IS SSN really required for Extended KYC of NRIs & Americans at HDFC Bank ?

I have been reading reviews of HDFC customers who are NRIs and American citizens and I agree that by asking American customers to share their Social Security Number for KYC , HDFC is making them vulnerable to identity theft and fraud risk in India . Indian banks have no sense of information security as it is.  SSN is tied to medical records too. In America too , people think twice before sharing SSN and thst too in its entirety . NRI customers may have no choice but to consider closing their accounts with HDFC bank for this reason . One is even advised to only share the last 4 digits of Aadhaar Card and so why should it be any different for SSN at Indian banks ?  

In my view, self-attested copies of Passport , OCI , Pan Card or Aadhaar card in addition to address proof in India/Abroad should be sufficient to establish identity of a customer. 

HDFC like Axis Bank should consider other alternatives instead of asking NRI customers to provide SSN. No wonder most NRIs are opting for Axis Bank as that bank is NRI friendly bank and gives importance to the security of NRI customers. In fact, people in my circle have never ever been asked for their SSN or even State ID cards at Indian banks. There should be One Rule for All Customers & RBI should ensure uniformity in rules for all Indian banks so that each bank does not interpret those rules differently!  They should provide a booklet of instructions to NRIs and Foreign Nationals so that banks don’s harass them. Accurate information and valid alternatives concerning bank processes for NRIs are required ! 

In the absence of TIN, any other document should be acceptable.It is written in the Extended KYC form that “ incase TIN is not available, kindly provide functional requirement”.

Therefore, why is HDFC being so rigid about it ? 

HDFC should provide clarity on the modes of submission of documents for Re KYC / Extended KYC that a NRI customer has a right to as well as explore valid alternatives as a “functional equivalent “ for SSN . At the bottom of the CBDT Terms and Conditions, on the Extended KYC form , it is also mentioned under “List of Acceptable documentary evidence needed to establish the  residence for tax purposes, valid Identification issued by an authorized govt. body ( e.g. Passport, National Identity Card ) can be accepted. 

I hope HDFC bank will find a deviation from that for all their American clients by researching as to how other banks like Axis Bank are going about it. And if even after that the bank insists on the requirement of SSN, then customers who are NRIs and foregn nationals have a right to know about the secure channels that are provided by the bank for handling such sensitive information. However, most clients will not readily accept that due to security concerns and may consider other banks here instead. Like I usually do, one will have to consult one’s lawyer or tax consultant too for advice before sharing one’s SSN with banks or anyone else.

One never feels comfortable sending one’s full SSN via email. The safest method would be to call the bank’s dedicated line if any and provide the SSN over the phone rather than transmitting it in a standard , unencrypted email. I wonder how HDFC can even think of asking its customers to provide a physical copy of the Social Security Card as that would be compromising the security of its customers ! Please note that submitting the same through Netbanking is also not an option as there are several errors and technical gliches in that process on their Netbanking’s both old and upgraded version.   

Is SSN really required at Indian banks for Extended KYC of bank customers who are GC holders and Americans? If it’s mandatory, it should be clearly mentioned in the hard copy of the KYC norms and Extended KYC forms as well as RBI circular. And then , One has a Right to Know as to how our securities our protected by the bank when SSN is demanded by Indian banks like HDFC!

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

HDFC Bank-The Bank that has lost its professionalism & refined customer service

HDFC Bank’s services have drastically declined over the years particularly NRI and Imperia customer service. 

Their so called Relationship Managers are just not interested in building or preserving banking relationships with the clients unless you help them to meet their targets by investing only in the investments they choose for you. Earlier on the RMs used to be refined and knew how to deal with the customers and motivate them to invest correctly to match the customers’ needs. HDFC now has a crude approach to dealing with clients which lacks the professionalism expected from a reputed bank. 

Their complaint management is the worst amongst the Indian banks ! Their staff is just not equipped to handle escalation of complaints and ignore resolving complaints continuously in order to avoid taking ownership of their stand. What’s unprofessional is that the so called NRI branch and the RMs have a different version of their own services, policies and products which results in complicating matters more! 

