Higher interest rates on deposits obviously at a higher risk.
• Technology:
• They have a decent website

Cons:

• Service
• Poor after sales service. I had a harrowing experience trying to get my net banking password reset which you cannot do if you have not taken a debit card which is charged.
• Their Digital accounting opening process is a farce. It takes weeks for them to enable the account and within a few weeks of opening the account you get an mail to do a paper based Re-KYC.
• Data Privacy:
• Extremely poor data privacy standard. They expect you to share all your personal documents via common emails.
• Product:
• Their Joint Account product is immature. You need to physically visit the branch in case your would like to liquidate the FD unlike IDFC where the process is online and seam less.

Suryodaya Small Finance Bank

Con:

- The OTP service is down often and therefore online fund transfer is unreliable.

AU Small Finance Bank:

Cons: 

• Getting a Debit care is a must. Most of the net banking services cannot be availed without a debit card.