Reviews of banking services & products thread for August 2022 : Request or post reviews here.

[carina2111]

@sadmom81087 Have you checked why they take so long?

Regarding the branch, no it's not really a big branch. I just call the lady who helped me open my account regarding the remittance. She's been very helpful throughout and she told me that they check for remittances daily at about 11am, and put in the necessary details post which they are credited in the next few hours.

You should definitely speak to them about this time thing. Tell them it's something you'll get monthly so the disposal instructions would remain the same. Because I didn't even need to give instructions. I just said that it's my salary and they said they'll handle the rest.

 

[sadmom81087]

@carina2111 Anyway, I just wanted to know:

1. When was your account created: within this year or in the past?
2. Do you get OTPs and transaction alerts via email if you use your HDFC Debit Card?

 

[carina2111]

@sadmom81087

1. Yeah in May only
2. Yes I get both email and SMS for the OTP as well once the transaction is done.

 

[sadmom81087]

@carina2111 Strange that I don't get OTPs via email for Debit card transactions. Even the transactional emails for Debit card transactions started coming since June (2 months after I opened the account).

What variant of account do you have, like Savings, Savings Max, Salary, etc.?

 

[carina2111]

@sadmom81087 Have you by chance unsubscribed to InstaAlerts? You check it from the NetBanking site. I have the Digiyouth saving account which requires me to have a 5k MAB until I'm 25.

 

[sadmom81087]

@carina2111 Nope, I haven't. All the InstaAlerts are enabled except the Salary Credit one. HDFC is really a weird bank tech-wise, to be honest. Haha.

 

[sadmom81087]

@carina2111 My Branch is a small one (In a metro city) and it was opened in April. So, it's a fairly new branch. And my account was opened the same month as well.

And I had been in touch with my Branch Manager both the times after I submitted the disposal instructions via Netbanking. Both the times he said he had been in touch with their backend team, but not sure why it was delayed. This is why I'm looking for an alternative.

 

[carina2111]

@sadmom81087 Ah, that makes sense then. Prior to this I used BOB whose service was good too. If I sent them the disposal instructions before 12:30 the money would be credited it in about 6-8 hours. But they've had issues where the system was down sometimes so that was a little annoying.

 

[cornopean]

@sadmom81087 Indian Overseas Banks (IOB) has the best TT rates in the country. After opening the account you need not go to the branch for transfers. The transfers are credited to your account by the afternoon of next day.

 

[lwoods]

@cornopean Hi, did you fill the FEMA form before receiving fund?

Also, do you share the invoice with them on each remittance?

 

[cornopean]

@lwoods

did you fill the FEMA form before receiving fund?

No. Received a call from the Bank before the amount was credited to my account enquiring about the source of funds and reason for this transfer.

do you share the invoice with them on each remittance?

In my case the inward remittance was due to sale of RSUs. I just gave them the info about the source of funds and reason for the transfer over the phone.

 

[sadmom81087]

@cornopean Thanks.

I have a few questions about IOB. Do you mind answering them?

1. How do you provide them the purpose code (Like P0802): Through Netbanking or through contacting the branch and filling out a paper form?
2. Do they issue the e-FIRC automatically after the credit is done? If they do, how much do they charge for it? And is it sent to the email?
3. Does the e-FIRC mention the Purpose Code you had provided and the sender/remitter details?

 

[cornopean]

@sadmom81087 044-285-19618 (IOB inward remittance special phone number)

Call on the above mentioned number to clear these doubts.

I never needed e-FIRC so never asked the bank for it.

 

[sadmom81087]

@cornopean

I never needed e-FIRC so never asked the bank for it.

Which means, they don't issue e-FIRC automatically.

 

[cornopean]

@sadmom81087 They charge for issuing FIRC.

 

[gash]

@sadmom81087 Most banks will give you a better forex rate for Current accounts than for savings accounts. Check with the bank you finally decide on.

 

[disciple1997]

@sadmom81087 If time is your most important factor then go with HDFC, funds are cleared by EOD of submitting disposal request.

 

[classicnostalgia]

@sadmom81087 Go for Kotak. I've been their customer for couple of years now and their remittance system is seamless.

 

[sadmom81087]

@classicnostalgia How long do they take to credit the remittance amount after the disposal request is submitted?

And, do they provide an option online in Netbanking to dispose of the Inward remittance?

 

[classicnostalgia]

@sadmom81087

1. Approximately 2-3 business days
2. Disposal of inward remittance is automatic (atleast in my case). I receive an automatic email from them which contains the summary of the remittance. All of this without me submitting any documents or back and forth with my relationship manager.