State Bank of India poor service

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Just a word of warning to those thinking of investing in the top rate ISA they now offer. I fell into the trap of transferring two ISAs to them. All went reasonably well in the application process but fell apart when the transfer was supposed to take place. SBI uk requested a cheque transfer and cheques were sent on 8 February (say the Halifax). Today is 22 February and still no funds in the new accounts. The old bank (Halifax PLC) tell me the cheques have cleared through their systems on 16 February. The SBI uk customer advisers tell me that the money will be credited when they know the cheque has cleared and will not be backdated so I will have lost at least 14 days interest if not more. I have protested this but you are not allowed to speak to the ISA team, and the adviser can only send computer messages through to them (you can hear them typing the message into the computer). I have also sent them emails but no-one comes back to you. I am also told that most banks will back date ISA transfers to the date on the cheque but I can't get any confirmation that this is the case with SBI uk and although it does confirm this in the HMRC guidance to ISA Managers, apparently these are only guidelines and SBI uk don't have to follow it.
So be aware and beware.

Comments

  • bristolleedsfan
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    Nationwide transferred my ISA out on 12th February ( Friday) reasonable expectation of mine that S.B.I received cheque on Monday 15th February.

    https://en.wikipedia.org/wiki/Cheque_and_Credit_Clearing_Company
    2-4-6 changes to cheque clearing

    "The timescales also set maximum times when customers start earning interest on money paid in (2 days)"

    I communicated with S.B.I last Weekend re no Internet Banking information etc received by post yet.
  • NigePige
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    My wife and I have returned the transfer forms enabling transfer from previous provider to State Bank of India.. We both have over £50K invested. However our initial dealing with SBIUK are not good, Long delays when trying to phone customer services and frequent dropped calls. We also found out that to use internet banking you need Internet Explorer with Java installed. We have Java 1.8 which we had disabled because of the security issues well documented on the web. However when we enabled it, it wouldn't allow the Bank of India app to run stating it was an untrusted application! The only way we found to access our accounts was to add their application to the Java exception list which even Java states is not good practice. However, this did at least give us access online to our accounts. In view of the poor customer service experienced and the fact that I need to fiddle with Java setting to run their banking app, we shall ring up our previous provider on Monday to see if it's possible to stop the transfer. If not, I suspect we will be moving our money again shortly.
  • Rich2808
    Rich2808 Posts: 1,332 Forumite
    First Anniversary Name Dropper First Post Combo Breaker
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    They are offering a market leading ISA product which is way above anyone else and they have a small UK operation.

    Not surprised really at the delays and problems - they probably just don't have the staff or systems in their UK entity to cope.

    Just wondering if people have had any similar issues with Al Rayan bank?
  • GreenBitterfly
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    Rich2808 wrote: »
    They are offering a market leading ISA product which is way above anyone else and they have a small UK operation.

    Not surprised really at the delays and problems - they probably just don't have the staff or systems in their UK entity to cope.

    Just wondering if people have had any similar issues with Al Rayan bank?

    I've had great service from Al Rayan bank, account was instantly opened, and all paperwork arrived within 24 hours of opening the account. I got locked out of my online account (through my own fault), rang up, got it resolved straight away, by speaking to a woman who was not in a call centre (judging by the lack of background noise) I've got nothing but good things to say about Al Rayan bank.
  • EdGasket
    EdGasket Posts: 3,503 Forumite
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    Free popadom with each new account opened.
  • bristolleedsfan
    bristolleedsfan Posts: 12,110 Forumite
    First Post Name Dropper First Anniversary Photogenic
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    Nationwide transferred my ISA out on 12th February ( Friday) reasonable expectation of mine that S.B.I received cheque on Monday 15th February.

    .

    Certificate style confirmation of fixed deposit dropped through letter box today, shows period of deposit 12-02-2016 -12-02-2021.

    On face of it S.B.O.I appear to have been very fair regarding when ISA transfer in started to benefit from interest. :)
  • Drumslinger
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    I invested a large 5 figure sum with SBI early last month. It was meant to go into a 5 year fixed savings account. I heard nothing back from them for several weeks, phoned them on numerous occasions, regularly being cut off before human contact was made and indeed I only managed to speak to one employee briefly, who informed me that they were snowed under with applications and mine would be dealt with soon.
    Finally I received a letter confirming my account details and saying an Internet Banking User Name and Password would be sent out.
    Nothing further arrived until today when I received a phone call about an R85 tax form I had submitted.
    Only then did it transpire that my money was not in fact in a 5 Year Fixed Rate savings account with their Central London Branch, but in an "Online Instant Access Individual Issue 4" (whatever that is) with completely different branch. The employee said she'd check immediately to see what has gone wrong and so far she hasn't called back. I've tried to call her but their phone lines are always busy.
    I'm new to the financial game and must say I'm a bit nervous about SBI.
    Serves me right for being greedy and chasing that 2.9% carrot.
    Maybe I should've stayed with Nationwide...
  • DPurnell
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    It is amateur hour at SBI. After 4 months of trying to get access to my account online I am forcing the issue of them returning the money used to open the account. This was for a savings account.

    Having used many online banking services and as a former software developer for Halifax online I would strongly advise anyone to take a lower rate and not use their service.

    They have used a hacky and amateur fix to deal with a problem associated with delivering a website for different browsers across the globe. If I ever could get past the login page I could look deeper (maybe it gets better) but as far as I see it I would not trust the skill set of the developers that write the code that will be keeping your money secure.
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