ICICI and HDFC Netbanking services: A review and comparison

I don’t get surprised anymore when my office colleagues tell me that they don’t know where their salary account bank branch is located in their city. It’s because banks today provide decent online banking services allowing you to forget the need-to-plan-a-visit-to-my-bank.

So how good are these services and how far are we from a truly branch-less banking experience in India? Woikr reviews and compares for you two of the most frequently used internet banking services available by Indian banks: ICICI Netbanking and HDFC Netbanking.

After State Bank of India, which is unarguably the most widely used bank in India, both ICICI and HDFC banks are amongst the top Indian banks in terms of customer base, infrastructure and facilities provided and both have fairly succeeded in providing powerful Netbanking services.

The common do-it-from-home facilities that both these Netbankings provide to their customers are:

• Viewing of Account summary, current balance, all historic transactions, mini and detailed statements.
• Linking of your multiple accounts like Savings, Current, Credit cards, Demat, Mutual funds and Fixed deposit accounts to a single Netbanking ID.
• Transfer of funds (more on this in subsequent section)
• Requesting a new demand draft or cheque book at your address.
• Online payment of utility bills like Electricity, Gas, Landline and Mobile phone bills, Insurance premiums, Credit card bills, etc.
• Applying for new Fixed Deposits online.
• Download of Account statements in Text, Excel and MS Money formats.
• Online request for a hard copy of your bank statements at your address. ICICI charges INR 50 whereas HDFC charges INR 30 per statement request.
• Viewing status of deposited cheques or stopping the payment of a cheque.
• Both use High-grade Encryptions for secure login and transactions. ICICI uses RC4 128 bit whereas HDFC uses AES-256 256 bit.
• Both have recently enabled Virtual Keyboard logins to stop any software from recording your passwords when you type them. Virtual keyboard asks you to choose the password letters by a mouse.

As a regular user of both these Netbanking facilities since last 3 years, I can say that the above services really do save me the bother of standing in queues at a local branch.

So far so good. Now the what’s-missing-by-whom part! A closer look reveals that both these vary significantly and that ICICI Netbanking is better than HDFC Netbanking by leaps and bounds in terms of facilities.

Here is a comparison of their services feature-by-feature:

Transfer of Funds: This is a major difference. ICICI Netbanking’s Funds Transfer facility is much more hassle-free as compared to HDFC’s Third Party Transfer (TPT) facility. The problem arises not in using the service but in applying to the service. The facility to transfer funds to yours or someone else’s account, at intra or inter-bank branch, comes readily with the ICICI Netbanking subscription. That is, the facility is ready to use and you just need to add-in the new beneficiary for making the first transfer.

However, HDFC doesn’t agree to this simplicity and requires you to apply to this service by filling up a hard copy of the Third Party Transfer Application Form and submitting it to any of their Bank branches or ATM. Now when we are striving for branch-less banking, this looks off-the-road to me. Moreover, user experiences say that the application is not processed promptly if you deposit the activation form at an ATM, and may cause further delays upto weeks. Hence, it is preferred to walk into the HDFC bank and talk to the representative for activation (walking is good for health seems to be HDFC’s hidden motto here!)

Applying for new Accounts: You can initiate the opening of a variety of accounts online through ICICI Netbanking by submitting an online request with the details. For certain accounts like the Recurring Deposits, the request gets completed without the need for you to visit the bank, and the newly created account is accessible at your next login upon approval. On the other hand, in case for HDFC, this becomes possible only on visiting the bank branch. ICICI Netbanking also offers online self-compounding accounts like Recurring Deposits and Money Multiplier Account that HDFC Netbanking doesn’t.

Insta-Alerts Customisation:Though both ICICI and HDFC Netbanking offers the facility of receiving message “Alerts” on your mobile to notify transactions, ICICI offers online customisation of the alerts upto the minutest details. For e.g, you can configure the threshold amounts above which you need an alert for, and also specify whether you need the alert by an SMS or email. You can as well toggle on/off the Insta-alerts for one or more services, say if you don’t want to receive the alerts for fund credits and need them only for debits. Cool, eh? Bravo ICICI

More Limitations: HDFC Netbanking is also lagging behind as it doesn’t allow:

• Premature liquidation of your Fixed Deposit
• De-registration of Bill Pay facility

whereas these are enabled by ICICI Netbanking.

Other way round: So, is there anything which is offered by HDFC Netbanking and not by ICICI Netbanking? Believe me, I had to look hard to find this and, gladly, here are some unique services that HDFC offers but ICICI doesn’t:

• HDFC offers TDS Enquiry facility by which you can instantly check how much TDS (Tax Deduction at Source) was applicable on your current and previous taxable years.
• HDFC also allows re-generation of your IPIN (password) online in case you have forgotten it. However in case of ICICI, you need to call up the customer care to request a new Netbanking password and it will be delivered to you (by post!) in about 5 working days. (Gosh ICICI… you need to be fast and prompt here!)

