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Banks Trivandrum - HDFC, IDBI
December 16, 2005
I've been quite erratic updating this blog - mainly because I'm quite busy these days. I'm in the process of settling down in Trivandrum, Kerala. Trivandrum is a small city towards the southern most tip of the Indian peninsula.
One of the main things you got to do when settling down, is to find a bank that meets your needs. I've decided on HDFC & IDBI. I had to go with two because HDFC has a branch very close to the place I live, but it does not have any locker facility. IDBI bank provides locker facility. Moreover its better to have your eggs in two baskets! If you need locker facility, another option is UTI bank which has locker facility in its Pattom branch. IDBI bank has locker facility in its Statue branch.
Opening a bank account is easy and simple. The nice thing about it is that the bank representatives come to your home and take care of all the formalities. No long forms to fill out. You only need one or two photos and proof of address - a copy of your passport will suffice.
The bank representatives take care of the rest. There are different types of accounts - SB (Savings Bank) account, Current Account,...
For personal banking you need an SB account. Even in SB account, there are different categories depending upon how much balance you intend to have in your account.
If you intend to maintain higher balance you will have some additional privileges like higher life insurance amount (life insurance comes by default), pick up of checks, delivery of DDs, higher withdrawal limits at ATMS and the like.
Usually they will also offer you some brochures on Mutual funds, health insurance policies and the like. They even go out of their way to help you - in my case, since HDFC bank did not have locker facility available, the HDFC representative contacted IDBI bank and asked them to come over.
IDBI bank was impressive because they provide you with an instant account number, 5 check leaves and ATM card - on the spot. They send you more checks and the like in the post. The ATM card will be active in 4 business days.
For HDFC bank, you need to wait for the ATM card, checks, etc to come in the mail. Though representatives from both the banks were nice and courteous, I'd have to give more marks to HDFC for their professionalism and customer service.
So, in general opening a bank account, banking in India is quite easy. Wish everything else was as easy as this!
Posted by liveit at December 16, 2005 6:27 AM