SBI Lotus Aadhaar NCHQ: Experience/Query

[CarbonLogic]

Hey everyone, wanted to share an experience I had today with SBI

A new small SBI branch opened up near my residence. My younger brother whos 18 now, we went there to open a regular savings account with them. They took the standard Aadhar+PAN+2 Photographs.

Things were going good but then suddenly the executive who was handling my brothers details told us that an initial deposit of 3000 has to be made. I asked him why 3000 because MAB Is NIL right? So he said that 2000 will be deducted for Accidental Insurance Cover. So I asked him is it mandatory or optional to get this insurance and in reply instead of answering the question he said either you have to get the insurance or open a PPF account and deposit yearly 500 which will mature in 10 years. So this seemed really fishy to me that he wasnt answering me properly.

Another person who was apparently the "Service Manager" also tried explaining to me abuot the insurance and PPF account but I kept asking is it mandatory? To which she got fed up and said you can leave it sir, we actually say this so that "account fraud" can be prevented but if you are genuine then no need of doing PPF and all. Again this did not make sense to me. So finally got the Passbook. They issued the standary Rupay Global DC which will apparently get delivered in 10-15 days. Meanwhile the executive applied for a virtual DC in my brothers phone without even consulting him. He setup the UPI system as well. So this really left a sour taste in my mouth, he practically did the YONO registration in my brothers phone himself without consent. Maybe he thought if he did it himself it will be faster and he could get over it quickly.

On YONO app, the account type says SBI Lotus Aadhaar NCHQ. With a little googling I found out that NCHQ means Non-Cheque facility and Lotus Aadhar accounts are digital accounts. So does that mean this is a Digital Account and not a Regular Savings account? Please do provide your input if I should be taking anymore safeguards particularly against the bank?

Thanks

 

[hender]

Hey everyone, wanted to share an experience I had today with SBI

A new small SBI branch opened up near my residence. My younger brother whos 18 now, we went there to open a regular savings account with them. They took the standard Aadhar+PAN+2 Photographs.

Things were going good but then suddenly the executive who was handling my brothers details told us that an initial deposit of 3000 has to be made. I asked him why 3000 because MAB Is NIL right? So he said that 2000 will be deducted for Accidental Insurance Cover. So I asked him is it mandatory or optional to get this insurance and in reply instead of answering the question he said either you have to get the insurance or open a PPF account and deposit yearly 500 which will mature in 10 years. So this seemed really fishy to me that he wasnt answering me properly.

Another person who was apparently the "Service Manager" also tried explaining to me abuot the insurance and PPF account but I kept asking is it mandatory? To which she got fed up and said you can leave it sir, we actually say this so that "account fraud" can be prevented but if you are genuine then no need of doing PPF and all. Again this did not make sense to me. So finally got the Passbook. They issued the standary Rupay Global DC which will apparently get delivered in 10-15 days. Meanwhile the executive applied for a virtual DC in my brothers phone without even consulting him. He setup the UPI system as well. So this really left a sour taste in my mouth, he practically did the YONO registration in my brothers phone himself without consent. Maybe he thought if he did it himself it will be faster and he could get over it quickly.

On YONO app, the account type says SBI Lotus Aadhaar NCHQ. With a little googling I found out that NCHQ means Non-Cheque facility and Lotus Aadhar accounts are digital accounts. So does that mean this is a Digital Account and not a Regular Savings account? Please do provide your input if I should be taking anymore safeguards particularly against the bank?

Thanks

Completely Nonsense at SBI end...
Because of this attitude people are losing trust on India's own Bank.

 

[CarbonLogic]

Completely Nonsense at SBI end...
Because of this attitude people are losing trust on India's own Bank.

