Suggest a Bank Account for Parking Emergency Funds

[NABNAB is verified member.]

Hello All,

Please suggest a Bank Account to keep some funds away from my regular Savings Account.

I am looking for the bank -

1. No Debit Card spend-based offers/criteria/online discounts.
2. Decent Savings/FD interest rates.
3. No Debit Card rewards points for any transaction.
4. Decent Mobile/Internet Banking.
5. Low/Zero Fees.

Basically, I want an account that will not tempt me to spend from it for any rewards/cashback.

 

[hender]

Hello All,

Please suggest a Bank Account to keep some funds away from my regular Savings Account.

I am looking for the bank -

1. No Debit Card spend-based offers/criteria/online discounts.
2. Decent Savings/FD interest rates.
3. No Debit Card rewards points for any transaction.
4. Decent Mobile/Internet Banking.
5. Low/Zero Fees.

Basically, I want an account that will not tempt me to spend from it for any rewards/cashback.

Main banks 2.4 to 3% in saving
SFB 3 to 7% slab wise, mainly above 10 lakh.(high interest)
Slice/NE SFB at present 5.5 %
Overnight/Liquid around 5.5 to 6.5%
91 days RBI paper 5.44%

Zerodha AMC Liquid Case am exploring, especially for weekend and holiday in/out mechanism. Rest it's ok.

 

[John Since]

Hello All,

Please suggest a Bank Account to keep some funds away from my regular Savings Account.

I am looking for the bank -

1. No Debit Card spend-based offers/criteria/online discounts.
2. Decent Savings/FD interest rates.
3. No Debit Card rewards points for any transaction.
4. Decent Mobile/Internet Banking.
5. Low/Zero Fees.

Basically, I want an account that will not tempt me to spend from it for any rewards/cashback.

Instead of opening a new account, park those funds in some debt/liquid fund. You can withdraw them in 1 day.
If you still prefer a bank account, then Slice is the best option out there. Ping me for referral if you are going for Slice.

 

[komal]

Hello All,

Please suggest a Bank Account to keep some funds away from my regular Savings Account.

I am looking for the bank -

1. No Debit Card spend-based offers/criteria/online discounts.
2. Decent Savings/FD interest rates.
3. No Debit Card rewards points for any transaction.
4. Decent Mobile/Internet Banking.
5. Low/Zero Fees.

Basically, I want an account that will not tempt me to spend from it for any rewards/cashback.

State co-operative bank ?

 

[cardio_guycardio_guy is verified member.]

Emergency fund = you should be able to withdraw during emergency.
So look for a bank with good proper IT systems, net banking facilities, ATM facilities etc.
You should be able to add beneficiary and transfer funds immediately.
For most bank account variants, ATM withdrawal limit per day is 40,000.
So if it is a bigger emergency, you will need to withdraw more than that.
Consider all these while choosing the bank.
You can choose a PSU bank like SBI or PNB so that there won't be any pushings from the RMs.
Or else go with HDFC or ICICI.
But make sure the transaction limits, beneficiary etc are added beforehand and do some test transfers to see if it is working fine.

Lastly, you can choose FDs or debt funds where returns will be a little more, but you can withdraw within a day as well.

 

[hender]

Hello All,

Please suggest a Bank Account to keep some funds away from my regular Savings Account.

I am looking for the bank -

1. No Debit Card spend-based offers/criteria/online discounts.
2. Decent Savings/FD interest rates.
3. No Debit Card rewards points for any transaction.
4. Decent Mobile/Internet Banking.
5. Low/Zero Fees.

Basically, I want an account that will not tempt me to spend from it for any rewards/cashback.

Update : IDFC
Life is changing so fast ⏩ ⏩, the suggestions given in the morning are no longer much effective after this update!!

 

[palen]

Emergency fund = you should be able to withdraw during emergency.
So look for a bank with good proper IT systems, net banking facilities, ATM facilities etc.
You should be able to add beneficiary and transfer funds immediately.
For most bank account variants, ATM withdrawal limit per day is 40,000.
So if it is a bigger emergency, you will need to withdraw more than that.
Consider all these while choosing the bank.
You can choose a PSU bank like SBI or PNB so that there won't be any pushings from the RMs.
Or else go with HDFC or ICICI.
But make sure the transaction limits, beneficiary etc are added beforehand and do some test transfers to see if it is working fine.