A reference number is given to queries or complaints so that they could be addressed effectively and there’s a follow up. But HDFC Bank does not even address the complaints or provide a negative/positive resolution based on the assigned reference numbers so that they could be customer is not able to escalate it to other levels. The Sector-18, Noida branch in Ansal ‘s Fortune Arcade is the worst when it comes to customer interactions and complaint management! 

Their website has constant technical glitches which prevents one from completing Re KYC through Netbanking. HDFC’s upgraded website and Insta services have problems all the time. 

Most of their branches are not senior citizen friendly too in services and accessibility of locations. 

The RM Story @ Banks like HDFC Bank and other Banks

HDFC's Imperia Banking has declined so much in recent years and quite many of their RMs are not as professional and refined as before! The same may apply to other banks like Citibank India or another depending upon your personal experiences. There are always some such RMs at any bank. Once can request a change of RM if you are not satisfied with the banking services you are receiving.

I feel that now internet banking or phone banking is much better than dealing with the staff at the bank or RMs but still one is required to visit the Bank once in a while specially where senior citizens are concerned who prefer traditional banking over internet banking and that is when one hopes for a good interaction but often do not get the professional banking service you hoped for. Earlier banks would build relationships with their customers specially the neighbourhood ones but now they have become quite careless in their dealings and particularly their managers.

The HDFC Imperia Banking RMs are never available if you have a query, concern or complaint. The only time they will give you time is when they think they could brainwash you into trusting them blindly to do your investments without any questions so that they can meet their targets! Your preferences or what works for you does not matter to them! In fact, during such times, they adopt quite an aggressive stance and a negative attitude in their interactions and dealings with you when they realize that you may decline their advice.

Very few actually give you the right advice and are patient in waiting for you to decide how you want to spread your funds on investments products. But remember this is your money and only you have the right to decide how you want to invest it and where you want to invest it! You have to see what works for you and not what suits them.

Of course, good investments advice and suggestions are always useful, but you must take a second opinion too from someone you know or research thoroughly about it before going for it or there may be regrets later.

Relationship Managers are supposed to guide, introduce and advise you patiently about investments or assist you professionally and smoothly with bank related services but definitely not allowed to coerce you into investing against your comfort zone. So don't be apologetic if you don't want to invest in any of the suggested investment products and don't feel cornered if any RM tries to force you to invest in something you don't want to.

RMs are supposed to manage the relationship of valued customers with the bank in a dignified and professional manner so that they enjoy pleasant interactions with the bank. They are meant to enhance your banking experience with the bank and certainly not alienate you from the bank! You have a right to hassle free banking without the domination of certain RMs who do not demonstrate professionalism or customer sensitivity in dealing with their clients/customers. Remember that there is always an option to take your money elsewhere if a certain bank repeatedly gives you bad customer service and where your escalated complaints are never resolved.

HDFC- You Did it Again !

HDFC Bank did it again ! Their rigid policies will just alienate more loyal customers leave alone attract new ones ! As it is their NRI services are pathetic ! They have no support for NRIs. Already NRIs were having issues with their log ins on internet banking from abroad and now this new ridiculous policy containing conditions for Imperia Banking even if you maintain the balances required.

And now their latest absurd policy is that even if one maintains the required balance for Imperia status, the services and privileges will be withdrawn on certain irrelevant conditions-

" Criteria for Private Banking Program 

• Work together with your Private Banking Relationship Manager on understanding your risk profile and financial goals

• Personally meet your Relationship Manager once in every two months or as per the agreed frequency to review your existing portfolio & to assist in the ongoing and future investment requirements

• Based on your goals & risk appetite, implement the Investment solutions provided in collaboration with our SEBI registered, Investment Advisory Group (IAG). "
• 
  

Now would someone please inform them that as NRIs it is impossible to meet the RM every two months in India !!!!! They better get their act straight !

Seriously I wonder what they are aiming to achieve with their unreasonable demands and continuously harassing customers and threatening to withdraw their benefits specially in their absences from the country. Many NRI customers are already so fed up of HDFC's services.

