Banking On Savings

Private banks have certainly tried to change the way we look at banks, with their more refreshing focus on customer-friendly services. Of course, they still have a lot of areas to cover before their claims of being the ultimate customer-friendly banks are indeed realised. But, they have certainly managed to wrangle away a marginal (to make an und-erstatement) segment of the public sector bank customers with th-eir improved and faster services.

So, while the private banks offer a much better fare, let us take a look at some of the banks and the savings account options they have:

Minimum balance: There is a wide contrast between the public and private banks, starting with the minimum balance that you need to keep in your account. It is quite low for most public banks, and much higher in private banks.

 

Private banks start at the lower end with Rs 5,000, but can go as high as Rs 5 lakh, as is the case with Credit Lyonnais. The reason is simple: Their focus is on servicing corporates and high net worth individuals. So, the higher minimum balance discourages retail customers. This also explains the absence of credit cards and ATM facilities from their product portfolio. UTI Bank, HDFC Bank and IndusInd Bank all ask for a minimum balance of Rs 5,000 but the former two offer more flexibility. So, once in a while you can go under the minimum limit, provided your quarterly average balance remains Rs 5,000. StanChart nee-ds around Rs 10,000 while Deut-schebank insists on Rs 20,000 and Amex, Rs25,000. In fact, if you want to add an ATM to your Deutschebanks savings account, this limit goes up to Rs 50,000.

Business hours: Deutsche-bank, HDFC Bank and IndusInd Bank remain open from Monday to Saturday. However, HDFC plans to switch to Sunday banking soon. In Mumbai, UTI Bank has only one branch at Borivali which works seven days a week. Normal banking at StanChart also operates from Monday to Saturday except its phonebanking service that is open on Sundays too. The only bank that truly works everyday of the week is American Express.

The timings, however, are all between 9 am and 4 pm. Though, HDFC at a few of its branches work at more convenient times, 8 am to 12 noon, and again between 6-8 pm, ideal for a working person.

Withdrawals: Most private banks have no specific limits on the number of withdrawals you can make from your savings account. Of course, they might gape if you start using it like a current account, issuing cheques in multitudes without adequate balance in your account. Only UTI Bank and StanChart keep you in check. UTI Bank allows only 50 in six months, while StanChart allows 25 a month. This should not be a deterrent unless you are withdrawing money nearly everyday.

Convenience banking: To help you open an account, HDFC Bank and some branches of even IndusInd Bank, send over representatives to your office or home. StanChart has a phonebanking service by which you can clarify account related queries, order a draft and even transfer funds. Most private banks allow nationalised banking, so you can operate from any branch of the bank across the country.

ATMs: The AnyTimeMoney facility is now available with a few public banks, but most private ones do offer it. UTI Bank, Stan-Chart, HDFC Bank, and Amex offer it at most of their branches. Deutschebank is in the process of launching this facility soon.