Dec 01, 2006 10:04 PM
11736 Views
I have been banking with Bank of Maharashtra (BOM) for quite some time now. I currently have a savings and a home loan account with Model Colony, Pune and another PPF account with Shivajinagar, Pune. Having put a new ATM network in place, BOM has started issuing VISA debit cards which can also be used at Point of Sale terminals (POST) ergo shopping malls, etc. I have found these cards to be of great benefit, eliminating those long lines with withdrawl slips. BOM justifying its name has a very good presence in maharashtra.
As far as the service is concerned, its what you would expect from any public sector bank and a little more. It helps to maintain friendly relations with the branch managers because the babu mentality is still there but overall they are quite efficient and the staff quite friendly. Also, it comes with the piece of mind that only a public sector bank can give. An assurance that if the bank were to go down under (very unlikely for BOM), the government would bail it out.
One thing missing would be the convenience of online banking offered by the likes of Citibank, ICICI etc. I have a salary account with Citibank and every month need to transfer my Home Loan EMI to my BOM savings account. In the absence of online fund transfer I have to go to the branch everytime and deposit a cheque with a deposit slip. Quite a task if you ask me. Nevertheless, if sources are to be believed they are in the process of implementing CORE banking solutions for which the tender has been given to TCS. Hopefully there should be something fruitful on that front soon.
The biggest advantages of this bank are the very competitive rates of interest it offers. They are one of the few select banks which still give a FD for 8% and the home loans are a dream. I took a floating interest home loan in december 2005 @ 7.75% p.a (the lowest at that time) and the rates have just been revised to 8% (which would again be the lowest in the market).
The bank's performance and commitment towards banking can be guaged from their performance on the stock exchange. I have seen its stock only go upwards since it debuted on the exchange.
Though I haven't gone in for it yet, am considering their offer of a free credit card for every home loan account. Atleast I won't lose sleep thinking when they will deduct some amount again for an inexplicable reason!!!
In conclusion, if you are planning to have a relationship with a public sector bank, you should definitely consider BOM and it will stand you in good stead!
