Aug 6, 2009

SBICAPSEC is a Shit for Online Trading

Few months back, I have taken demat and trading account from SBI, India's number one Bank for banking. Its trading account software has given a very bad experience to me. I have taken online trading account so that I can make some money from the opportunity. India started coming out of recession. And I was sure of making some money easily by investing in any good company.

First, SBI has not enabled my banking account for online transaction. I say, when I have taken online Trading account and I already have banking account with SBI, then why they have not enabled online transaction from my banking account. Even they have not provided me any option to use on form, as far as I remember. Is it not ridiculous?

Second, I have enabled online transaction facility on my banking account after coming to know that I need do it separately. After that I come to know that I cannot transfer any amount from my online banking account to other account. They have just enable it to transfer from other account to my SBI banking account. This is another bad surprise. Whats a joke! I have Demat account with the bank and I have requested to allow me do online banking then also I can transfer one way - only from other account to my banking account.

After that, I saw an option for enabling online transaction both ways (not sure) or how to proceed with it. SBI online banking has two passwords system on their online banking. Now, I have visited that site (onlineSBI) to check inside it. I already put password when I have visited there for first time. It was a must to do. Now I forgot that password. For resetting the profile password, I provided the details but they are not accepting the new password. Whatever I am giving, it is telling that it is not in the right format and giving error that password must be minimum 8 chars etc. I have given various combination but no one worked.

I should have thought that for customer care SBI is a shit. I have taken Online Trading facility with SBI thinking it is our national bank. This kind of service create requirements for Private entity sans their pesky marketing calls.