As it is their philosophy of sending RMs for so called "personal visits " to our homes holds no value in the age of internet banking and it is just an invasion of privacy for both Residents & NRI customers. Frankly such visits are just an excuse for the RMs to get entertained at our homes and is highly unprofessional. They never agree to meet at the Bank. While in some cases and situations this may work but I for one have experienced that these visits achieve nothing at all ! 

I like to set my own financial goals and understand my risk profile. These days everything is easily accessible and available on the internet. I like to connect with the RM over the phone or through emails and would bother him with a personal meeting only when absolutely necessary. Many feel the same way specially senior citizens, single women and busy professionals.    

HDFC seems to be blackmailing customers by coercing them to meet the RMs once in every two months to fulfill the so called frequency set by them to be eligible for the benefits. If one does not agree to meet then one loses the benefits. They are not even willing to give time to NRIs till their next visit home. They want our money but they do not want to give us benefits ! This just does not make any sense at all ! 

It is time to petition against them ! They are just turning into uncontrollable dictators who are not willing to bend at all. Instead of giving us the right to enjoy smooth and pleasant banking experience, they are making our lives miserable ! NRI customers will suffer the most ! The time has come to take your funds elsewhere ! 

 

https://www.facebook.com/1488537028142174/posts/2074949076167630/

HDFC's Delayed Response even when customers decide to compromise for the peace of mind despite inconvenience caused to them

Not withstanding HDFC Bank's reluctance to extend genuine regrets for the inconvenience and harassment caused to me because of unjustified reduction of the principal amounts of my FDs without my consent, I have in the spirit of not spoiling our long relationship compromised as suggested by them. But even then they are showing their indifference in delaying their final response. Every time they are asking me more time to give the final resolution. And if they continue the never ending delay to resolve the matter, I may actually change my mind.

 The last option offered by HDFC was - the Bank can credit the amount of TDS deducted and interest loss due to this in my Savings Account and the tax due till date shall be deducted thereafter. I told them that I can consider this option if HDFC could confirm in writing that without signing the form ( Customer Consent on TDS recovery from CASA.doc) , the Bank will ensure that the same problem will not occur again. After all how many customers have signed such a form ? As far as I know nobody from my circle has done that.

Never have the principal amount of my FDs been reduced like this to recover tax in the presence of sufficient funds in my account even when the threshold limit was crossed. Once again I would like to stress that it was the duty of HDFC Bank to inform me before doing so and if there was any change of policy then all the more the same should have been communicated through your website or mails to customers. But HDFC neglected the fact that communication must be sent to the customer.

I would like to stress again on the point that in the future too HDFC Bank has no right whatsoever to break the FDs of customers without their consent. I repeat the tax should be deducted from the account at the time of crediting the interest of the FD to the account.

FIXED DEPOSITS WITH HDFC AT RISK !

Here is yet another complaint against HDFC's way of handling our FDs. I could really relate to it as our family has faced the same problem. This is absolutely not fair that Banks are allowed to play with the principal amount of our FDs in the name of deducting tax.
Please visit a very well written article on this on Money Life -

http://www.moneylife.in/article/now-even-your-fixed-deposit-principal-may-be-at-risk/4540.html

HDFC & other Banks should not be given the power to break the principal amount of FDs to recover taxes when there is sufficient balance in the account to deduct the tax from !

Are Banks allowed to break the principal amount of as many of your FDs to recover taxes in the presence of sufficient balance in the account even in the so-called breach of interest threshold limit ?

Does one have to sign the Customer Consent on TDS Recovery from CASA Form to protect the principal amount of your FDs from being broken by the Bank ?

Such questions as above are prevailing in the minds of many customers specially in the absence of any clear instructions of the RBI to the customers through their respective banks. The Banks have not informed the same to the customers through their websites or individual mails which is resulting in a lot of problems as the customer feels insecure about continuing having Fixed Deposits when RBI is allowing the banks to continuously break the principal amount of the customers without the authority or approval of the customers. Now one cannot even be sure if this is a new policy of the banks or the banks are simply implementing the rules of RBI. HDFC Bank's Taxation team is breaking a lot of FDs without the knowledge of the customers in the name of such a rule passed by RBI whereby the principal amount of FDs are being broken to recover taxes even in the presence of sufficient funds in the accounts. Now one wonders who is right here...

