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My experience as a first time SBI account holder!
- Thread starter Sushubh
- Start date
- Replies 45
- Views 2,267
So, weird fucking shit happened yesterday. Woke up at around 8am to a series of texts from SBI. I first ignored it assuming that they were just delayed alerts of past transactions. But then I checked them out and noticed that freaks had emptied my bank account and made an fd out of the amount. Baffling.
I googled around and saw that they have something called MOD with auto-sweep feature to move extra amount in bank account into a FD to give more interest. I was like ok, this seems fine, but I should get it disabled. Also read that money would be fetched from this FD automatically as required. Tried making a payment using UPI and nope, got a low balance error. It clearly was not an auto sweep thing.
Went to online banking to see if there are any options for MOD or auto-sweep. Nothing that seems active on my account. Online banking also does not show this mysterious FD. It did appear in the Yono mobile app.
Since, banks were open yesterday, I decided to visit the branch. First lady also said that it was probably MOD. She forwarded me to another lady. She checked my account and said it’s not enabled on my account and any FD that was created was definitely processed by me manually.
Well, that was that. I closed the FD from Yono app and came back home. Still not sure what the fuck actually happened. And why the FD was not visible on OnlineSBI. And if it will happen again if I keep extra balance in this account.
I googled around and saw that they have something called MOD with auto-sweep feature to move extra amount in bank account into a FD to give more interest. I was like ok, this seems fine, but I should get it disabled. Also read that money would be fetched from this FD automatically as required. Tried making a payment using UPI and nope, got a low balance error. It clearly was not an auto sweep thing.
Went to online banking to see if there are any options for MOD or auto-sweep. Nothing that seems active on my account. Online banking also does not show this mysterious FD. It did appear in the Yono mobile app.
Since, banks were open yesterday, I decided to visit the branch. First lady also said that it was probably MOD. She forwarded me to another lady. She checked my account and said it’s not enabled on my account and any FD that was created was definitely processed by me manually.
Well, that was that. I closed the FD from Yono app and came back home. Still not sure what the fuck actually happened. And why the FD was not visible on OnlineSBI. And if it will happen again if I keep extra balance in this account.
It's been a while, so things could've changed with SBI. There's a limit for triggering SMS in Core Banking (software they use), that is by default set to 5000. So, you may not always get SMS for credits below this amount. Debits you are supposed to get for any amount, but they have a shitty vendor system that misses delivery of a few. Also, I believe they have different ways of sending SMS based on transaction channel type. They are always sent, if you check the intranet portal for SMS sent to customer regarding any reason. With regards to the MODs, I believe it is applicable for Savings Plus account types, with an option to set the minimum amount you'd want to keep in the Savings account always. I hate it because it wouldn't auto pull money from MODs for stuff like Standing Instructions etc. It's an ill thought out product designed by some MBA. Most staff you see in branches never open this account type because of the complaints it generates, so I doubt they even understood where to check. Most staff I've interacted with would confidently say it's your fault for selecting a product that you (and them too) are unfamiliar with 
. Also, it's easy enough to check if bank staff created an FD. It records the ID of employee creating thee FD, so if they don't see an ID, then the FD was either auto created, or manually created from INB/YONO. Regarding YONO, I have never hated any other app as much as I hated it. It's quite functional, and has a lot of functions, but boy, do I hate their 'security'. They made it so hard to log in infrequently.
. Also, it's easy enough to check if bank staff created an FD. It records the ID of employee creating thee FD, so if they don't see an ID, then the FD was either auto created, or manually created from INB/YONO. Regarding YONO, I have never hated any other app as much as I hated it. It's quite functional, and has a lot of functions, but boy, do I hate their 'security'. They made it so hard to log in infrequently.
