Best bank account for 18yr old, along with credit card suggestion

[Raghav2006]

Hi all,
As you all must have read the title, I am several months older than 18 and have been using an AU zero balance account for all this time.
Now, AU has started charging me for SMS, and the ATM usage limit and no offers have made it less compelling.

Now I want suggestions from all of you experts regarding what bank account I can get. I can comfortably do IP of 1-2L, but I can't maintain more than 10k in the long term.

Also how and when can I start my credit card journey? I don't know how to start it as my siblings got it when they opened their salary accounts and started earning.

Thank you all.

 

[varun__goel_]

Hi all,
As you all must have read the title, I am several months older than 18 and have been using an AU zero balance account for all this time.
Now, AU has started charging me for SMS, and the ATM usage limit and no offers have made it less compelling.

Now I want suggestions from all of you experts regarding what bank account I can get. I can comfortably do IP of 1-2L, but I can't maintain more than 10k in the long term.

Also how and when can I start my credit card journey? I don't know how to start it as my siblings got it when they opened their salary accounts and started earning.

Thank you all.

According to your situation, only one bank can work here:- HDFC Bank.

Just blindly go with them.

Open regular savings account offline under classic programme with 1L IF.

 

[6ix9ine]

0 balance - SBI

Only con is sometimes you will face UPI issues. Other than that free rtgs, neft, imps.

No bs calls or charges

If you can maintain 10K, then HDFC is your next bet.

Both are great

 

[JigmeKhesar]

Apart from what others have suggested, IDFC Bank can be a good option for you.

You may want to consider other options depending on the branches in your locality.

 

[Raghav2006]

Apart from what others have suggested, IDFC Bank can be a good option for you.

You may want to consider other options depending on the branches in your locality.

Most banks have multiple branches in my city sir.

 

[Raghav2006]

According to your situation, only one bank can work here:- HDFC Bank.

Just blindly go with them.

Open regular savings account offline under classic programme with 1L IF.

Sir, for classic programme don't I need to maintain 1lac?
Or, it's just IP?

 

[Raghav2006]

0 balance - SBI

Only con is sometimes you will face UPI issues. Other than that free rtgs, neft, imps.

No bs calls or charges

If you can maintain 10K, then HDFC is your next bet.

Both are great

Sir, I am preferably not looking for government banks as they 1st don't provide good services mostly, 2nd on seeing a kid they treat even worse.

 

[Raghav2006]

Apart from what others have suggested, IDFC Bank can be a good option for you.

You may want to consider other options depending on the branches in your locality.

What variant of IDFC can I get?

 

[varun__goel_]

Sir, for classic programme don't I need to maintain 1lac?
Or, it's just IP?

Not required to maintan.

But if you do not maintain for a very long term, they might pull back the program benefits. Happens rarely

What variant of IDFC can I get?

Try for Future First acc if your institute/college is listed.

 

[Riya Sharma]

HDFC/Axis will be the best bet for you. I opened Axis Priority and HDFC Preferred at 18. Got HDFC Tata Neu and Axis Atlas and Axis Privilege.

 

[JigmeKhesar]

What variant of IDFC can I get?

I was just on the IDFC website and they aren't listing the account variants but you can check the

Savings Account Fees and Charges​

options of 10K and 25K AMB and there are minimum balance charges.

HDFC Bank, for that matter, any bank will charge for non maintenance of the required minimum balance. Do not get swayed by the swanky programmes offered with initial funding requirement, you will be paying charges if any of the conditions are not met later.

SBI and the public sector banks are okay if you can find a half decent staff at your branch.

Regarding your comment about restrictions on the ATM limit at AU, is it very restrictive? Do you deal in cash? You can plan your cash transactions to avoid exceeding those limits.

You may want to check payments banks (some are free while others come with subscription and other charges). India Post has one too. Plan for credit card with a fintech that caters to your demographic group with new age offerings. Do not signup for buy now pay later schemes.

Avoid anything that any "banker" tries to sell. The social insurance schemes are okay if you want to enrol.

