Best Salary Account

[shantnujain]

Hi,
I am looking for a salary account which can give me maximum benefits (like free premium debit card, Free/discounted locker). Some of these features are there in HNI Savings accounts (like HDFc Imperia, Axis Burgundy, etc.) as per Technofino's Youtube Video, but they need very high Minimum account Balance.

I want know if we can get similar features just based on salary. For eg. Axis has an option for opening a Salary burgundy account with >3Lac Salary Credit. But not sure if it also has a minimum balance requirement along with this.

 

[Tosh]

Salary accounts are always 0 balance but opening one is subject to having corporate tie up between the bank and the company you're working with. Variant depends on the monthly salary credited, doesn't matter if you take out the entire amount the very next day.

 

[technom]

Salary accounts are always 0 balance but opening one is subject to having corporate tie up between the bank and the company you're working with. Variant depends on the monthly salary credited, doesn't matter if you take out the entire amount the very next day.

Indeed and most companies have only 1-2 banks to select from. But given a choice of any bank, I would do with IDFC. Their service is pretty good and also very easy to get premium cards without any charges or the need to beg.

Then again like Tosh rightly called out, every bank will have a certain criteria for each stage and it mostly depends on your monthly salary credits or AMB

 

[pprakash11]

@Chaitanya-a

 

[shantnujain]

Thanks for the responses. I already have HDFC DCB, Axis Magnus and IDFC Wealth, So do not need any bank support for getting a card.

I would definitely like to avail other services like free/discounted locker, free premium debit card, doorstep services etc. and was trying to figure which would be the best bank for the same.

 

[talkwithfino]

Thanks for the responses. I already have HDFC DCB, Axis Magnus and IDFC Wealth, So do not need any bank support for getting a card.

I would definitely like to avail other services like free/discounted locker, free premium debit card, doorstep services etc. and was trying to figure which would be the best bank for the same.

For tht, you can go with Hdfc. First try and get a locker in a Branch (don't tell them you will be opening Salary acc Imperia Program)... ....... give like a post dated cheque for the Locker; Imperia also has >3L monthly salary eligibility. Once you open Salary account and convert it to Imperia; block the post dated cheque and tell the Branch Manager to convert your locker to free as per Imperia Program Benefits.

Then; if you want you can open Icici Wealth acc; and transfer all the money the very nxt day from your Hdfc to tht account. Icici is much better in terms of customer service than HDfc. This way you can have Hdfc imperia as well as Icici Wealth. Two Hni Banking Accounts.

 

[Wealth is my birth right!]

Service wise ICICI if your employer has tied up with the bank

 

[Copycat]

give like a post dated cheque for the Locker; ...block the post dated cheque

Seriously?
Does any bank offer a locker based on a PDC?
And before offering suggestions like this I would suggest you read this:

What is a Post-Dated Cheque - Validity, Legal Implications and Working

A post-dated cheque is a regular cheque where the writer specifies a future date on the cheque. Know its working, validity, legal implications and more.

navi.com

 

[talkwithfino]

Seriously?
Does any bank offer a locker based on a PDC?
And before offering suggestions like this I would suggest you read this:

What is a Post-Dated Cheque - Validity, Legal Implications and Working

A post-dated cheque is a regular cheque where the writer specifies a future date on the cheque. Know its working, validity, legal implications and more.

navi.com

See it depends on your relation with you Branch........ ik someone who has done this (who had a classic banking account; he was soon going to upgrade to Preferred ] He told the BM tht he currently needed the funds in his Bank acc and requested him to accept a post dated cheque ( 15 days later) and got his locker. Before tht ( 15 days) he upgraded to Preferred; went back to his Branch; gave another cheque ( since the locker charges were now 50% as he was preferred customer) and then blocked the previous cheque.

@shantnujain ; I should have been more clear in framing the ans which I gave above.......Do go through wht I have written here.....and then see for your case.

