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10L FD (Fixed deposit), best way to invest to get a decent CC (unsecured) or banking experience!

Hritaban

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I had ~10L in FD in SBI, recently got enrolled into the wealth Program thanks to family TRV value owing mostly because of my dad's investments. So, even if I take these 10L out (Rainy day funds) I won't be kicked out of the wealth Program in SBI.

As I'm not getting any additional benefits in keeping it in SBI, I wanna park 5L-10L in another bank and hope to find a decent banking upgrade or credit card for it (preferably LTF). I can do two banks ~5L each or 1 bank ~10 L. Can't invest some other place as I intend to keep them as emergency funds.

I have banking history in-(in order)
SBI(salary account)
HDFC(Classic)
Axis(student account ig)
PNB(forgot about it, just maintain the ~2k MAB as I have some old FDs guven by my grand parents here)

CC I have-
APAY Ltf- 1 lakh
MB+ Ltf 91k
Tata neu plus(recently approved)

I am a doctor, used to earn ~1.12l/month but left the job recently to study for PG. Spends are mostly groceries, insurance and fuel (no rent and electricity as I'm back with my parents, may be I can pay electricity to get some extra spends)
 
Yes. I used to have tata neu infinity and demanded pno and bm to give me Regalia gold at least but none of them could do it. I cancelled the tata card around 6-7 months am still waiting for pre-approved offer.
and your bank manager was happy when you said you'll withdraw your entire funds to another bank if they don't give you one ?
 
and your bank manager was happy when you said you'll withdraw your entire funds to another bank if they don't give you one ?
Not happy but he pleaded to wait and made an excuse that we just gave you locker so please try to maintain your relationship. Eventually we will also get you the card
 
You can ask the bank for anything as long as you have the funds to back it up. For example, if you have a fixed deposit of 25 lakhs, you can easily request an Infinia card. Banks are flexible,and none of their rules are set on stone as long as they feel confident that their money is secure.
HDFC doesn't care about 25 lakhs. People have kept crores (I did so myself) and they don't care. A really high amount like 5 crores plus might make some difference. 25 lakhs certainly won't.
 
It’s really strange that I know someone who got an Infinia LTF with a fixed deposit of just 32 lakhs. I’m not sure how you wealthy folks missed out on that!
 
You start by stating that you have an upcoming travel planned and will be utilising the lounge benefits and wish to utilise the reward rate of the card you want for booking the flight and hotel. Then you bring up the funds you have invested/are going to invest and say that you plan to continue investing with the bank if they continue to provide good experience to you.
Thanks alot, will do that, I'll start by saying that I have an upcoming international trip, will be using a card from bank.

Now, 1 crore may be nothing for a lot of people here, but in a tier 3 city like mine, it's a huge huge sum. Same goes for the 10 lakh amount.

I'll also look for a branch a bit away from the city proper as they might be incentivised more to keep that 10L from me.

I'mma start with regalia LTF demand and 2L investment, will go up accordingly.
 
HDFC doesn't care about 25 lakhs. People have kept crores (I did so myself) and they don't care. A really high amount like 5 crores plus might make some difference. 25 lakhs certainly won't.
I don't think that's the case. It really depends on the home branch. An HDFC branch in a city with thousands of customers holding over a crore isn't the same as one in a small town.
 
It’s really strange that I know someone who got an Infinia LTF with a fixed deposit of just 32 lakhs. I’m not sure how you wealthy folks missed out on that!
Please search the forum and you will find several people who have kept high TRV and couldn't get it. I myself kept over 1 crore and they didn't even approve Milennia, let alone Infinia. My credit score is excellent and ITR is way more than Infinia requirement. Finally got Infinia via an investment route which is now closed as well.
 
I don't think that's the case. It really depends on the home branch. An HDFC branch in a city with thousands of customers holding over a crore isn't the same as one in a small town.
A small branch might care for a smaller FD but they won't be able to help with getting special approvals easily. Now, in any case, no deviance from the norms is allowed. So the minimum salary or income requirement has to be met.
 
Please search the forum and you will find several people who have kept high TRV and couldn't get it. I myself kept over 1 crore and they didn't even approve Milennia, let alone Infinia. My credit score is excellent and ITR is way more than Infinia requirement. Finally got Infinia via an investment route which is now closed as well.
I'm really shocked by this. I don’t read many posts, but if you’re holding a crore and still can’t get a millennia card , I just don’t know what to think. There are so many people out there without jobs who are holding millennia
 
Yes. I used to have tata neu infinity and demanded pno and bm to give me Regalia gold at least but none of them could do it. I cancelled the tata card around 6-7 months am still waiting for pre-approved offer.
"I was just scrolling through some posts and came across this recent one.
 