The User Interface and Ease-to-use: The million dollar question! Who offers a better and more user friendly interface? Well, HDFC Netbanking has a slightly simpler and user-friendly interface as compared to ICICI. However, what use is it if HDFC doesn’t offer as many services as ICICI Netbanking does?

(HDFC Netbanking main screen preview. Click on image for full-size screenshot)

The ICICI Netbanking interface on the other hand, though quite appealing aesthetically, ends up overwhelming the user with its plethora of options. It requires some practice by a naïve user to master the usage of all the options available on ICICI Netbanking, whereas HDFC Netbanking, with its lesser options, is intuitive to use from Day 1.

(ICICI Netbanking main screen preview. Click on image for full-size screenshot)

Having said this, I would still prefer to use ICICI Netbanking anytime as it allows me to do any banking action that I can think of. And am sure that if HDFC starts offering everything that ICICI does, the HDFC Netbanking designers and developers will be seen asking for a big salary raise!

Bill-Pay Charges: The Bill Pay facility is offered free of cost by ICICI Netbanking, whereas HDFC charges INR 25 per quarter for Bill Pay. (Yes, I know it’s a meager amount, but still why should you pay when another is providing the service for free?)

Security process: The ICICI debit cards now comes with a “Grid” feature for increased online transaction security. The Debit cards have a table of 16 numbers at the back, and the online user is asked to enter 3 random numbers from this grid before the funds transfer can complete.

• Pros: This additional process results in increased security.
• Cons: You must possess your debit card at all times for transferring funds (or remember the sequence of the 16 two-digit numbers by heart – not everyone’s cup of tea!). So if you need to make an urgent transaction to a friend’s account and are not carrying the card in your wallet, be prepared to explain the delay to him!

Site Upgrade: Though HDFC Netbanking appears stagnant to me with minimal new offerings, ICICI Netbanking is constantly upgrading and is offering more and more to their customers every few months. It currently offers new services like smsNCash, Bank@Home and Receive Funds, and seems to work hard to retain and grow its customer base.

Rating: So, do I sound like someone who has been paid handsomely to promote ICICI Netbanking? Believe me, that’s not the case and candid facts and user-experience are speaking for themselves. Taking these into consideration these, the woikr rating for these Netbankings is as follows:

ICICI Netbanking

• Graphical Interface: 4/5
• User-friendliness: 3/5
• Facilities and Services offered: 4.5/5
• Upgradation: 4/5
• Closer to Branch-less Banking: 4.5/5

HDFC Netbanking

• Graphical Interface: 3.5/5
• User-friendliness: 4/5
• Facilities and Services offered: 3/5
• Upgradation: 3/5
• Closer to Branch-less Banking: 3.5/5

That’s it folks! Please do share with woikr your views and tell us whether you agree or disagree. We value your feedback for future reviews.

And yes, before I close, I would like to say that the State Bank of India’s Netbanking SBI Online is another potential candidate for review and comparison. But more on this later. Currently, I don’t have an SBI login and password to use! Would you like to share yours with me?

Cheers!

[ Image courtesy: Me! ]

*** Footnote: All review comments are based on the personal opinion of the author as per his own user -experience with the compared products.***

Review: Bose QuietComfort 2® Acoustic Noise Cancelling® Headphones (QC2)

Bose is known for high class audio products. They have an unparalleled offering of audio solutions ranging from personal audio systems to home and professional audio solutions. Their USP is the technology they have developed after doing solid research in the field of sound. Almost all of their products have a Bose patented technology inside. Hence the steep price.

The Bose QuietComfort 2® Acoustic Noise Cancelling® Headphones aka QC2 are built on TriPort acoustic headphone structure – a Bose exclusive technology which features tiny ports in the earcups to produce a rich audio performance. The headphones also sport the patented Acoustic Noise Cancelling® headphone technology which electronically identifies and reduces unwanted noise while preserving the audio.

So, are these headphones worth the premium price? Let’s find out.

Package Contents:

- 1 pair of headphones - 5-foot detachable audio cable - 5-foot extension cord - ¼-inch stereo-plug adapter - Dual-plug adapter - 1 AAA battery - Carrying case

Noise Cancellation:

These headphones feature the patented Acoustic Noise Cancelling® headphone technology. This technology uses a microphone to receive (read hear) the ambient noise and then adds a negative frequency of the same value to the audio. This way, the noise is negated and you hear pure audio. This technology is far more superior to the other noise isolating technologies used in many headphones and earbuds. The headphones use one AAA sized battery to power the noise cancelling system.

