State Bank of India experience

sandwell_mike · 11 January 2018 at 5:59PM

Issues with State Bank of India ISA, almost two years ago I followed Money Saving Expert best buys
The first issue was money transfer went missing? State Bank of India have a very strict use of internet , they require you to use a virtual keyboard that is a problem, you are required to log into your account every 90 days to change password and make additional payments into the current account (which I don’t use or need) which runs alongside the ISA.
I did not log into the account because of internet issues, therefore State Bank of India froze the account. To unfreeze the account I needed to obtain certified copies of passport, utility bills and driving licence, this cost a total of £20.00 plus postage, this was all sent to them before Christmas 2017. To date I have had no response. I have telephoned them again but it’s a nightmare to get through to speak to someone who can understand what my problem is.
Looking forward to the ISA maturing in March. Any person considering placing any amount of money with Bank of India should think twice, in my opinion

OldMusicGuy · 12 January 2018 at 11:10AM

I also have an ISA with them and have had ongoing problems with the website and my account which have taken time and patience to resolve. I certainly wouldn't use them again unless their interest rates were way ahead of the pack.

movilogo · 12 January 2018 at 2:42PM

SBI website feels designed in 1990s!

krakaboom · 22 January 2018 at 1:38PM

I've always had problems logging into their website. It's a long-term ISA, so I don't check it regularly, but every time I do, I'm locked out for some reason. I've just had to go through some kind of identification service now to generate another PIN. The most worrying thing is that I've been sent statements for my current account (which has 6p in it) but nothing at all for my ISA, which has considerably more. When I asked the phone advisor about the balance on my ISA, they told me they didn't have access to that, and they would need to get someone to ring me back. And while making the request, they hung up on me.

The moment it matures I'm transferring out, and I'll be going with a more professional bank from now on, even if it's at the expense of a headline rate.

palh · 28 March 2018 at 1:57PM

I to have had difficulty with my account.
I transfered a ISA into a SBI account having seen the attractive rate on the MSE site.
The account matured and I have tried to make a transfer.
The ISA account appears to be in two parts Primary and Secondary (deposit). The Secondary takes the interest accrued from the primary.
Two seperate account numbers.
Having been assured by the SBI branch that for the transfer I only needed to give the Primary account number to my new ISA provider for transfer of all the account.
I now find only the Primary account has been transfered as an ISA and the Deposit remains with SBI.

My only way of telephone contact with the branch is through a call back system as they do not answer the phone.

My advice is do not use this bank even if they offer top rates otherwise as I and others have found you will regret it.

State Bank of India experience

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free