Salim’s Story
Salim is a 33-year-old bus and auto rickshaw driver from Malappuram. He recently returned from Sharjah, where he worked as an assistant at a bakery for 3 years.
Salim has been looking to open a Google Pay account, to cater to high customer’s demand to pay by UPI, however, he does not have a bank account, so cannot avail UPI services.
On the day Salim opted to open his bank account, he drove 10km home from the city center to collect his documents. He knew from his experience in Sharjah that he needed a photo ID to open an account so grabbed all of his photo IDs that were from India adding that he would get more documents based on what they say at the bank.
With his documents in place, Salim began to think about which bank to open an account at. Since he felt that he had little knowledge about banks, he called up a friend (fellow bus driver) whom he trusts who advised him to open an account in Federal Bank or SBI as the friend felt that they have the best facilities and services based off of his experience.
So Salim approached Federal Bank first. He joined the first queue he saw only to realize minutes later that it was the for the ATM and not the actual bank. He then went into the bank which was mildly crowded and looked around - quite unsure of what to do. A couple of minutes latter, Salim decided to approach a bank officer at a nearby desk who informed him that he would need to get photocopies of all his documents and a passport photo.
Salim then went to a nearby photocopy store and made copies then to a photo studio to get his passport photo taken.
While at the photo studio, Salim met an acquaintance who advised him to also check out Indian Overseas Bank, Kerala Bank, or Axis bank as they would offer a seamless DBT experience and obtain good gold loans.
10 minutes later, Salim received his photos and left. Despite the suggestions, he decided he would listen to his friend and continue with the Federal Bank process.
Upon arriving at the bank again, Salim is informed that he needs to deposit 4800 rupees (3000 as the minimum balance and 1800 as the mandatory insurance.) - a cost that is too high for him to bear, which causes him to redirect his efforts at another bank - SBI.
On his way to SBI, Salim spotted ICICI and decided to give it a try. He left for SBI a couple of minutes later after he was informed that the minimum balance requirement was Rs.10000.
On his way, he was stopped by an Axis Bank agent who asked him if he wanted to open an account. The terms over here were a minimum balance of Rs. 5,000 which was flexible as long as Salim was able to maintain 1 Lakh in his account.
Salim decided that these terms were not for him and continued his journey to SBI Bank. A couple of minutes later he reached the bank branch, a branch much larger than the others and far more crowded. Unsure of what to do, he reads the signage and then approaches a branch staff who informed him that the minimum balance required was Rs. 1500 - 2000. Happy with these terms, Salim decided to go ahead with the process but was informed that he could only begin it 2-3 days later when the staff member who onboards people came back from their leave.
He left SBI, disappointed. Salim then heard about a new form of banking called digital payments banking and decided to take a chance on Airtel Payments Bank after listening to an agent near his bus stand speak about it. His only agenda was to secure an account with a low minimum balance requirement and a debit card - since the agent said these were possible, Salim decided to begin the process.
The agent finished the procedure very quickly and diligently. The agent also helped him open a GPay account. While setting the UPI PIN, the agent said Salim could use the MPIN he set for APB. He tried a first transaction with the agent’s guidance and also learnt how to check balance. He asked if he can get a sticker (QR), the agent promises to set that up for him very soon.
He is happy that he got both a bank account and GPay on the same day and he had to only spend about Rs.150 in total (for the photocopies and the passport photo). However, he added that he felt that this was only a temporary account resolving to open a “proper account” with Federal bank or SBI once he earned and saved enough money.
“I am happy that I got both a bank account and GPay on the same day and I had to only spend about Rs. 150 in total for the photocopies and passport. This is a good temporary account that I can use while I save enough money to have a proper account in Federal Bank or SBI.” - Salim
