Easiest second HDFC account with platinum debit cards

[ANewUser]

I already have one HDFC account, and want to opt for second account. Want to use it solely for purpose of 1% DC cashback, which account is easiest to open with least MAB?

Also is it possible to open such account without going to branch.

 

[Tejo]

I already have one HDFC account, and want to opt for second account. Want to use it solely for purpose of 1% DC cashback, which account is easiest to open with least MAB?

Also is it possible to open such account without going to branch.

I don't think

Hdfc allows only 1 savings and 1 current with 1 pan.

You can open as joint ac holder.

Also huf

have self both sb and cb accounts individually.
have 1 ac for whole family Via huf pan
Have individual joint Ac with family members.

Loot hdfc.

 

[beingmohit]

I don't think

Hdfc allows only 1 savings and 1 current with 1 pan.

You can open as joint ac holder.

Also huf

have self both sb and cb accounts individually.
have 1 ac for whole family Via huf pan
Have individual joint Ac with family members.

Loot hdfc.

Using individual accounts of family members may incur tax implications. Lets say you transfer 75k per month to your mother's account for CC bill payment to maximize the 1% cashback. Your mother needs to declare the source of this money in her ITR. She can declare these as gifts received, but even gifts above a certain limit have tax liability.

 

[Adwait]

I don't think

Hdfc allows only 1 savings and 1 current with 1 pan.

You can open as joint ac holder.

Also huf

have self both sb and cb accounts individually.
have 1 ac for whole family Via huf pan
Have individual joint Ac with family members.

Loot hdfc.

I have 2 savings account from different branches in same city.

 

[Tejo]

Using individual accounts of family members may incur tax implications. Lets say you transfer 75k per month to your mother's account for CC bill payment to maximize the 1% cashback. Your mother needs to declare the source of this money in her ITR. She can declare these as gifts received, but even gifts above a certain limit have tax liability.

One time transfer enough 40k

Who said for cb need only platinum card ?

Millenia card enough, just one time transfer of 40k for family members

Doing paytm wallet full kyc via biometric offline, enough.

*** No need to do worry about 75k bill payments every month.

Will genuine spends will cross 150k every month for anyone on cc, mostly?

I'm just saying ....

 

[Tejo]

I have 2 savings account from different branches in same city.

If you are going to maintain mab they will allow.

Having more than 1 sb with a bank, is not suggested.

 

[CardSeeker]

Using individual accounts of family members may incur tax implications. Lets say you transfer 75k per month to your mother's account for CC bill payment to maximize the 1% cashback. Your mother needs to declare the source of this money in her ITR. She can declare these as gifts received, but even gifts above a certain limit have tax liability.

Wrong Assumptions

Receipts Aren't Income

 

[beingmohit]

Wrong Assumptions

Receipts Aren't Income

So, you mean we can trasfer any amount of money to anyone and that would not bear any tax implication?

 

[Adwait]

If you are going to maintain mab they will allow.

Having more than 1 sb with a bank, is not suggested.

My one acc is 10k mab and other is preffered requires 0mab

 

[gautamcool]

Using individual accounts of family members may incur tax implications. Lets say you transfer 75k per month to your mother's account for CC bill payment to maximize the 1% cashback. Your mother needs to declare the source of this money in her ITR. She can declare these as gifts received, but even gifts above a certain limit have tax liability.

Money gift from certain close relations like child to parents, parents to child .etc aren't considered as a source of income irrespective of the amount
So you can transfer any amount to your mom without worrying about the tax implications

 

[gautamcool]

So, you mean we can trasfer any amount of money to anyone and that would not bear any tax implication?

Not anyone. Only certain close relatives
You can search online to know the exact list of relatives

 

[Tejo]

Not anyone. Only certain close relatives
You can search online to know the exact list of relatives

All relatives, can be considered ... gift* but it may need to be an occasion for not very close relatives