RAMESH BABU N
TF Legend
This Small bank will continue to be a small bank. Despite the merger.
To avoid such hiccups, we NEVER deal with such small banks.
To avoid such hiccups, we NEVER deal with such small banks.
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Fincare Small Finance Bank to merge with AU Small Finance Bank
- Thread starter Strange
- Start date
Strange
TF Prestige
Strange to see this kind of migration. Opening new account on migration is too bad.
I am having Fincare SFB in my place and waiting for AU merger to get AU Credit card. Looking at this I will give a thought.
This doesn't end here.
Those who have opened a Fixed Deposit with Fincare should either open an account in AU SFB and update the new account details in FD or should update alternate bank details for interest and maturity payments.
The interesting part is that Fincare user database is now shared with AU and since "AU Digital Savings Account" is only for new customers, looks like it will not allow us to open zero balance savings account with AU SFB.
I am wondering what has been migrated, from a customer standpoint I don't see anything getting migrated.
Those who have opened a Fixed Deposit with Fincare should either open an account in AU SFB and update the new account details in FD or should update alternate bank details for interest and maturity payments.
The interesting part is that Fincare user database is now shared with AU and since "AU Digital Savings Account" is only for new customers, looks like it will not allow us to open zero balance savings account with AU SFB.
I am wondering what has been migrated, from a customer standpoint I don't see anything getting migrated.
Saiv
TF Premier
if complaints flooded at Rbi ombudsman then this will be a crazy story. What’s the point of mergers if customers have to open new acc with the final bank. Never seen this. I personally experienced one of the mergers all i’ve to do is visit the final bank & get new passbook with updated ifsc code that’s all.
Yup it's a really heptic 🤐
I don't think you need to open a new account.
DealHunter786
TF Premier
If we consider Fincare's response, then you should be safe. All you need to do is update your AU Bank details in Fincare FDs. Or maybe these guys will figure it out gradually (as now Fincare and AU share the same customer database) and request you to link both accounts.
I desperately want this to be true; otherwise, I will have to close my account (I am not eligible to open AU Digital 0 balance savings account, since this is only for new customers and now AU & Fincare databases are merged, I am not eligible to open this 0 balance account).
I purposefully opened the account in Fincare since I needed a 0 balance account for my daily UPI transactions. Also, opening an FD helped me with their attractive interest rate, which further upgraded my debit card to "RuPay Platinum," that too without paying any annual charges.
LTF RuPay Platinum debit card + 9% FD interest + 0 balance account + no hidden charges --> What else do you need in a savings bank account 🙂
Sure, I have attached my email conversation with them.
Feel free to spot if I have missed anything.
Chhota_don
TF Buzz
As per my understanding and discussion on thread migration will be completed by March 2025. So we have to wait till then.
DealHunter786
TF Premier
I feel since you were urging them to switch, they are milking this opportunity to open a new account. Let's wait until they issue a communication on this regard. I have accounts in both the banks and definitely don't want to do any manual switch here.
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