Lastly, you can choose FDs or debt funds where returns will be a little more, but you can withdraw within a day as well.

Can you redeem debt funds on a weekend?

 

[cardio_guycardio_guy is verified member.]

Can you redeem debt funds on a weekend?

You can redeem liquid funds instantly. (upto some limit, I think 25k or 50k, depends on the fund house)
Apart from that it takes 1-2 days for debt fund redemption.
Even if we do on saturday/sunday, we get the money in account by tuesday.

 

[aishwarya]

Hello All,

Please suggest a Bank Account to keep some funds away from my regular Savings Account.

I am looking for the bank -

1. No Debit Card spend-based offers/criteria/online discounts.
2. Decent Savings/FD interest rates.
3. No Debit Card rewards points for any transaction.
4. Decent Mobile/Internet Banking.
5. Low/Zero Fees.

Basically, I want an account that will not tempt me to spend from it for any rewards/cashback.

U can Use SBI.

 

[palen]

You can redeem liquid funds instantly. (upto some limit, I think 25k or 50k, depends on the fund house)
Apart from that it takes 1-2 days for debt fund redemption.
Even if we do on saturday/sunday, we get the money in account by tuesday.

It can't redeemed immediately. FD is better.

 

[Indrajeet100]

Indusind Bank or IDFC for your specific requirement

 

[techprince]

Hello All,

Please suggest a Bank Account to keep some funds away from my regular Savings Account.

I am looking for the bank -

1. No Debit Card spend-based offers/criteria/online discounts.
2. Decent Savings/FD interest rates.
3. No Debit Card rewards points for any transaction.
4. Decent Mobile/Internet Banking.
5. Low/Zero Fees.

Basically, I want an account that will not tempt me to spend from it for any rewards/cashback.

Slice SFB or Unity SFB. I went with Slice.

 

[vchouksey80]

Instead of saving account with good interest, go with FD for emergency funds,

In case of emergency, within a day you can withdraw, I did multiple FDs from 50k to 5lac, depending upon type of emergency

 

[MARUMUGANAINAR]

Idfc sb account is the best option
If you park 5 lakhs interest rate was 7%

 

[rakesh3929]

Idfc sb account is the best option
If you park 5 lakhs interest rate was 7%

For the first 5 lakhs only 3% interest. Read - https://www.idfcfirst.bank.in/personal-banking/accounts/savings-account/interest-rate

 

[shashank08]

You can look for sweep FD facility.

Kotak’s sweep FD facility is called Activ Money.

FDs are created for 6 months. Current interest rates are 5.75%.

FDs are automatically created as per threshold set for an account variant.

Complete liquidity is available while 5.75% is the interest rate.

 

[MARUMUGANAINAR]

For the first 5 lakhs only 3% interest. Read - https://www.idfcfirst.bank.in/personal-banking/accounts/savings-account/interest-rate

Above 5 lakhs only I know and I also mentioned 5 lakhs but it's more than 5 lakhs so you invest Rs.500001 and get 7% interest

 

[rakesh3929]

Above 5 lakhs only I know and I also mentioned 5 lakhs but it's more than 5 lakhs so you invest Rs.500001 and get 7% interest

I don't think so. It is like for the first 5 lakhs we get 3% interest and above 5 lakhs we get 7% interest. As per your idea, if you invest Rs.500001, you get 3% only on 5 lakhs and you will get 7% interest on the remaining 1 Rupee.

 

[nikhilv0303]

Hello All,

Please suggest a Bank Account to keep some funds away from my regular Savings Account.

I am looking for the bank -

1. No Debit Card spend-based offers/criteria/online discounts.
2. Decent Savings/FD interest rates.
3. No Debit Card rewards points for any transaction.
4. Decent Mobile/Internet Banking.
5. Low/Zero Fees.

Basically, I want an account that will not tempt me to spend from it for any rewards/cashback.

If you're going to keep >10 lakhs, IDFC is better

 

[thegame]

as per today's Savings account interest rates, for parking funds which are 3L and below, Slice is best as it gives 5.5% daily and for funds above 3L till 32L, Unity gives the best SA interest and above 32L you have Utkarsh bank.. my suggestion would be to open Slice and Unity as these two give the highest savings interest among all banks in India under 10L in savings account, (earlier Slice was giving 6.5% which got reduced to 6 and now 5.5%)