UBI and ICICI Dont Work Well Together

Posted On Tuesday, March 31st, 2009 By Ravi

In one of my earlier posts, you might have noticed that I bank with Ubion Bank of India and SBI only and not with the private banks. Well, unfortunately, when I need cash, I have to turn to the private bank ATMs only that are close to my house, and since UBI is already offering free withdrawals from Otherbank ATMs, I usually prefer to withdraw cash from my UBI account. A few days ago, when I tried to withdraw Rs 5000 from my UBI account thru an ICICI ATM close to my house, the ATM waited for sometime and spat out the card saying that there was a network error. When I fed the card again, I found that Rs 5000 which I had entered previously has been deducted from the account and I have nto received cash. I have learned about this in an RDBMS paper in college. Money gets deducted from one account and doesnt get transfered to another. I approached UBI and they said that since ICICI has swollowed my money I should approach ICICI and whe I went to ICICI, as expected, those bastards wont even notice that I am there after I told them my Continue Reading

Free Interbank ATM Transactions in India starting from April 2009

Posted On Monday, March 9th, 2009 By Ravi

I havent been banking with private banks for a little over a year now, since I opened my first SBI and UBI account in Chennai last year. These two are rock solid state owned banks. I have always hated the other nationalized banks in the country and thats why opted for an account in a private bank around 7 years ago for its attractions such as core banking and internet banking. Well, all banks have core banking these days, and all banks have internet banking. All banks have atms, but not all banks have atms everywhere. I had an ATM very close to the guest house I stayed in Chamiers Road last year of Union bank and thats why I opened an account there. So when I had an account at Union Bank, I thought why not an account in SBI too. When I returned to Pondicherry, I moved the SBI account to Pondicherry and the UBI account still remained there. I just love UBI. They give you free access to any ATMs in India, free cash deposit from any branch in India for upto 1 lac, and it credits NEFT transfers into your account the moment it reaches them Continue Reading