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Study on Best & Worst Banks for Service Charges (Axis/Canara are worst)

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Study on 25 major banks across India on service charges, authored by Dr Ashish Das from the Indian Institute of Technology- Bombay (IIT-B), and commissioned by Moneylife Foundation.

IDFC First Bank, AU Small Finance Bank and Bandhan Bank were found to be the best banks when comparing service charges across a sample of 25 major banks in India. Saraswat Bank and SVC Bank were the two cooperative banks that were placed in the best category.

WORST banks are Canara Bank and Axis Bank with the highest charges.

Article:
www.moneylife.in

Moneylife Foundation’s Pathbreaking Study Identifies the Best and Worst Banks in India in Terms of Service Charges

A pathbreaking new research uncovers substantial variations in service charges levied by banks across India on basic savings bank accounts. The study,
www.moneylife.in www.moneylife.in

To read full study:
 
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pothi said:
Having account in both Axis and Canara (among other banks), I could have concluded the same without studying in IIT.
Click to expand...
Including me too. 😛

But I have huge respect for Dr Ashish Das of IIT Bombay as he was the one because of whom Banks stopped charging on UPI and Rupay payments in BSBDA accounts.
Even though Indian Government directed the financial institutions to not charge money on UPI and Rupay Payments, the banks kept on charging them in BSBDA accounts after 4 free transactions every month.

The study by him gone so viral at that time that public sector banks including sbi had to do a press release and make UPI payments free.
Sometimes we just need a bigger and powerful voice to stand agaist the injustice and wrongdoings of the banks.
 
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Since banking is a service related area, the usual terms like "The Best", "The Worst"... and all terms denoting the levels in between these two ends, doesn't truly reflect the prevailing status - that too across the bank.

NONE of the banks have uniform standards across the country. Reason being the branches are totally different from each other and are unique.

NRI Branches, Overseas Branches, Main Branches, Agri Dev Branches, Industrial Finance Branches, Commercial Branches, Service Branches, PB Branches, SSI Branches, Dedicated Branches, Extension Counter Branches... are only a few type of branches...

Similarly, non-branch offices - which employ almost half of staff - handle various support functions - administrative offices, control offices, training centres, inspection offices, treasury offices, funds settlement offices.... are some of such offices.

Additionally, Subsidiaries - for Housing Finance, Mutual Funds, Credit Cards, Stationery, Insurance, Securities n Trading, Technology n EDP, Foriegn Offices n Subsidiaries in various countries....

I wonder how many so-called Best Banks have ALL the above ?

More often than not, such uni-dimentional surveys focus only on retail segment n PER segment in only 3 or 4 branches of a Bank.

Such a small sample - for a Bank with 20,000 offices/branches on one hand and with another bank with only 30-50 offices/branches - is - to say the least - are totally incomparable.

A typical PER segment brach has about 120-150 banking products to offer. There shall be over 500 ptoducts - for a bank - considering ALL types of businesses of all segments.

I wonder how many of those were covered ? Whether it is practically possible to do so ?

Above all, doing service is a personal trait. Many times, a transfer of 1 officer can do wonders in a branch. What was till then, a horrible branch, could overnight turn into a good branch.

With this background, let us see n read what this survey says.....
 
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RAMESH BABU N said:
Since banking is a service related area, the usual terms like "The Best", "The Worst"... and all terms denoting the levels in between these two ends, doesn't truly reflect the prevailing status - that too across the bank.

NONE of the banks have uniform standards across the country. Reason being the branches are totally different from each other and are unique.

NRI Branches, Overseas Branches, Main Branches, Agri Dev Branches, Industrial Finance Branches, Commercial Branches, Service Branches, PB Branches, SSI Branches, Dedicated Branches, Extension Counter Branches... are only a few type of branches...

Similarly, non-branch offices - which employ almost half of staff - handle various support functions - administrative offices, control offices, training centres, inspection offices, treasury offices, funds settlement offices.... are some of such offices.

Additionally, Subsidiaries - for Housing Finance, Mutual Funds, Credit Cards, Stationery, Insurance, Securities n Trading, Technology n EDP, Foriegn Offices n Subsidiaries in various countries....

I wonder how many so-called Best Banks have ALL the above ?

More often than not, such uni-dimentional surveys focus only on retail segment n PER segment in only 3 or 4 branches of a Bank.

Such a small sample - for a Bank with 20,000 offices/branches on one hand and with another bank with only 30-50 offices/branches - is - to say the least - are totally incomparable.

A typical PER segment brach has about 120-150 banking products to offer. There shall be over 500 ptoducts - for a bank - considering ALL types of businesses of all segments.

I wonder how many of those were covered ? Whether it is practically possible to do so ?

Above all, doing service is a personal trait. Many times, a transfer of 1 officer can do wonders in a branch. What was till then, a horrible branch, could overnight turn into a good branch.

With this background, let us see n read what this survey says.....
Click to expand...
Deeper than the survey itself.

And most vital part is it's a service
Someone just does the job to keep his/her job
And someone cares to listen to you and shows eagerness to solve your problem.
And that someone defines the company reputation. Right?
 
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cardy said:
Deeper than the survey itself.

And most vital part is it's a service
Someone just does the job to keep his/her job
And someone cares to listen to you and shows eagerness to solve your problem.
And that someone defines the company reputation. Right?
Click to expand...
Well said. The 2nd point is the reason why forums like TF thrive.

As they say, customer service is the face of the company for end user.
 
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RAMESH BABU N said:
Since banking is a service related area, the usual terms like "The Best", "The Worst"... and all terms denoting the levels in between these two ends, doesn't truly reflect the prevailing status - that too across the bank.

NONE of the banks have uniform standards across the country. Reason being the branches are totally different from each other and are unique.

NRI Branches, Overseas Branches, Main Branches, Agri Dev Branches, Industrial Finance Branches, Commercial Branches, Service Branches, PB Branches, SSI Branches, Dedicated Branches, Extension Counter Branches... are only a few type of branches...

Similarly, non-branch offices - which employ almost half of staff - handle various support functions - administrative offices, control offices, training centres, inspection offices, treasury offices, funds settlement offices.... are some of such offices.

Additionally, Subsidiaries - for Housing Finance, Mutual Funds, Credit Cards, Stationery, Insurance, Securities n Trading, Technology n EDP, Foriegn Offices n Subsidiaries in various countries....

I wonder how many so-called Best Banks have ALL the above ?

More often than not, such uni-dimentional surveys focus only on retail segment n PER segment in only 3 or 4 branches of a Bank.

Such a small sample - for a Bank with 20,000 offices/branches on one hand and with another bank with only 30-50 offices/branches - is - to say the least - are totally incomparable.

A typical PER segment brach has about 120-150 banking products to offer. There shall be over 500 ptoducts - for a bank - considering ALL types of businesses of all segments.

I wonder how many of those were covered ? Whether it is practically possible to do so ?

Above all, doing service is a personal trait. Many times, a transfer of 1 officer can do wonders in a branch. What was till then, a horrible branch, could overnight turn into a good branch.

With this background, let us see n read what this survey says.....
Click to expand...
The study only compares banks in terms of their service charges. Those are fairly standardized across branches.
 
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