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10yrs back i did math & found docs in private could make Rs6000/hour easily in tier 3 towns inclusive of cash payments for prof fees, med sales, referrals for surgery, diagnostics etc

so 30lacs/month would be ur pay now @ pvt practice

wud say just buy USD of 10lacs & forget about it & u can use for trip overseas in future

being a doc u will see crazy money anyway & no need to bother about it at this early stage but prioritize on studies assuming u got seat in govt college without donation
 
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10yrs back i did math & found docs in private could make Rs6000/hour easily in tier 3 towns inclusive of cash payments for prof fees, med sales, referrals for surgery, diagnostics etc

so 30lacs/month would be ur pay now @ pvt practice

wud say just buy USD of 10lacs & forget about it & u can use for trip overseas in future

being a doc u will see crazy money anyway & no need to bother about it at this early stage but prioritize on studies assuming u got seat in govt college without donation
Thanks for your response man. I can definitely rake in some cash if I settle in periphery, but probably then have to do some 'Tax evasions' to enjoy said money. Anyways, got a government college, won't study otherwise as my family will go bankrupt then.

For me next 6 years there won't be any major salary increments (considering I get into the college with highest stipend which is still <18L/annum). At the end of 6 years may I see ~1.5L/month. . . that being said, it's smooth sailing from there, but for now its freaking difficult!

I just want some no brainer lounge access for my mum and dad who love to travel, it's rathee difficult for them to constantly keep track of cards. So, cards with add on benefits for mum and dad is a necessity.

Finally by USD, did you mean $$$? Sorry for my naive question
 
I had ~10L in FD in SBI, recently got enrolled into the wealth Program thanks to family TRV value owing mostly because of my dad's investments. So, even if I take these 10L out (Rainy day funds) I won't be kicked out of the wealth Program in SBI.

As I'm not getting any additional benefits in keeping it in SBI, I wanna park 5L-10L in another bank and hope to find a decent banking upgrade or credit card for it (preferably LTF). I can do two banks ~5L each or 1 bank ~10 L. Can't invest some other place as I intend to keep them as emergency funds.

I have banking history in-(in order)
SBI(salary account)
HDFC(Classic)
Axis(student account ig)
PNB(forgot about it, just maintain the ~2k MAB as I have some old FDs guven by my grand parents here)

CC I have-
APAY Ltf- 1 lakh
MB+ Ltf 91k
Tata neu plus(recently approved)

I am a doctor, used to earn ~1.12l/month but left the job recently to study for PG. Spends are mostly groceries, insurance and fuel (no rent and electricity as I'm back with my parents, may be I can pay electricity to get some extra spends)
Open Axis Bank burgundy account maintain 10 lakh for 3 month
Then ask for magnus card
They will give you atleast 4+ lakh limit in worst scenario

After that u can apply for any other credit card via magnus
All your needs would be over within months
Regarding credit limit
 
I can do two banks ~5L each or 1 bank ~10 L. Can't invest some other place as I intend to keep them as emergency funds.)
When did you left your job? Is it last month. Then you can still put your old employment details. Many banks don't do physical verification for full kyc customer( even better if you have high variant account).

What do mean by emergency ? How liquid do you want them to be? If you want them to be liquid within a day, then fd cc isn't an option. 1st you have to pay full due, close the cc, remove lien and then you can close the fd. Some banks might take 2-3 days for this. There might be some issue while paying cc bill, it might deduct from dc but won't show up in cc. you might have to wait 3-4 days to confirm whether it will be credited or not, most return after 6-7 days after failed transactions. What if you think it was a failed transactions, do another payment, later 1st payment also get credited, then you have ask the cc bank for refund check/dd.

Therefore getting fd cc against emergency fund is a very bad idea. If you can hold out for a week( which means it wasn't really a "emergency ") then it is fine.
 
When did you left your job? Is it last month. Then you can still put your old employment details. Many banks don't do physical verification for full kyc customer( even better if you have high variant account).

What do mean by emergency ? How liquid do you want them to be? If you want them to be liquid within a day, then fd cc isn't an option. 1st you have to pay full due, close the cc, remove lien and then you can close the fd. Some banks might take 2-3 days for this. There might be some issue while paying cc bill, it might deduct from dc but won't show up in cc. you might have to wait 3-4 days to confirm whether it will be credited or not, most return after 6-7 days after failed transactions. What if you think it was a failed transactions, do another payment, later 1st payment also get credited, then you have ask the cc bank for refund check/dd.

Therefore getting fd cc against emergency fund is a very bad idea. If you can hold out for a week( which means it wasn't really a "emergency ") then it is fine.
Thanks for your reply man, left the job 2.5 months back. I have liquid funds(rather my dad has, so I'm not worried about immediate need). By rainy day I meant in case of say prolonged hospitalisation >7-10 days, I can break those funds.

