I just want to slap the guy who comes up with these weird rules and regulations. What is really a very simple process has been made very complicated weird protocols by Online SBI. What you have to go through to do a simple money transfer from SBI to other bank is beyond human pain.
Below are the restrictions.
- To add a beneficiary, within the secure internet banking site you have to get into another secured location.
- You can only add 1 beneficiary per day.
- You have to approve the addition of the beneficiary by calling the branch or feeding the code via mobile
- Even after approve of the beneficiary, it will become active only the next day and so transfer could be done only the next day
- Once activated, within 5 days of activation you can only transfer a maximum of 50K INR
- After all this pain... you will be charged Rs. 5 for online transfer. :(
So, essentially it takes more than 3 days to make an online transfer. Why would i go for online banking if it is this complicated? SBI has got their channel economics completely wrong.
#SBI #Online #InternetBanking
1 comment:
In corporation bank, you have to give a hand-written letter, duly signed to add a beneficiary to your online account. It will take a week to get them added. It was enough for me to switch to citibank about an year ago. Not sure how much it has improved.
BTW, there was no two factor authentication, sms alerts either.
However in a sense, what they do is also understandable. More than 90% of our customers do not have access to internet. So that explains why they have not bothered to improve their online services.
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