Friday, April 29, 2011

axis bank formerly uti bank

In the old days only PSU banks like SBI, SBT, Indian Bank, Canara Bank were common in Kerala. There were some other banks like Federal bank also.I and membeers of our family used SBI bank. But when UTI bank and other non PSU banks started opening branches, we would watch that with bemusement.

We wanted to send some subscription for an online game. When we enquired at SBI, the older generation staff was not sure of the options/method for sending the subscription. That was when we went round searching for the facilities in other non PSU banks.

UTI bank was renamed as Axis bank.

When I went to open a savings bank account in Axis Bank, the staff was very courteous and told us about the documents required to open the account. This was very different from the indifferent and unwelcoming attitude of the staff in a Catholic Syrian bank branch, where I had gone with a friend who wanted to open an account there.

After the application form etc were submitted with the required documents, the account was opened within a very short time. The debit card and password /pin etc arrived by speed post / courier within a few days.

The minimum balance for the SB(sbeazy) was Rs.5000/-

Later on I started a fixed deposit also with quarterly interest payment. I was able to do the whole work online, and the bank sent the reciept for the fd by post to me.
The bank pays the interest quarterly according to the financial year quarter, while SBI pays the interest quarterly, a quarter year from the day of deposit.

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