As mentioned earlier, I don't plan to get a secured card against these semi emergency funds, I just want to leverage my position of investing in FDs as a way to get a better deal with the bank.
 
Open Axis Bank burgundy account maintain 10 lakh for 3 month
Then ask for magnus card
They will give you atleast 4+ lakh limit in worst scenario

After that u can apply for any other credit card via magnus
All your needs would be over within months
Regarding credit limit
I do have an axis account, but it's an old student account, will investing in it work?

I don't meet the salary requirements of Magnus though, but if I can get away with this card simply by keeping the MAB ~10 lakhs, I may give it a shot. But gonna loose out on some interest earning
 
Thanks for your response man. I can definitely rake in some cash if I settle in periphery, but probably then have to do some 'Tax evasions' to enjoy said money. Anyways, got a government college, won't study otherwise as my family will go bankrupt then.

For me next 6 years there won't be any major salary increments (considering I get into the college with highest stipend which is still <18L/annum). At the end of 6 years may I see ~1.5L/month. . . that being said, it's smooth sailing from there, but for now its freaking difficult!

I just want some no brainer lounge access for my mum and dad who love to travel, it's rathee difficult for them to constantly keep track of cards. So, cards with add on benefits for mum and dad is a necessity.

Finally by USD, did you mean $$$? Sorry for my naive question
Yep $ as the only way for it to go up. ( iwas assuming u hav 10lac lying around)

Btw being doc is like multibagger , initially the drawdown is very difficult and long but after that the returns are crazy

so my POV was to ignore current drawdown and concentrate on PG as u will recover all lost time regardless if you go pvt practice or job u will be in top 1% of tax paying citizens of india anyway.
 
Yep $ as the only way for it to go up. ( iwas assuming u hav 10lac lying around)

Btw being doc is like multibagger , initially the drawdown is very difficult and long but after that the returns are crazy

so my POV was to ignore current drawdown and concentrate on PG as u will recover all lost time regardless if you go pvt practice or job u will be in top 1% of tax paying citizens of india anyway.
Haha, hopefully man but for now it's difficult.

Forgive my naiveness, but could you tell me or link me any post about how to invest in $$$?

I don't have 10L lying around, it's in SBI FD, due to be matured on December this year. As due to family TRV>1.5 Cr(mostly dad) I don't need to keep my 10L there to enjoy wealth benefits, so I thought of leveraging this amount in some other banks.

As I said, I don't travel much, my mum and dad do, but my dad is an oldie who won't divest away from SBI and my mum works in a regional bank so she gets a very good deal on FDs on her name, so she keeps her FDs in her bank only. So thought ki if I could get a card with unlimited lounges for add on cards, I would give em.

Again, thanks for your wishes man!
 
Thanks for your reply man, left the job 2.5 months back.
Then you have to put as student. Salaried wont work.
I have liquid funds(rather my dad has, so I'm not worried about immediate need). By rainy day I meant in case of say prolonged hospitalisation >7-10 days, I can break those funds.
Then fd cc is a option. Lets say you use cc to pay hospital bill, by the time you have to pay cc bill, youll get reimbursement. So you wont have to break the fd. (This is what i do, though not for a fd cc. ) but beware many hospitals, especially in small t2/t3 cities dont accept cc (or even upi).
As mentioned earlier, I don't plan to get a secured card against these semi emergency funds, I just want to leverage my position of investing in FDs as a way to get a better deal with the bank.
Then you should think differently. Do you have any other need? Locker? In that case you'll get better value. Go to a sfb and ask if they offer cc/locker at your location. Some good options-
1. Jana sfb- best fd rate for 6m1 day- legend account for senior citizen- 25k mab or 5l fd- free rupay select. If your parents are senior citizen it's a very good option. You can open your account as joint holder , it will be 0mab + free rupay select. If they have locker, you can get even better value.
2. Equitas- 444 days 9% for senior citizen-elite account- 4/5L ip-0mab- 50% off on locker-you can open your account as well if you want locker access
3- utkarsh sfb- best savings rate. Decent fd rate.
4. Bandhan -elite- best savings rate among full fledged bank- 50% off on locker
5 idfc- negotiate for wealth with 10L fd(not casa). It is definitely possible- you'll get free locker. Good fd rate. Might even get select cc . Wealth cc is doubtful.
6 . Indusind- pioneer- negotiate for pioneer legacy/indulge ltf before opening. Locker will become paid if you downgrade
7- yes grandeur for marquee was a good option. They have introduced min spend criteria for lounge access now.

I would advice to break up the fd against 2 pan in one Bank, otherwise there'll be tds.
 
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