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

[sunit123]

Short and sweet answer: Just come out of your house and start walking on the road...Whichever bank comes first open the account...Deposit of up to 5 lakh is insured even if bank is closed.

If you are planning to keep more than 5 lakh then walk little more and see which bank comes first among (ICICI, HDFC and SBI...These 3 banks are tagged as too big to fail by RBI)

 

[Raghav2006]

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.

Does it have any good features?
Like bms, credit card bill payment and atm transactions?

 

[Raghav2006]

Short and sweet answer: Just come out of your house and start walking on the road...Whichever bank comes first open the account...Deposit of up to 5 lakh is insured even if bank is closed.

If you are planning to keep more than 5 lakh then walk little more and see which bank comes first among (ICICI, HDFC and SBI...These 3 banks are tagged as too big to fail by RBI)

Sir did I ask about what account is safe to deposit money?
I guess you haven't read my question properly.

 

[Raghav2006]

ICAI is listed. You can open

Sir I saw about this Idfc future first account.
I solved my issue of atm transactions, which is very good.
Do I have to visit the bank to open it?
Couldn't find apply links online.

Secondly sir, someone on the forum once told me that IDFC select can be obtained just by IP of upto 3lacs or by negotiation, and after getting the account I can only maintain 10k/25k depending on the account variant I chose while opening the account, but I couldn't get a definitive answer as to whether this is actually like it, or just that I can keep it until they notice?

 

[Riya Sharma]

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.

They charge 0.15 Direct and 0.015 Intraday for HDFC Preferred. I do like their services. I'm not aware of Groww's charges.

 

[Raghav2006]

They charge 0.15 Direct and 0.015 Intraday for HDFC Preferred. I do like their services. I'm not aware of Groww's charges.

In groww it's 0.1% and 0.025% with a cap of 20rs.

Are you charged any AMC too?
And is there any cap on these charges?
If there is cap then it's good, I can shift my family's future investments to hdfc.

 

[ankitvm]

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.

Hey, open an HDFC DigiSave account and get a Millennia Debit Card. Transact ₹40k per month on wallet reloads to get ₹400 per month. Also, you'll easily get a credit card after 6 months. I tried the same.

 

[Raghav2006]

Hey, open an HDFC DigiSave account and get a Millennia Debit Card. Transact ₹40k per month on wallet reloads to get ₹400 per month. Also, you'll easily get a credit card after 6 months. I tried the same.

Understood, what is the MAB, IP requirement and any annual charges?

 

[Pradumya]

1. Bob BRO savings account - online opening zero charges account. You will get RuPay Platinum DC FYF (Search the forum for RuPay Platinum offer)
2. IDFC futures first account - zero balance account opened offline only.
3. HDFC digisave youth - opened online. 5K maintenance with non maintenance charges as well.
4. SBI insta plus account - zero balance, zero charges only DC CC harges are there.

These many banks are more than enough.

 

[GTSaketh]

This is what I did.

Open Digisave Account in HDFC (5K MAB). FYF Debit card.

If You can deposit 1lakh, Ask for a classic programme upgrade. You don't need to maintain it and there will be no charges. But they may downgrade it, then you have to maintain 5k. Any Debit card will be free as long as you are under classic programme.

 

[Raghav2006]

This is what I did.

Open Digisave Account in HDFC (5K MAB). FYF Debit card.

If You can deposit 1lakh, Ask for a classic programme update. You don't need to maintain it and there will be no charges. But they may downgrade it, then you have to maintain 5k. Any Debit card will be free as long as you are under classic programme.

And what DC is free with digisave?

 

[Fini7777]

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.

