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HDFC Savings Account - Query & Discussion

I am not worried. But I don't want unnecessary headache. Paying 30% tax, fer ye sab nehi jhel sakte. Gone through it notices and tackling those things for 7 long years, personally.
Why do you want to keep it in auto sweep? Just park those free funds in some liquid fund or gilt fund.
 
Are auto sweep fd's actually good
I generally don't end up getting anything extra

In my opinion, auto sweeps are a bad idea benefitting the banks more than the customers. Depending on the circumstances one may end up earning even less than the savings rates. That's the price one pays for being lazy, and banks take advantage of that.

One can always do better investing surplus money oneself, -- in FDs, or whatever else.
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In my opinion, auto sweeps are a bad idea benefitting the banks more than the customers. Depending on the circumstances one may end up earning even less than the savings rates. That's the price one pays for being lazy, and banks take advantage of that.

One can always do better investing surplus money oneself, -- in FDs, or whatever else.
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This, exactly
Some people fail to notice this, plus the hassle of taxation

So back to my original question
Are people planning to move money to a different bank then?
Even if you're into investing there are times when your money is dormant in bank account

Especially if you travel internationally a lot of times it's required for visas so why keep money in savings account argument is pointless and I'm not here for that
 
This, exactly
Some people fail to notice this, plus the hassle of taxation

So back to my original question
Are people planning to move money to a different bank then?
Even if you're into investing there are times when your money is dormant in bank account

Especially if you travel internationally a lot of times it's required for visas so why keep money in savings account argument is pointless and I'm not here for that
How many bank accounts to be opened in this process? It will be a never ending process if we keep shifting just for the sake of higher interest rates.
Best park them in debt funds where there is no risk linked to market and withdraw whenever needed.
No headache of TDS.
No chik chik of bank account openings.
No headache of premature penalty on withdrawals.
Best part they pay out the flat interest rates unlike FD's which pay interest based on the period held.
 
This, exactly
Some people fail to notice this, plus the hassle of taxation
Which is exactly why I also said do FD and invest somewhere else.
Especially if you travel internationally a lot of times it's required for visas so why keep money in savings account argument is pointless and I'm not here for that
I never applied for visa, so didn't know that. Could you explain why is it required? Is it to show financial stability? Are Deposits/Other investment not valid?
 
Which is exactly why I also said do FD and invest somewhere else.

I never applied for visa, so didn't know that. Could you explain why is it required? Is it to show financial stability? Are Deposits/Other investment not valid?
Yes..
They require bank balance account, investments don't count, no real estate no gold no stocks or anything just bank balance account
 
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