Does your bank provide the best internet service?

For this study, we chose private banks mainly because they are more aggressive in their approach in providing latest technologies to customers, as compared to nationalized banks. There too, we zeroed in on banks whose people-to-bank network ratio in the country is measured in the number of branches serving customers. More specifically, we considered private banks operating more than 500 branches in India. With internet banking coming into its own and finding more and more users, thanks to its many advantages, it is as important now to know the benefits of it as well as how to use it without risking one’s privacy or security while carrying out transactions.

Banks Compared: HDFC Bank, Yes Bank, Axis Bank, Kotak Mahindra, ICICI Bank, Federal Bank, South Indian, Lakshmi Vilas, Bandhan Bank, Karnataka Bank, Tamilnad Mercantile, City Union, IndusInd Bank and Karur Vysya.

The final 14 banks were compared on their charges, if any, for services/facilities such as account statement, stop payment, account closure, RTGS, NEFT, IMPS, SMS alerts, cash deposit at other branches, utility bill payment, standing instruction, and signature verification. We gave the highest weightage (30 points) to consumer feedback, which also helped in determining the most important and beneficial variables. These variables have a direct bearing on the product structure. Our questionnaire covering various qualitative aspects of internet banking services received responses from more than 500 customers.

Parameters Compared

  • Account Statement
  • Stop payment
  • Account closure
  • RTGS
  • NEFT
  • IMPS
  • SMS alerts
  • cash deposit

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