I'd suggest open HDFC/Axis
at the age of 18 HDFC/axis can fulfill all ur need like CC, ATM and many other

For now Don't touch IDFC Bcoz u won't get any cc offers and there r many restrictions on daily transaction limits and some ppl even faced Account freeze issues even for small transaction (Consider this after building a good foundation in ur credit profile)

Coming to SBI : u can open it as ur secondary account for all daily transactions (Most of ur work can be done using their net banking)

In HDFC: SavingsMax(25k) or Classic banking(100k but No NMC) would be a good option or u may also consider regular SB but it takes time in getting pre approved cc
In Axis : DBEZ (MAB depends on ur location)

take a secured credit card and use it for 3-6 months and wait for pre approved offer from HDFC, usually Axis doesn't offer pre approved cc directly but u can try applying for their Ace, flipkart cc once u cross the 3 months time period after getting ur secured cc.

I hope I answered ur queries...

 

[GTSaketh]

And what DC is free with digisave?

With Digisave none are free.

Only Saving Max Variant provides free DC. Or Any Premier Banking Programmes

But you can earn 4000+ CB from millennia DC even if it's paid.

 

[Raghav2006]

With Digisave none are free.

Only Saving Max Variant provides free DC. Or Any Premier Banking Programmes

But you can earn 4000+ CB from millennia DC even if it's paid.

understood. thank you.

 

[Raghav2006]

I'd suggest open HDFC/Axis
at the age of 18 HDFC/axis can fulfill all ur need like CC, ATM and many other

For now Don't touch IDFC Bcoz u won't get any cc offers and there r many restrictions on daily transaction limits and some ppl even faced Account freeze issues even for small transaction (Consider this after building a good foundation in ur credit profile)

Coming to SBI : u can open it as ur secondary account for all daily transactions (Most of ur work can be done using their net banking)

In HDFC: SavingsMax(25k) or Classic banking(100k but No NMC) would be a good option or u may also consider regular SB but it takes time in getting pre approved cc
In Axis : DBEZ (MAB depends on ur location)

take a secured credit card and use it for 3-6 months and wait for pre approved offer from HDFC, usually Axis doesn't offer pre approved cc directly but u can try applying for their Ace, flipkart cc once u cross the 3 months time period after getting ur secured cc.

I hope I answered ur queries...

Understood, can do 1lac ip for Classic.
After receiving kit and all, can I remove the whole amount?
And how much I should still maintain for no risks.
That even if it gets downgrade, I won't need to pay any penalty of any kind.

 

[Fini7777]

Understood, can do 1lac ip for Classic.
After receiving kit and all, can I remove the whole amount?

Yes, u can

And how much I should still maintain for no risks.

10k for metro 5k for semi urban 2.5k for rural for regular sb acc but for digisave :5k
But if u give IP of 1L they might open savingsmax and upgrade it to classic
if u do not maintain 1L for more than 3 mons then they will downgrade it to standard (savingsmax)
in this case u have to maintain 25k

That even if it gets downgrade, I won't need to pay any penalty of any kind.

No penalty
Open regular or digisave first and maintain 1L for a month and ask them for upgrade then u can withdraw all ur funds and u can then maintain 10k without any risk of charges

 

[Raghav2006]

Yes, u can

10k for metro 5k for semi urban 2.5k for rural for regular sb acc but for digisave :5k
But if u give IP of 1L they might open savingsmax and upgrade it to classic
if u do not maintain 1L for more than 3 mons then they will downgrade it to standard (savingsmax)
in this case u have to maintain 25k

No penalty
Open regular or digisave first and maintain 1L for a month and ask them for upgrade then u can withdraw all ur funds and u can then maintain 10k without any risk of charges

Understood, is it possible to go to the bank and ask them to open digisave for MAB of only 5k and tell to upgrade it to classic right away?
is it possible?

 

[Fini7777]

Understood, is it possible to go to the bank and ask them to open digisave for MAB of only 5k and tell to upgrade it to classic right away?
is it possible?

Yes, possible .

 

[Raghav2006]

Yes, possible .

Understood.
And there are no charges for usual services and 750 monthly cb still works?

 

[Fini7777]

Understood.
And there are no charges for usual services and 750 monthly cb still works?

For classic : Yes
For digisave:IMPS, SMS , DC are not free