Category: General

06 Feb 2016 06:05

Joined:	01/01/2015
Level:	Gold
Points:	41446

Points:	5

Which banks do you prefer - private sector or public sector?

Banking in india has evolved over the years. Technology advancements and more customer centric approach has made it bring it more consumer friendly products and services. Gone are the days when a few public sector or nationalised banks used to cater to us a handful of customers.
With the entry of private sector into the banking business, a huge change has come up. Which banks do you prefer - private or public sector? What kind of difference do you find between the two?
I welcome the fellow techians to come up with their preferences and the reasons thereof.

Come on - friends - share your views!

#23651

07 Feb 2016 01:41

Joined:	26/06/2015
Level:	Gold
Points:	15787

Points:	5

I had a lot of issues with the PSU banks in the past. Especially while handling the cheques from Google. I had to go through process of meeting bank manager and give him in writing why this money is coming to me. It was that bad experience.

So I switched to Kotak and ICICI. These banks handle foreign cheques and currency conversion quickly and not much an hassle. The way these banks works makes me so happy and relieved. I don't even visit the branches of these banks. Most of the work is done over email or from app or online website.

Not to say that I have some frustrating experience from private banks too. With the rules such keeping 20K money into these savings accounts. I find private bank not that much good for the people who are cash stripped at the month end.

However the rates for the FD, RD being offered by PSU are much better compared to the private banks. So in such case I prefer to keep money in these banks. I don't at all prefer to do day to day operation with PSU banks. I think for regular usage the money should be in private banks. And that way most of the tasks can be done effortlessly.

#23652

07 Feb 2016 07:05

Joined:	01/01/2015
Level:	Gold
Points:	41446

Points:	1

The public sector banks have learnt to be effective these days. Core banking is what has made them effortless in line with private sector banks.
I have had accounts with private banks before, but PSU banks - especially State bank Of India has been my favourite these days. They have the best in class technology driven banking.

Live....and Let Live!

#23678

09 Feb 2016 22:39

Joined:	07/02/2016
Level:	Silver
Points:	186

Points:	4

Both private and public sector banks has it's own advantages and disadvantages. Most of us frustrated with the response we use to get from public sector banks in the past. But, the face of public sector banks changed nowadays. They learned a lot from their mistakes in the past and trying to correct themselves. They have branches in the rural areas and serving people from backward regions.
Private sector banks on the other hand mainly concentrate on urban regions. They are good in customer relationship but lacks in interest rate offered by public sector banks.
The preference between both kind of banks is depends upon our needs. I have accounts with both kind of banks and it is difficult for us to differentiate between them.

#23682

09 Feb 2016 23:31

Joined:	01/01/2015
Level:	Gold
Points:	41446

Points:	1

The worst part with private sector banks is the exorbitantly high deposits they expect their customers to keep in the accounts - even in the regulas savings accounts! Their minimum monthly balance is Rs. 5000 which is beyond what an individual with low salary can make up.

Live....and Let Live!

#23688

10 Feb 2016 01:20

Joined:	24/03/2013
Level:	Gold
Points:	6911

Points:	4

Years back I had opened a savings account with a private bank only because I was forced to do in order to receive a monthly payment for some freelance writing work. I closed the account as soon as I completed that work as I just did not like their policy of requiring to maintain a minimum monthly balance of Rs.5000/-.

With the public sector banks where I have had an account I have had no major issues as such, other than on a couple of occasions being given the usual passing-the-phone when a query is asked when I call up!

Regards,
Vandana

#23689

10 Feb 2016 02:02

Joined:	26/06/2015
Level:	Gold
Points:	15787

Points:	4

I have to agree with that. I have one account at Kotak where I have to maintain 10K monthly balance. It feels like that money is trapped in there. Same is the case with ICICI. I have to maintain 10k with them for the account.

I once asked them is there any zero balance account. Then one guy said there is no such thing as zero balance account. Another guy refused to entertain any further queries. It seems by opening our account private banks employees get some incentives. And they don't tolerate queries for accounts under "Pradhan matri yojna" scheme for zero balance accounts.

I have to agree that PSU banks are improved but on foreign currency management part. There is a lot to be done and improve upon.

#23690

10 Feb 2016 04:19

Joined:	01/01/2015
Level:	Gold
Points:	41446

Points:	1

As for instance, I have an account with State Bank Of India wherin I have a minimum balance of over Rs. 20000 or so. But, having such balance by choice is different from being forced to do so. Private banks compel you to keep a minimum balance. Banks like HDFC open accounts under Jan Dhan Yojna but do not have the cordial relationship ( as expected from a banking institute) as they have with customers with heavy pockets.

My wife has had the same experience with HDFC bank.

Live....and Let Live!

Which banks do you prefer - private sector or public sector?

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