Its definitely the bank employees that are spoiling SBI name I feel. The branch where I have my account, employees are all great, probably because I have good relations with them over course of 10 years. In hindsight I should have taken my brother to my branch instead of this new one. Will get account transferred later on after a month or so if possible

 

[hender]

Its definitely the bank employees that are spoiling SBI name I feel. The branch where I have my account, employees are all great, probably because I have good relations with them over course of 10 years. In hindsight I should have taken my brother to my branch instead of this new one. Will get account transferred later on after a month or so if possible

That's nice, Finally how much you deposited or took any policy or PPF.

 

[CarbonLogic]

That's nice, Finally how much you deposited or took any policy or PPF.

Deposited 3k but firmly rejected the Insurance policy and PPF account. Called SBI Customercare there itself on their 1800 number and confirmed with the person that no such things are required for Acc. opening

 

[Aniket]

Hey everyone, wanted to share an experience I had today with SBI

A new small SBI branch opened up near my residence. My younger brother whos 18 now, we went there to open a regular savings account with them. They took the standard Aadhar+PAN+2 Photographs.

Things were going good but then suddenly the executive who was handling my brothers details told us that an initial deposit of 3000 has to be made. I asked him why 3000 because MAB Is NIL right? So he said that 2000 will be deducted for Accidental Insurance Cover. So I asked him is it mandatory or optional to get this insurance and in reply instead of answering the question he said either you have to get the insurance or open a PPF account and deposit yearly 500 which will mature in 10 years. So this seemed really fishy to me that he wasnt answering me properly.

Another person who was apparently the "Service Manager" also tried explaining to me abuot the insurance and PPF account but I kept asking is it mandatory? To which she got fed up and said you can leave it sir, we actually say this so that "account fraud" can be prevented but if you are genuine then no need of doing PPF and all. Again this did not make sense to me. So finally got the Passbook. They issued the standary Rupay Global DC which will apparently get delivered in 10-15 days. Meanwhile the executive applied for a virtual DC in my brothers phone without even consulting him. He setup the UPI system as well. So this really left a sour taste in my mouth, he practically did the YONO registration in my brothers phone himself without consent. Maybe he thought if he did it himself it will be faster and he could get over it quickly.

Seems so, see nowadays everyone uses UPI but everyone doesn't know how to set-up UPI, especially without physical DC, so she could have done it on the said ground. Delivery of physical card takes few days...

But she should have taken consent after explaining all that or could have told you to do it. Here, your & your bro also seems lil ignorant (no offense), why you guys handed the phone to her, in the first place & as soon as you guys got to know that she is doing setup, you could have stopped her doing so.

On YONO app, the account type says SBI Lotus Aadhaar NCHQ. With a little googling I found out that NCHQ means Non-Cheque facility and Lotus Aadhar accounts are digital accounts. So does that mean this is a Digital Account and not a Regular Savings account?

See, this account was opened by the branch without using traditional method; physical form. The account was opened using computer through digital channel by the branch itself. So, the account which gets opened through this medium, is tagged as Lotus as account type. Just the account type is different not the features of the A/c and it's because of account opening method, rest everything is same as regular account.

Yes, NCHQ, here N refers No & Chq refers Cheque facility.

Don't know whether the staff asked or not or you along with your bro told them or not.

Your brother had signed somewhere right? So, you guys didn't check regarding cheque?

Please do provide your input if I should be taking anymore safeguards particularly against the bank?

Thanks

Initial deposit, Insurance, MAB, PPF, nothing is required as such. They do to meet their targets or to earn commission. It's the shady business practice in SBI, doing since long long ago, almost in all branches, if applicant is not well informed or don't know his/her rights.

Nothing as such to worry, if she has only done the said things.

If you want to have cheque as well then, ask customer request form and then fill it and submit the same.

Hoping, I was able to address all your queries. Confirm it.

 

[CarbonLogic]

But she should have taken consent after explaining all that or could have told you to do it. Here, your & your bro also seems lil ignorant (no offense), why you guys handed the phone to her, in the first place & as soon as you guys got to know that she is doing setup, you could have stopped her doing so.

