My experience with South Indian Bank

South Indian Bank - Experience Next Generation Banking - This is the caption of the bank. Let us see how much the bank meets this at this point of time (19-Nov-2010)

+ves:
1. Interest rates offered are high compared to other private/nationalized banks.
2. Monthly e-statements on your registered mail id.
3. Looks like ECS facility is available.

Things to improve:
1. You do any cash transactions at the branch and the same cannot be updated in your passbook on the same day. You have to wait till the next day to get it updated.
2. You open an account/FD today and you get your passbook after 1 or 2 days. You get your FD advice after 1-2 days. You get your ATM card and pin after almost 15 days.
3. Check book will be issued after 1 month. Same with internet banking.
4. One more thing about internet banking that the bank employees told me is that you cannot do a funds transfer from the bank. You have to call them up and they will do it on your behalf. Also you have to visit the branch to open a FD/RD etc.; you cant do it from your internet banking login.
5. You cant change the pin of your debit card as well !!!!!!!!!!!!!
6. Silver privilege account will be given for an account with a min balance of 5000. But seeing the benefits provided, atleast as of now, I dont think its worth.
7. They want a check (cheque) based transaction for opening a FD/RD if you want them to deduct the amount from your SB account.
8. For opening a RD the min tenure in most of the banks is 6 months whereas its a year in SIB.
9. The debit card provided is a mastercard. It doesnt have a cvv number. I am not sure of whether this is a +ve thing or not.


Conclusion:
Interest rates are comparatively better for tenure of more than 180 days. Otherwise its inline with other banks like HDFC. So, if you want to do a FD for more than 180 days then you can knock on SIB's doors. Or else if this is the bank nearer to your house/work place then you can go for it. Otherwise I dont see any specific driving reason to open an account with this bank.

Disclaimer: This is a personal opinion and I hope no one gets offended.