No Frills — The Power of Private Banks to Grill The Customers like Chicken
 
Yesterday I received the quarterly statement of accounts from HSBC India. It also carried a few pamphlets like the following: 

  1. No-Frills Account
  2. ATM Card issue (in lieu of Debit Cards)
  3. Passbook Issue

The No-Frills account is a great boon for all sectors of people to own a bank account. This should be a great vehicle to cultivate the small-savings habit for the people. I would also recommend Rediff’s Article in this regard. But I see something fishy in the way private banks attempting to make good a booty with this noble banking trend. They somehow lay a lot of terms and conditions making it complex for the layman to understand so that they can loot away the savings that they deposit in the accounts with them.
 
The Rediff Article itself stands testimony of how ICICI and HDFC are trying to make good booty from this. I would also like to recommend a read of ‘Nationalized Banks — Truly Caring for the Society‘.
 


I have a few more interesting updates regarding HSBC Bank attitude towards ATM Card and Passbook issue: 

  1. When I approached the HSBC Adyar branch for the passbook, the girl over there took one printout but lamented that she is running out of passbook file for more than fortnight. She could not answer me on she has not cared about the required inventory keeping.
  2. When I wrote to HSBC Contact Center, I got a weird reply that passbooks are not issued now.
  3. When I wrote to HSBC Contact Center regarding ATM Card, they were saying that only debit cards are being issued. When I reminded them of the website updates and tariff notifications, there is no reply.
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