 

[akshayhs]

Just go with SBI. No one will bother you. If your account gets dormant, that is probably the only time you have to visit the branch, deposit 100rs to get your account reactivated after KYC updation.

 

[Raghav2006]

Not required to maintan.

But if you do not maintain for a very long term, they might pull back the program benefits. Happens rarely


Try for Future First acc if your institute/college is listed.

I am not enrolled in any college, I am pursuing CA

 

[Raghav2006]

Will there be any penalty?
Just in case they find that I am not maintaining the balance, I am not interested in paying any penalty.

Not required to maintan.

But if you do not maintain for a very long term, they might pull back the program benefits. Happens rarely

 

[Raghav2006]

HDFC/Axis will be the best bet for you. I opened Axis Priority and HDFC Preferred at 18. Got HDFC Tata Neu and Axis Atlas and Axis Privilege.

How much did you used to maintain mam?
I can do IP even for both of them, but won't be able to maintain anything north of 10k.
And how were you able to get cc without any income? Can you please teach me.

 

[Raghav2006]

Government banks here are bad, they have big Lalaji type clients they don't even care to talk to them, let alone me.
Is IDFC account good? Does it have any features?

You are telling me that HDFC will charge me penalty, which is also a rule as per them, but someone just before you had posted, that it'll take long before it happens.

Yes, AU gives only 5 transactions a month, and these days due to some upcoming family function I am required to get cash dispensed anytime someone asks.

I guess payments Bank won't cut it for me.
I have bnpl services, and have never even applied for them ever.

Some members of forum also say that I can get family grouping of indusind Exclusive from my siblings and won't have to pay any charge (my sister has a 0MAB account with pinnacle) but it's still a bet.

I was just on the IDFC website and they aren't listing the account variants but you can check the

Savings Account Fees and Charges​

options of 10K and 25K AMB and there are minimum balance charges.

HDFC Bank, for that matter, any bank will charge for non maintenance of the required minimum balance. Do not get swayed by the swanky programmes offered with initial funding requirement, you will be paying charges if any of the conditions are not met later.

SBI and the public sector banks are okay if you can find a half decent staff at your branch.

Regarding your comment about restrictions on the ATM limit at AU, is it very restrictive? Do you deal in cash? You can plan your cash transactions to avoid exceeding those limits.

You may want to check payments banks (some are free while others come with subscription and other charges). India Post has one too. Plan for credit card with a fintech that caters to your demographic group with new age offerings. Do not signup for buy now pay later schemes.

Avoid anything that any "banker" tries to sell. The social insurance schemes are okay if you want to enrol.

 

[varun__goel_]

I am not enrolled in any college, I am pursuing CA

ICAI is listed. You can open

Will there be any penalty?
Just in case they find that I am not maintaining the balance, I am not interested in paying any penalty.

No penalty.
Just maintain 10k always or whatever mab acc you open, in case it gets downgraded.

 

[Riya Sharma]

How much did you used to maintain mam?
I can do IP even for both of them, but won't be able to maintain anything north of 10k.
And how were you able to get cc without any income? Can you please teach me.

I never maintained Axis Priority tbh. And I completely emptied the account after getting Axis Privilege. I maintained arounf 50k in HDFC but I also had 50lk in HDFC Securities at the time, which later got me HDFC Imperia.

 

[Raghav2006]

ICAI is listed. You can open

No penalty.
Just maintain 10k always or whatever mab acc you open, in case it gets downgraded.

Ok I'll see about IDFC future account.

Is classic account opened after a basic account opening?
It implies if I don't maintain 1lac I'll be downgraded to the base account I choose 10k/25k ?
And what about DC charges?

 

[Raghav2006]

I never maintained Axis Priority tbh. And I completely emptied the account after getting Axis Privilege. I maintained arounf 50k in HDFC but I also had 50lk in HDFC Securities at the time, which later got me HDFC Imperia.

Ok, I guess you had so much in securities that they didn't care about mab.

Is demat of HDFC or other banks as good and cheap as groww?
If it is the case, then I'll stop my family's investments in their demats and do in mine on their behalf.