I have this strange opinion about ICICI Bank and its subsidiaries. I hate them for their over aggressive behaviour, but no doubt they are the most efficient of the lot. I also like HDFC Bank, but there are few things about HDFC Bank that keeps disappointing me.
Take this current example - I have salary account with ICICI Bank, I bought my first insurance from ICICI bank. But when it came to opening my Dmat and e-trading account, I preferred HDFC Bank for simple reason that I wanted to keep my salary account and trading account as detached as possible (To ensure I don't exhaust all my salary on share trading). After some time, I wanted to get housing loan. I contacted both banks. ICICI was first to respond with better offer. So my housing loan is with ICICI bank. Same thing happened with personal loan that I'd take year after.
Six months back when I planned to visit Singapore as tourist, I forgot about travel insurance till very minute. When I searched online insurance sites, I found ICICI Lombard was the best. In any case, it was just 4 days insurance, so I bought travel insurance from ICICI Lombard. Now within six months, they have also cross-sold Home content insurance, Fire insurance, Health insurance for me and my family. This is amazing. They cross-sell their products so effectively. And all this time, HDFC had all my information, but only product they wanted to sell me was ULIP from HDFC Standard. I said I am more interested in buying pure term plan, but guess they are not interested in selling term plans.
While I was buying Health insurance, I thought TATA seems to be more credible name (generally). I checked their website, they do not have online facility. I left a note to contact me. They did contact me..after I was tired waiting for their call and 10 days after ICICI sold their policy to me.
I also like ICICI Bank internet banking site. Considering their client base, it is surprisingly fast. It also offers lot of convenient options like third-party fund transfer.
One area where HDFC bank clearly scores well above ICICI bank is branch experience. I always look forward to visit HDFC Bank and always pray that I don't have to visit ICICI bank.
Saturday, March 7, 2009
Subscribe to:
Posts (Atom)