Current Account: Banks or Fintech firms?

[Anarchronox]

Hi,

Someone needs to open a current account for their startup purpose. There is not going to be much transactions or deposit amount in the beginning, unless their startup gets traction.

They are confused about whether they should go with the traditional banks - SBI, ICICI, HDFC, or go with fintech firms - Razorpay?

Can anyone share his or her advice on this matter?

 

[TechPrezzo]

Banks, any day. I had my share of problems with RazorPay X and Open both. Plus the arrogance these fintech companies carry, it will put Credit Suisse and Mercury to shame !!!

 

[Anarchronox]

Banks, any day. I had my share of problems with RazorPay X and Open both. Plus the arrogance these fintech companies carry, it will put Credit Suisse and Mercury to shame !!!

Can I request you to elaborate on this? What issues did you face?
The thought process of my friend is that since the online interface is where most of the banking will happen, fintech firms will have modern portals and better API integration.

 

[Slayer]

The thought process of my friend is that since the online interface is where most of the banking will happen, fintech firms will have modern portals and better API integration.

+1

 

[TechPrezzo]

+1

I had the same approach until I came across several issues (both people and technical ) with Razorpay and Open.
Bugs like dual payments to vendors,etc happened in early 2020. The people interface was horrible. Getting them accept their fault was tough until their hands were forced and they eventually have a written statement saying it had happened to several customers due to RFC XXX. They are great as payment gateway providers and I have no doubt on this. But as a full current account requiring all CASA functionality, it proved dud for me.

Then I used Standard Chartered Business account and it comes with Straight2Bank integration which had better API to automate vendor payments. This kind of worked for me. Bank current accounts are no picnic either but at some point human intervention is faster than Bots in RazorPay or Open. My two cents. I am sure things would have changed in last 2 months.