HDFC- THE BANK THAT COMPLICATES THE SIMPLE PROCESS OF RE-KYC & EXTENDED KYC

 In the name of Re-KYC and Extended KYC, HDFC has started misusing its assigned power by harassing and bullying customers as clearly evident from the posts of customers on the HFFC FB page! 

Unlike other Indian banks, HDFC Bank has unnecessarily complicated the entire Re-KYC process particularly because of their staff not being on the same page about the “modes of submission  of documents” , “forms involved” and the “documents required” for the process. 

Customers will be given entirely different forms by each of its staff for the very same process even when there’s a simple update of a telephone number too  despite customers successfully updating their contact number on their own through ATM  . 

The senior management will advise the customers to safely submit the documents through Netbanking while other staff at fhe branch like the NRI team for instance will   repeatedly contradict that.  At the end of the day, different options of submission of documents that are given in writing by the bank should be easily available to its customers and the choice should be entirely left to the customers. Senior citizens may find it easier to submit physical copies of documents while others particularly NRIs may want to  opt for submission of documents through Netbanking.  

HDFC phonebanking team, online customer service team, NRI team, RMs and Branch heads are never aligned with each other. They have different versions of their own bank’s products and services. Now that can be so comfusing for the customers !  

There’s total lack of co-ordination between various teams and depts. of HDFC bank which results in causing endless inconvenience to its customers ! Because of that, there are long delays too ! They don’t even get back to the customers with a resolution ( positive or negative) if complaints or queries are raised ! 

There’s total lack of ownership and accountability by the bank regarding the incorrect or incomplete information their staff gives to the customers. Instead its management blames the customers for not co-operating and threatens to disrupt account services or freeze accounts as a cover up to protect its own unprofessional people ! They gain from deliberately disrupting services and there have been instances where the customers’ money is misused particularly when the customer is denied to access one’s own account. Some customers are so fed up with HDFC banking experiences that they are even breaking their FDs to immediately end their association with the bank but the bank gains from that as well . According to customers’ feedback, HDFC charges more than expected as penalty for prematurely braking FDs. Everyone should read about whats going on at HDFC.  The feedback of customers are available in the posts on social media. In this way, for these reasons, could HDFC Bank be gaining from complicating the Re-KYC/Extended KYC process more than other banks and adopting a rigid aporoach towards the process by not making it work with the customer ? 

Customers have a “Right to Information”and can request for hard copies of HDFC KYC norms and RBI circular regarding KYC process but HDFC bank will deny that too. Naturally one can look that up on the internet  on ones own too but the instructions on a hard copy are more accurate and hold relevance. Basically HDFC Bank does not want its customers to access accurate information or seek clarifications on bank processes as for some reason its process of Re-KYC totally differs from other banks when actually there should be uniformity in rules amongst all the banks on this. 

There are different ways to submit Re-KYC related self-attested documents and the customers are entitled to choose from those given options in the written instructions of Re-KYC norms ! However, HDFC staff denies you that and enjoys violating privacy of customers and jeopardizing security of customers  by contnuously insisting on only physical copies that are seen easily by all at the bank and not even handled securely.

For NRIs and foreign nationals , submitting those documents through courier from overseas  or in-person at the branch within a certain time limit becomes highly inconvenient ! Earlier on HDFC customers were allowed to send the scanned copies of self-attested KYC related documents with a scanned letter to the branch manager theough email  but that does not happen now. 

Now the option of securely submitting Re KYC / Extended kYC documents through Netbanking is exhausted too as it never works because  of constant errors and technical glitches on Netbanking in both the old and upgraded version. Instead of resolving the technical issue, their customer service team and branch staff leaves the customers with the sole option of submitting physical copies of documents. That makes most customers uncomfortable as they want to submit their sensitive  tax related documents securely through Netbanking only. There should be secure ways to handle documents handed over in-person and submitted online.  

Above all , there should be One Rule for all the Indian banks regarding KYC documents submission ! 

#OneRight

#HDFC

#HDFCBank

#hdfccustomers