But something like this has never happened before...I am doing a research on that and conducting a survey as well on FB. Let's see what we come up with ! But whatever said and done FDs are supposed to be the most secure investments customers can have and they should not be easily broken without the consent of the customer !

HDFC is incapable of handling customer complaints fairly and correctly

HDFC always adopts a rigid and insensitive approach in addressing the problems of customers. In this recent case of their taxation team breaking the original principal  amount of the FDs without informing the customer , yet again they have demonstrated their lack of tact and lack of sensitivity in handling customer related matters. According to HDFC what is done is done and they want to quickly find a way of getting out of this situation without being nailed.

They are actually quite insensitive to all the problems and inconvenience caused to their customers by the actions of their teams every time. I have escalated the matter far enough and it has reached Ombudsman. Before that their Regional Office, Grievance Redressal and Nodal Principal Officer had thoroughly disappointed me with their indifferent attitude. They were actually collectively trying to suppress the entire matter when actually it is the right of the customer to go to the next level of the complaint process if not met with a satisfying resolution. They have been sending me back and forth to the various levels and access channels handling complaints so that I get tired and give up on my case.

Suddenly HDFC is interested in negotiating but  their reaction is quite delayed as I have already wasted a month on this matter as nobody was addressing it correctly. In fact in the beginning they had even closed the matter against the docket number given before it even went to the second level and I had to get the case revived after several more complaints.  What is the idea of posting information regarding different access channels of complaint on their website, when they do not allow the customer to access them in reality ? Their proposals offered to me even today are basically favouring their team and not really meeting my expectations. HDFC does not value it's customers at all ! 

HDFC Bank's Taxation Team given free hand to play around with people's FDs

Irrespective of any policy  changes they may claim, deducting money from  FDs original principal amount and that too without the customer's knowledge is totally  unacceptable when there is another way to recover the tax on the interest i.e. from the account at the time of crediting that interest to the account. When there is sufficient balance in the account, they have no right whatsoever to recover taxes on the interests given on FDs from the principal amount of the FDs. FDs are supposed to be secure and locked investments from a customer's point of view and nobody had the right to break those FDs except the customer.

HDFC  taxation team is suddenly messing up people's FDs with delayed recovery of taxes on the interests of the FDs and thus creating problems through these complicated transactions when they could simply recover that tax by deducting it from the account.

At this rate, they are being given the power to continuously reduce the principal amount of FDs whenever and as they feel like which can result in unpleasant banking experience for the customer. Their tax deductions have to be clean and smooth like before as well as within the boundaries of the usual procedures.

Having FDs with HDFC had always been a secure and pleasant experience but this recent episode had left me very discontented and insecure regarding my investments with their Bank. I mean to take this up with whoever  has brought about this drastic and negative change in the way HDFC deals with a customer's investment and hopefully try to influence any of their seniors who have the power to reverse this change as such complicated deductions by their taxation team can negatively affect the Bank's relationship with their customers .No customer would like their FDs to be touched like this without his/ her consent even if they had swipe FDs. The taxation team is not even stating who gave them the authorisation to deduct money from the original principal amount of the FDs specially in the presence of sufficient balance in the account. As it is they should recover taxes on the interests given on the FDs at the appropriate time and not later.

I have voiced my concerns. And I hope that something is done about it ! Their Grievance Redressal Cell's resolution and stand on the matter only reflects their commitment to their team and not the customer. Let's see what the Nodal Office does...

One has the Right to  Information and ask for answers specially when your investments are concerned. If nothing else responsibility has to be fixed on the people concerned for the careless and inefficient way they handle our accounts.

Every Bank be it HDFC, Deutsche Bank, HSBC or Citibank has shortcomings but the true character of any Bank comes forward in how they follow up and address the complaints effectively. Fair resolutions must be delivered !