State Bank Of India

Drumslinger

Recap and update:
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...

derrick

Drumslinger wrote: »

Recap and update:
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...

I did similar on 12th April, within an hour I had an email confirming they had received my application and showing the product details, (5 Year Fixed Term), and saying, "A Welcome Letter which will contain your unique account number and sort code will be sent via post and will be with you shortly." This letter was received 4 days later, 16th April.

The email also said, "The next step is to transfer the money to your account: You can start earning interest immediately (prior to receiving your Welcome Letter) by transferring the deposit amount from your existing UK Bank or Building Society account to the following State Bank of India account:
Account Holder: State Bank of India
Account Number: *****
Sort Code: 60-01-59
Reference: **************

This is a temporary arrangement for making deposits and should only be used whilst you are waiting to receive your Welcome Letter. For these particular payments, we will arrange for your deposit to be paid into your new account.
Alternatively, you can wait for your new account number and sort code to arrive in your welcome pack. You can then transfer the initial deposit from your existing UK Bank or Building Society account into your new account, citing your Unique Reference Number that you can be found at the top of this screen"

Part of the letter I received said, "Please note that an Instant access savings account will automatically be opened along with your Fixed Term Deposit Account." This is the "Online Instant Access Individual Issue 4" you refer to, it also gave me the account number and sort code for this account.

I have posted the letter below.



On April 21st I phoned them and spoke to TOYIN re password and username not arrived, she has ordered these and they should arrive 7-10 working days, also told me the £***** is in the savings account, and when the bond has been set up it will be transferred, interest backdated to 12-04-16 and documentation sent out.

She also said, as soon as I had my password and user name I would then have to phone them to "authorise the account", this seems to be the only way to gain online access. I would be able to see it online.














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Drumslinger

Thanks Derrick.
I finally spoke with a person at my London branch today. Apparently the branch you are allocated is totally random and not as I thought the City of London Branch.
They apologised for the delay and have promised to sort things out with interest backdated to the day I paid the cash in. They said they have been snowed under with applications and are struggling to keep up.
However, I'm now certain my cash is safe and is heading to the correct destination.
I received the same letter as you about 3 weeks after opening the account but never got a confirmation email. They say they sent out a Username and Password but nothing arrived so they're re-sending tomorrow.
I have to say the fella on the phone was really helpful so 9/10 points for him.
It took me several attempts to get through on the phone and I've been cut off at least half a dozen times over the last month or so, after holding for ages, which is very frustrating.

ossettbob

I posted earlier about my wife`s account. I sent 7 e-mails . I got 2 replies, one stating that her welcome pack had been sent out & a later one saying that the application was being processed and that the welcome pack had not been sent. The last 2 e-mails sent were to "customer care"....no response. I then made an official complaint. A couple of days later my wife received a phone call to say that the account had been set up in Manchester & would receive written confirmation in a couple of days. It took from 18 March until now to receive this confirmation. They took up to 16 days to respond to e-mails although I told them that the internet was instant !!.
Their customer service is terrible. I could have saved a lot of stress & worry by going elsewhere.

derrick

Just an update re my post #23 above, after a few phone calls where I was assured the money was received and just needed the FRB opening, it is now open and showing in my online account with the opening date of 13th April 2016, ( day after I sent it from Santander), and I received an email from the Coventry branch yesterday that "You should expect to receive a deposit certificate in the post in the next 7-10 working days."

Just in case anyone does not know I opted for annual interest, which cannot be added to the bond and will be paid into the instant Access Savings account opened at application acceptance date.

What is interesting is whilst this money was sitting in the savings account it has earned £27 in interest that is still there, I was told on the phone yesterday that this interest is mine to keep, and the bond interest will start from 13th April @ 2.9%.
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derrick

Finally received the deposit certificate today, and as can be seen the start date is 13th April 2016, date funds received by SBI: -





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