Banking benifits other than credit card

[Patil007]

What are all things to consider while opening bank account.

My first priority is Credit card.

Any other things matter nowadays as using internet banking it is easy to operate bank account.

People suggest open account on this-this account, you will get many benefits,

Other than credit card, what are all benifits?

 

[TheMentalist]

Minimum Balance requirement
Debit card charges / rewards
IMPS/NEFT/ATM tnx charges
Interest rates on Savings/FD
Branch proximity

 

[ltf4ever]

responsive customer care.

 

[thanix]

Real benefit of bank is for business folks having current account with overdraft facility for their daily working capital. For salaried and conservative folks (most are), the safety of principal is the biggest benefit. All others like lockers, free debit card, DD, mab charges, premium account variants all are just nice to have. This is because banks have become adept in extracting free money in these supplemental charges after giving a paltry 2.5 to 3% interest on savings account.

 

[TheTrickySid]

What are all things to consider while opening bank account.

My first priority is Credit card.

Any other things matter nowadays as using internet banking it is easy to operate bank account.

People suggest open account on this-this account, you will get many benefits,

Other than credit card, what are all benifits?

1. Debit Card Charges and Benefits
2. Required MAB lesser the better
3. No of ATM withdrawals
4. Doorstep Banking Facilities
5. Fund transfer charges
6. Family Banking
7. Relationship Manager (Optional/Personal Choice)

 

[Slayer]

Honestly for credit cards bank account not needed, if one has little patience and required income.

People with high income always say the last part

 

[SunnyM]

1. Debit Card Charges and Benefits
2. Required MAB lesser the better
3. No of ATM withdrawals
4. Doorstep Banking Facilities
5. Fund transfer charges
6. Family Banking
7. Relationship Manager (Optional/Personal Choice)

I agree with all those points and would like to add one more point. I read somewhere that in India Icici bank,hdfc bank and sbi bank are least likely to fail or too big to fail so they are relatively safer than other banks. Please correct me if I am wrong.

 

[Bodhi]

1. Debit Card Charges and Benefits
2. Required MAB lesser the better
3. No of ATM withdrawals
4. Doorstep Banking Facilities
5. Fund transfer charges
6. Family Banking
7. Relationship Manager (Optional/Personal Choice)

Very well put forth @HyperBeast !

 

[Slayer]

If we're not targeting super premium cards, one can get basic and premium cards with salary 40k+ and those are sufficient for this income people. This wait will give some time to generate Cibil history with single card, maintain utilization properly.

Bank account is mainly for what @HyperBeast suggested, but people often considered a bank account provide pre-approved card which is also easy to get with that income, if they have patience and required income.

What you have said is true, no beating around the bush

Existing CL and CC relationship is the most important factor for any bank to issue premium cards (Father was denied Infinia most likely because of no cc relationship with hdfc even though he suffice income req and has 2 accounts with them)

 

[anish1516]

For a regular office going person I don't see any benefit of holding a premium account. Few reasons:

1) The premium accounts have high MAB
2) The bank keeps a close eye on your money and would expect more business from you
3) The RM would keep pesking you for some product or the other
4) 40-50% things committed during account opening are just fictitious
5) Remaining 50% things you wont use ever. I was very happy to hear about the withdrawal limit to 1-1.5 lakh at Zero cost with my premium debit cards from any ATM. But when I thought when did I use my existing Debit card last, I couldn.t even remember.
6) Same is the case with RTGS, NEFT, IMPS etc. We seldom use it and even if used then charges are miniscule.
7) Open a decent account with low maintenance dont get into the Burgundy, Wealth, Imperia trap.

Also the credit card even after this is based on your salary, even if you have a wealth account with ICICI and your salary is not sufficient you cant get emerald or sapphiro card.

 

[Patil007]

1. Debit Card Charges and Benefits
2. Required MAB lesser the better
3. No of ATM withdrawals
4. Doorstep Banking Facilities
5. Fund transfer charges
6. Family Banking
7. Relationship Manager (Optional/Personal Choice)

Thanks

 

[Patil007]

Thank you all . Very helpful details

 

[TheMentalist]

I agree with all those points and would like to add one more point. I read somewhere that in India Icici bank,hdfc bank and sbi bank are least likely to fail or too big to fail so they are relatively safer than other banks. Please correct me if I am wrong.

Now there's a deposit insurance of 5L for every bank.. so unless you are keeping more than that, there's nothing to worry about

 

[SunnyM]

Now there's a deposit insurance of 5L for every bank.. so unless you are keeping more than that, there's nothing to worry about

Yeah I know that . Obviously I am talking about more than that. Even my emergency fund is parked in icici and hdfc in fds. I invest them in real estate, shares and even mutual funds at the right time. 5 lakhs is nothing nowadays.