See, this account was opened by the branch itself but not with physical form. The account was opened using computer through digital channel by the branch itself. So, the account which gets opened through this medium, is tagged as Lotus. Just account type is different just because of account opening method, rest everything is same as regular account.

Yes, NCHQ, here N refers No & Chq refers Cheque facility.

Your brother had signed somewhere right? So, you guys didn't check?

Initial deposit, Insurance, MAB, PPF, nothing is required as such. They do to meet their targets or to earn commission. It's the shady business practice in SBI, doing since long long ago, almost in all branches, if applicant is not well informed or don't know his/her rights.

Hoping, I was able to address all your queries. Confirm it.

Agreed it was our mistake we didnt raise our concern when she took the phone in her hands.

Yup acc was opened through computer, took thumb scan of brother for Aadhar KYC I suppose.

They gave us 2 forms one was an account opening form with T&C which bro signed, another was printed application form with all details such as personal information, mailing address, kyc document details etc, we checked for any mistakes and then bro signed that one and gave back both documents.
Cheque book was marked as: Not Availing which is fine, no use case for Chqs for us.

Yup I understood that they have targets so firmly told them NO for insurance or PPF account. We did not sign or fill any form for the same either.

Thanks for your reply!

 

[Aniket]

Seems so, see nowadays everyone uses UPI and everyone doesn't know how to set-up UPI so she could have done it on the said ground. Delivery of physical card takes few days...

But she should have taken consent after explaining all that or could have told you to do it. Here, your & your bro also seems lil ignorant (no offense), why you guys handed the phone to her, in the first place & as soon as you guys got to know that she is doing setup, you could have stopped her doing so.

See, this account was opened by the branch itself but not with physical form. The account was opened using computer through digital channel by the branch itself. So, the account which gets opened through this medium, is tagged as Lotus. Just account type is different just because of account opening method, rest everything is same as regular account.

Yes, NCHQ, here N refers No & Chq refers Cheque facility.

Don't know whether the staff asked or not or you along with your bro told them or not.

Your brother had signed somewhere right? So, you guys didn't check?

Initial deposit, Insurance, MAB, PPF, nothing is required as such. They do to meet their targets or to earn commission. It's the shady business practice in SBI, doing since long long ago, almost in all branches, if applicant is not well informed or don't know his/her rights.

Nothing as such to worry, if she has only done the said things.

If you want to have cheque as well then, ask customer request form and then fill it and submit the same.

Hoping, I was able to address all your queries. Confirm it.

@vaibhav111 bro kindly mark it, as the solution.

 

[Aniket]

Agreed it was our mistake we didnt raise our concern when she took the phone in her hands.

Yep!

Yup acc was opened through computer, took thumb scan of brother for Aadhar KYC I suppose.

Right!

They gave us 2 forms one was an account opening form with T&C which bro signed,

In technical words, it's called 'declaration cum undertaking cum self- certification' form.

another was printed application form with all details such as personal information, mailing address, kyc document details etc, we checked for any mistakes and then bro signed that one and gave back both documents.
Cheque book was marked as: Not Availing which is fine, no use case for Chqs for us.

May be eKYC (Aadhar) certificate also along with the form.

Ok, then, if there's no use case of cheque.

Yup I understood that they have targets so firmly told them NO for insurance or PPF account. We did not sign or fill any form for the same either.

Yes, but they are supposed to share actual information regarding the same & then need to obtain explicit consent.

But what they usually do, is misselling with fraud ...

Innocent/Ignorant customer fall in this trap. There are some customer who even don't know that what's activated/how much deducted & for what.

By the way, even if insurance is activated, the same can be cancelled online through banking channel post account opening within 15 days & full refund will get issued.

Thanks for your reply!

Welcome

 

[CarbonLogic]

By the way, even if insurance is activated, the same can be cancelled online through banking channel post account opening within 15 days & full refund will get issued.

Welcome

I am assuming we will be able to check this on YONO or NetBanking?

 

[Aniket]

I am assuming we will be able to check this on YONO or NetBanking?

Yes, you can under insurance section.