Court slams ICICI Bank, fines it Rs 2 lakh

[agantuk]

Also, not all private banks are good in this aspect. HDFC Bank for example derives perverse pleasure in having you visit their branch all the time for simple issues such as enable 3rd party transfer. Also, their system of online funds transfer is really irritating where they delay you by one day after you have added a payee to transfer funds to just as a safety precaution. (I don't understand how it adds to safety if one does not check his list of payees on logging in).

As soon as you add a 3rd Party payee, you get an SMS & an email that you have added a 3rd party so you dont have to check if any new payee has been added everytime you login
So you can take action in the next 24 hours to cancel the request in case some one is trying a fraud.
Hence the 24 Hrs cooling period is desirable.
Moreover, if you are in a hurry, you can always go to any branch & do a neft transfer

:rofl: HDFC seems to have been inspired by ideas like these when in today's electronic age they expect people to line up at their branches for every damn thing. So if you are in a hurry, call up HDFC, ask them where your nearest branch is, rush to that branch - auto / bus / car / whatever - fill a form, stand in line, and then transfer the money. Simple.

I was literally shocked when I learnt that the online fund transfer and bill payment are not enabled by default in HDFC and one needs to fill up a form and submit it at the branch. Disgusting. I submitted the form and it has been more than a week now with no updates. Worse, they even charge NEFTs. If not for the fact that it is a salary account, I wouldn't have bothered. I have got far superior experience with SBI.

I think Citibank is the best in terms of online money transfer i.e if you make online fund transfers frequently. No waiting and no need to have your ATM card.
ICICI has a 2nd layer of authentication (read frustration :-[) i.e. their grid based authentication system that requires you to ALWAYS have your ATM card with the grid numbers for each and every transaction.

Absolutely agree. Citi is THE best when it comes to these things, followed closely by ICICI.