The Bose QC2 perform a pretty good job at identifying and cancelling the ambient noises. When you are listening to music, you won’t even hear the persons standing next to you even if they are yelling. The headphones are optimized for in flight usage. They do a pretty good job in cancelling the loud roar of the airplane engine. They work equally well at beaches, in trains or buses, or even when your boss comes around and asks you for the report he asked you to prepare .

Score: 4.5

Audio Quality:

Despite the complex circuitry involving a microphone to detect and cancel ambient noise, the headphones do not miss a single note or beat of your music. In fact, you will get to hear more, thanks to the TriPort acoustic headphone structure. This structure reproduces every detail in the audio you are listening to.   Be it those little background instruments in the mid – high frequency range or those low frequency bass in your music. You will be surprised to hear more instruments and voices in the same song when heard through these headphones.

The sound equalization is great. All the 7 band frequencies in your audio are reproduced properly. The earcups vibrate when you have an ultra low frequency sound playing. This adds to the listening pleasure.

Score: 4.5

Features:

The headphones are pretty simple to use with just a single switch to turn them on or off. The detachable audio cable has a switch to select the input source type.  You can choose either low amplified source (such as iPod) or a high amplified source (such as in-flight entertainment system).

Sadly, the headphones cannot be used while switched off. It would have been good to provide an option to use them with the noise cancellation switched off. This is helpful when you are sitting in an already quiet location or are running low on batteries.

Score: 3.5

Ergonomics:

The headphones have an adjustable band. They fit well on almost all standard head sizes. The earcup foam is very soft and comfortable and is in no way irritable or itchy. The earcups are molded from inside according to left and right human ears. They fit perfectly on both your ears. Thanks to the light weight, you won’t feel anything even if you wear them for hours on those long international flights.

The build quality of the headphones is excellent. The supplied case comes in handy to carry them around. It is big enough to slip in an iPod 160GB. it also has a zipped pouch to store an extra AAA battery for emergencies. The cable and the pins are made of good quality durable material.

However, if these headphones were foldable, they could have fit into an almost half sized case just like their successors, QC3.

Score: 4

Conclusion:

The headphones are priced at $299 in the US and approx 14500 INR in India. At a lower price you can get a lot of other headphones which offer the same set of features. However, Bose QC2 stand apart in terms of excellent audio quality and ergonomics. The noise cancellation offered is above par and the headphones do great with iPod. Plus you get the snob value of the Bose brand .

With an overall score* of little over 4, woikr recommends these headphones to audiophiles, frequent flyers and avid music listeners.

* value for money criteria was not considered for this product as it is not applicable on any of the Bose products (no offense).

QuietComfort 2, Acoustic Noise Canceling are registered trademarks of Bose Corporation.

Review: Compaq Presario V3780TU Notebook

The Compaq Presario V3780TU Notebook is a well balanced mid range laptop aimed at home users and students. The configuration is more than enough for basic home usage and most students needs. Here is the detailed configuration:

The laptop fits well in the mid range section of the notebook market. I ran various applications ranging from different web browsers, media players, development tools etc. and they all worked pretty well. The laptop might not have the fastest processor, but the configuration is balanced enough to handle multiple tasks simultaneously.

There are a plethora of wired and wireless connectivity options. A 250 GB hard drive gives enough space for storing movies and songs. 2 GB of RAM (and scope for expansion up to 4 GB) provides enough juice for memory intensive applications. The 5 in 1 card reader comes in handy when you have to transfer pictures from your phone’s or digital camera’s memory card. The laptop looks great, thanks to the 14.1” screen. This is probably one of the cheapest 14.1” laptops available in the market.

The only setbacks I could notice were that of weight (2.5 kgs) and the basic version of Windows Vista.

Price:
The laptop can be easily purchased for approx 43500 INR at most Compaq and HP dealers. However, you can get it for as low as 42000 INR (with free HP bag) at some shops in Nehru Place, Delhi. At this price, it is a great choice for college students and average home users.

Pros:

- 14.1” screen
- 250 GB HDD
- Number of connectivity options
- Good looks

Cons:

- Heavy at 2.5 kgs
- Basic version of Windows Vista bundled

Here is how I rate it:

Performance: 4
Features: 4
Value for money: 3.5
Build quality: 4
Looks: 4

Overall: 4

Note: In case your budget is tight, you can go for a lighter version – Compaq Presario C752TU available for approx 34000 INR. However, If you are an advanced user and can shell out some more cash, go for Sony Vaio CR35G, now available for approx 51000 INR.