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

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Hritaban

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)
 
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Hritaban said:
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
Click to expand...
Bro
You need to upgrade
They will happily do it

You don't need much requirement if you maintain 10 lakh for 3 month

@drsel share your expertise in detail.for. process post 10 lakh maintenance in axis for magnus ( even simple not burgundy
Just for higher limit )
 
sidp said:
Then you have to put as student. Salaried wont work.

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).

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.
Click to expand...
I see your point with the CC paying bill issue. Thanks for explaining that!

I won't be needing a locker as my mum has one in her bank and my dad in SBI, I keep my 'valuables' in my drawer 😅.

That being said, I appreciate ypu giving me such a detailed review, really appreciate that!

We have Bandhan, Indusind, idfc in our location, I can try for IndusInd indulge LTF, but do they give LTF on that? What happens when I inadvertently withdraw the 10L from savings account after keeping it for a 3-4months period?

Yes bank did such a 'booooo' move with that freaking 1lakh minimum spend requirement, it's absurd

Wait 2 pans? How? I have my one pan number, my mum and dad both pay taxes on theirs, how can I have 2 pans? Thanks man!
 
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Vasuki said:
Bro
You need to upgrade
They will happily do it

You don't need much requirement if you maintain 10 lakh for 3 month

@drsel share your expertise in detail.for. process post 10 lakh maintenance in axis for magnus ( even simple not burgundy
Just for higher limit )
Click to expand...
Yaa, the place I opened my account is a remote location, so got that account for ₹3000 MAB, the BM is a chill dude of my age, so may be he can help.

The thing is, how can I remove those funds post recieving the card?

The place where I live, I cant spend 6lakhs in a year for the card, the only big expenses I can think of if my mum and dad go out, I can buy the tickets n stuff, so no way I'll be reaching the waiver criteria for Burgundy, will it be still worth it?

Lastly, does HDFCdo C2C? I don't intend to keep too many cards, I just want one premium for lounges, Airtel axis for my wifi and sim and have Apay ICICi for Amazon purchases and Tata neu for UPI and gold
 
Hritaban said:
Yaa, the place I opened my account is a remote location, so got that account for ₹3000 MAB, the BM is a chill dude of my age, so may be he can help.

The thing is, how can I remove those funds post recieving the card?

The place where I live, I cant spend 6lakhs in a year for the card, the only big expenses I can think of if my mum and dad go out, I can buy the tickets n stuff, so no way I'll be reaching the waiver criteria for Burgundy, will it be still worth it?

Lastly, does HDFCdo C2C? I don't intend to keep too many cards, I just want one premium for lounges, Airtel axis for my wifi and sim and have Apay ICICi for Amazon purchases and Tata neu for UPI and gold
Click to expand...
Your burgundy status will be gone

If you got magnus burgundy it will be just burgundy


When u get any card with good limit like even ltf previlage
With good limit
Take it
 
would suggest targeting infinia metal card LTF as 1 shot 1 kill instead of chasing other chilars.
explore past posts to get an idea.
u already have funds yet not enough but this is india there must be some jugad so why not
no harm in chasing the stars and prepping for the top spot from now
 
Vasuki said:
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
Click to expand...
With Burgundy account, they give magnus paid or can we demand ltf?
 
Vasuki said:
Your burgundy status will be gone

If you got magnus burgundy it will be just burgundy


When u get any card with good limit like even ltf previlage
With good limit
Take it
Click to expand...
So I have sortwd
paxauquabriba-4876 said:
would suggest targeting infinia metal card LTF as 1 shot 1 kill instead of chasing other chilars.
explore past posts to get an idea.
u already have funds yet not enough but this is india there must be some jugad so why not
no harm in chasing the stars and prepping for the top spot from now
Click to expand...
mate I'm naive not stupid 😭 no way in hell am I getting infinia with 10 L FD 💀 people out here having investment worth crores and not getting infinia 😆
 
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