Few years back, I opened a PPF account with a SBI branch in Chennai. Today I approached a near by SBI branch in Bangalore to deposit some amount. They said that I can pay only in the branch where I opened. When I asked about “Anywhere Banking” ads, they said it applied only to Savings Account and not to PPF account. I enquired about changing the account to this branch. They said, it might take more than a month for that. Grrrrr.
Ok. Now what to do with the cash? I thought I’ll deposit it back into my savings bank account which is with ICICI. I was surprised that they are not getting cash in the counter directly. Rather we need to put it inside a envelope; seal it and deposit it in the counter. They will later open it in a room with surveilance cameras; count the cash and deposit it in my account. Why such a stupid procedure? I asked what if the total amount I’ve mentioned in the envelope differs from the amount inside. They said they will ignore what I’ve mentioned in the envelope and update with the actual amount. If that is the case why should I count and update the denomination?
The worst thing, I have to deposit the amount in the same branch where I have the account. If not I’ve pay 0.5 % charge (with a minimum of Rs 150/-)
That is the truth of “Bank Anywhere”. hmmm. Look into more details into “* conditions apply” in the ads.