 

[shantnujain]

See it depends on your relation with you Branch........ ik someone who has done this (who had a classic banking account; he was soon going to upgrade to Preferred ] He told the BM tht he currently needed the funds in his Bank acc and requested him to accept a post dated cheque ( 15 days later) and got his locker. Before tht ( 15 days) he upgraded to Preferred; went back to his Branch; gave another cheque ( since the locker charges were now 50% as he was preferred customer) and then blocked the previous cheque.


@shantnujain ; I should have been more clear in framing the ans which I gave above.......Do go through wht I have written here.....and then see for your case.

I think that is a little tough without a very strong relationship with the branch. I may want to try to get the locker post getting the preferred account. Not going to be easy I guess.

 

[pgarg24]

I think Indusind Exclusive might be the best as per your requirement. They have 1.25L monthly sal requirement. They provide free locker(1 year) then 50%, bms monthly offer, swiggy etc.. the debit card is also good and 0 cost. This is probably the least sal requirement i have seen especially for card providing bms offer, and indusind services and people are good as per my personal experience.

The only thing is not many companies have tie up with indusind for salary acc.

 

[talkwithfino]

I think that is a little tough without a very strong relationship with the branch. I may want to try to get the locker post getting the preferred account. Not going to be easy I guess.

I kind of assumed you at least have basic savings with hdfc 😅 since you have Hdfc DCB as you mentioned above. Then the other way of going around this, can be contact your corporate rm and tell him to get in touch with your branch; and tell your branch that you are ready to open Salary Relationship with them; tht too Imperia Account; provided they give allot you a locker.

Tell them you want a locker; it's a priority or else you will have to look at other optns for Salary acc.

 

[coolanshu1000]

Canara Bank has launched new payroll account package on 1st april in which we are getting free rupay Select Debit Card and Rupay Select Credit Card for salary above 1 lac. Some features are No minimum balance requirement, Temporary OD facility, free NEFT, RTGS, IMPS, SMS chgs, unlimited DD, discount on lockers, processing charges etc., Free term life insurance, accident insurance etc.
Check the snippets attached.

 

[CreditcardUser_001]

Hi,
I am looking for a salary account which can give me maximum benefits (like free premium debit card, Free/discounted locker). Some of these features are there in HNI Savings accounts (like HDFc Imperia, Axis Burgundy, etc.) as per Technofino's Youtube Video, but they need very high Minimum account Balance.

I want know if we can get similar features just based on salary. For eg. Axis has an option for opening a Salary burgundy account with >3Lac Salary Credit. But not sure if it also has a minimum balance requirement along with this.

Axis has some exceptions to >3L salary for Burgundy, for some companies they offer burgundy to >2L also. I see lot of benefits under Burgundy compared to ICICI wealth, or HDFC Imperia.

 

[technom]

Canara Bank has launched new payroll account package on 1st april in which we are getting free rupay Select Debit Card and Rupay Select Credit Card for salary above 1 lac. Some features are No minimum balance requirement, Temporary OD facility, free NEFT, RTGS, IMPS, SMS chgs, unlimited DD, discount on lockers, processing charges etc., Free term life insurance, accident insurance etc.
Check the snippets attached.

*Same response as the other thread*

Sorry to say but Canara Bank is an absolute nightmare. They are probably the worst even among government banks in our experience.

Both my parents had their salary accounts in Syndicate Bank & Canara Bank respectively, both are merged now, it's been a horror and we absolutely hate the bank

 

[coolanshu1000]

*Same response as the other thread*

Sorry to say but Canara Bank is an absolute nightmare. They are probably the worst even among government banks in our experience.

Both my parents had their salary accounts in Syndicate Bank & Canara Bank respectively, both are merged now, it's been a horror and we absolutely hate the bank

Customer service is subject to the team with which we are being handled. What might be good for one had been bad for another.

 

[technom]

Customer service is subject to the team with which we are being handled. What might be good for one had been bad for another.

I completely agree that service experience is subjective. My parents moved across Syndicate to Canara and between 3 branches but not much changed.

