Standard Chartered Banking - Feedback?

[KumarS]

Currently looking to explore SCB banking offering, looking to get some feedback if anyone has any feedback about their banking service priority, premium, others e.g. vs. HDFC Imperia

P.s. don't need credit card. Already have ultimate from scb

 

[Souvik]

Currently looking to explore SCB banking offering, looking to get some feedback if anyone has any feedback about their banking service priority, premium, others e.g. vs. HDFC Imperia

P.s. don't need credit card. Already have ultimate from scb

Any specific incentives to switch to SCB ?

 

[chinmay]

Currently looking to explore SCB banking offering, looking to get some feedback if anyone has any feedback about their banking service priority, premium, others e.g. vs. HDFC Imperia

P.s. don't need credit card. Already have ultimate from scb

Hi Kumar,

I'm using HDFC account since 2013 and SCB since 2017; here's my 2cents on the overall experience.

Branch Experience:
SCB wins over HDFC.
HDFC feels like any other Govt/Private Bank with usual queues and wait times, but SCB always offers better customer experience; top-notch service quality and premium feels.
However the branch presence of SCB is quite limited and mostly in Metros, HDFC has branches and every nook-and-corner.

Online Banking Experience:
Again I feel SCB has an upper hand due to a very institutive and user-friendly online banking portal; the HDFC portal seems quite old-school and dull.
But in both, you can get most of your work done online and hardly have to visit the branch.

Relationship Management and Wealth:
SCB has Priority Banking which requires atleast 30L of Funds under-management viz-a-viz HDFC Imperia which requires just 10L
However SCB has a dedicated team and wider product offerings, especially in terms of managing investments.

Disclosure:
I was previously working with Standard Chartered and may have a bias towards the bank. But said that, from a customers point of view too, I always loved the experience which SCB offered over HDFC.
And in banking world, where almost all banks offers the same products and rates; its the Experience which is a key differentiator.

 

[Souvik]

That's a good comparison, SCB is a bit premium, focused on the upper tier of the society, with limited branch presence.

As also HDFC's services are going the SBI way of late, cant agree more.

 

[KumarS]

Any specific incentives to switch to SCB ?

Too much concentrated with HDFC now. Utlized to fullest, service going down, and RMs etc are getting arrogant.
Main reason is to diversify.

 

[KumarS]

Hi Kumar,

I'm using HDFC account since 2013 and SCB since 2017; here's my 2cents on the overall experience.

Branch Experience:
SCB wins over HDFC.
HDFC feels like any other Govt/Private Bank with usual queues and wait times, but SCB always offers better customer experience; top-notch service quality and premium feels.
However the branch presence of SCB is quite limited and mostly in Metros, HDFC has branches and every nook-and-corner.

Online Banking Experience:
Again I feel SCB has an upper hand due to a very institutive and user-friendly online banking portal; the HDFC portal seems quite old-school and dull.
But in both, you can get most of your work done online and hardly have to visit the branch.

Relationship Management and Wealth:
SCB has Priority Banking which requires atleast 30L of Funds under-management viz-a-viz HDFC Imperia which requires just 10L
However SCB has a dedicated team and wider product offerings, especially in terms of managing investments.

Disclosure:
I was previously working with Standard Chartered and may have a bias towards the bank. But said that, from a customers point of view too, I always loved the experience which SCB offered over HDFC.
And in banking world, where almost all banks offers the same products and rates; its the Experience which is a key differentiator.

Really appreciate your detailed response.
There are many account category with SCB i am still trying to figure which account level to select and slowly upgrade.

HDFC Imperia is 30L across account in savings+FD

Strangely HDFC don't count MF aum as part of 30L balance.

 

[chinmay]

Really appreciate your detailed response.
There are many account category with SCB i am still trying to figure which account level to select and slowly upgrade.

HDFC Imperia is 30L across account in savings+FD

Strangely HDFC don't count MF aum as part of 30L balance.

With SCB either stick to Personal Banking which is 25k MAB savings account and all the usual banking benefits or directly opt for Priority Banking which is 30L+ of relationship.
Avoid the Premium Banking as it’s quite a grey area segment with not much benefits.

Priority banking with Scb is far superior and yes, your MF investments, ULIPS and PMS if any all is counted as NRV for eligibility of Priority segment

 

[zomato]

With SCB either stick to Personal Banking which is 25k MAB savings account and all the usual banking benefits or directly opt for Priority Banking which is 30L+ of relationship.
Avoid the Premium Banking as it’s quite a grey area segment with not much benefits.

Priority banking with Scb is far superior and yes, your MF investments, ULIPS and PMS if any all is counted as NRV for eligibility of Priority segment

do SCB charge NMC?