They recall a time in Syndicate Bank, around 15-20 years ago when the BM & other staff would stay in a particular branch for several years and there was a personal connect but that changed after and staff keep changing often these days. With very little regard for customer experience.

In my personal experience, security and even housekeeping staff literally scream at customers, I've seen this in almost every visit at Chamrajpet branch in Bangalore. Staying there for 30-60 minutes is long enough to see their true colors.

I never had direct conflict with them but the way security & housekeeping lady treated one of the elder/retried gentlemen was hurtful. He was old and didn't know the process much, had come to submit some sort of proof of life to continue pension, we tried to intervene (mom and myself) but they sarcastically asked us to mind our own business. I was pissed but mom (knows them well) wisked me away 🙁

 

[coolanshu1000]

I completely agree that service experience is subjective. My parents moved across Syndicate to Canara and between 3 branches but not much changed.

They recall a time in Syndicate Bank, around 15-20 years ago when the BM & other staff would stay in a particular branch for several years and there was a personal connect but that changed after and staff keep changing often these days. With very little regard for customer experience.

In my personal experience, security and even housekeeping staff literally scream at customers, I've seen this in almost every visit at Chamrajpet branch in Bangalore. Staying there for 30-60 minutes is long enough to see their true colors.

I never had direct conflict with them but the way security & housekeeping lady treated one of the elder/retried gentlemen was hurtful. He was old and didn't know the process much, had come to submit some sort of proof of life to continue pension, we tried to intervene (mom and myself) but they sarcastically asked us to mind our own business. I was pissed but mom (knows them well) wisked me away 🙁

The old security and the housekeeping people have typical government job attitude in them and not much can be done even on complaining to manager.. that is why these days banks hire such staff from third party agencies instead of directly recruiting them.
Better to directly contact the officers/ managers present.

 

[technom]

The old security and the housekeeping people have typical government job attitude in them and not much can be done even on complaining to manager.. that is why these days banks hire such staff from third party agencies instead of directly recruiting them.
Better to directly contact the officers/ managers present.

Honestly doesn't help in our experience. They make every interaction painful. We spoke to a manager once because the lady messed up my father's FD instructions about 4-5 years ago. He specifically asked for interest payout on a tax saver FD and says he did full out the form that way because it's done only for the purpose of saving taxes and don't want to lock even the interest competent but they registered as compounding interest.
They told us on face that nothing can be done since tax saver FD have a lock-in period and when we asked them to show the copy of application form, they made us wait for almost 2 hours and simply told us they can't find the form anymore !
Bank manager didn't even as much apologize even as I explained the sarcastic comments from the lady for what is her mistake. He didn't even bother with our feedback to issue acknowledgement with complete details of FD in future. He just said nothing can be done and literally walked away saying he has other work to attend to. This behaviour is not uncommon at these public banks, a lot of my mom's friends/colleague have had similar experiences.

It's just frustrating to see how public banks don't value customers who have been with them for an entire lifetime. These people started their first salary/savings with those banks, stayed with them for over 40 years and have retired from their jobs but need more help them ever. Instead of helping them, they con them by charging for silly things like SMS / notification charges, Debit card annual fees, Bank transfer and a whole lot of other hidden charges that most of these people don't understand.
And when they come to the bank for help in understanding the charges, they get barked at and shooed off !

I convinced my parents to finally open an account with IDFC around COVID time, so they can at least manage their secondary income like Rent and other investments better. They got into Select relationship and were offered all the perks including door step banking + the whole account opening process was digital (at home). They were simply baffled at the attention to customer experience, welcome kits and ease of banking - at at literally "zero" cost without any strings. The two times we visited the branch, simply because it's on the way to somewhere and they wanted to deposit some cash, again amazed at how for even a security guard can be. People offering water and taking such great care for people who just signed up a few days ago!

 

[CardUser28]

In my ICICI Salary account, I am getting the option for an upgrade in these two, which one should I choose as which one is better out of these two?