HSBC Salary Account Opening Experience - Discussion

[cardio_guycardio_guy is verified member.]

Hi All,

So after using Citibank salary account for more than 12 years, I closed it just before getting converted to Axis. I didn't want to experience axis during the transition. So I opened ICICI Previlege salary account. Used it for 1 year. Soon after opening the account, they upgraded to wealth management variant. But then silently downgraded to Previlege variant last month. I was not so happy with that change. So I decided to close ICICI account and move to another bank.

I was considering HDFC, DBS and HSBC.

Faced some difficulty with HDFC. Their process was not easy. I went to three branches but all of them seemed like very unwelcoming. So I dropped the plan. The next choice was DBS. But then I was a little skeptical at some point. Then I moved to HSBC.

I had a bank representative for our organisation and I contacted him. He sent me a PDF to fill (editable pdf)

The docs required were photos of PAN, company ID, passport size photo, signature, and then aadhaar in XML format.
I gave all of that and he sent me a filled application form to verify. Once I checked all details, an OTP came to my email. I shared the OTP and that's it. Application was submitted.
(In the application i also selected to apply for credit card - visa platinum)

Next step was VKYC. He uploaded the aadhar XML and pan card and I got a link in email. I just completed the VKYC in a few minutes. Got a mail that it is also completed.

After this I didn't get any email or SMS. Next day morning I got an sms that account is created. But it didn't have the account number. Then I logged in to HSBC mobile app, registered using my PAN and I could see my account details.

Later I got an sms saying that I will get the instructions to activate debit card in 2 days.

I also got another sms saying that my cibil is fetched for credit card.

So far only this much has happened. I haven't got any mail for account opening.

Waiting for debit card and cheque book by post.

Overall the experience was smooth but they haven't informed anything after account opening. I'll update here what happens next.

 

[Anindya98]

Closed HSBC platinum credit card. It was very easy. Contacted chat support and asked them to close. Within 2-3 hours of that, got an SMS that the ticket is resolved. Card is disappeared from the app.
No mail, no SMS about card closure otherwise. Maybe I'll get a final statement or closure email later.

Why did you close the card?

 

[cardio_guycardio_guy is verified member.]

Why did you close the card?

I was not using this card at all. It was lying idle. I re-looked at my expenses and found that I don't need to swap it with Live+.
All five of their cards - (Platinum, Live+, Taj, TravelOne, Premier) - are not matching my expenses now.

As of now I am not looking at building a full relation with HSBC. I may go back to HSBC after a few more years. But at least not now.

 

[imdjay]

I was not using this card at all. It was lying idle. I re-looked at my expenses and found that I don't need to swap it with Live+.
All five of their cards - (Platinum, Live+, Taj, TravelOne, Premier) - are not matching my expenses now.

As of now I am not looking at building a full relation with HSBC. I may go back to HSBC after a few more years. But at least not now.

Tell me one thing. If you have an LTF card and you close it. it will start reflecting as closed in the CIBIL, then later point in time, the same bank launches another card with good benefits and you want it. It would again be a new entry in the CIBIL. Don't you think in this case, instead of closing we should hold the card if it's LTF so that in the future we can upgrade it to some other cards without increasing a lot of entries in the CIBIL?
I am not closing my cards because of this. let me know if I am wrong or if I am missing anything.

 

[cardio_guycardio_guy is verified member.]

Good point, but personally I am not much concerned about CIBIL entries - whether it be closed cards or active cards.
I don't care about number of CIBIL entries.

It doesn't matter if I have already closed some cards with a bank and you want to apply new. (Except for some banks which offer only one card to a user. Even for them, we can close a card, wait for cooling off period and apply the next.)

I haven't come across any bank that doesn't offer you a credit card just because you had a card with them earlier and closed it.
If such policies are there, I will better stay away from such banks.

Tell me one thing. If you have an LTF card and you close it. it will start reflecting as closed in the CIBIL, then later point in time, the same bank launches another card with good benefits and you want it. It would again be a new entry in the CIBIL. Don't you think in this case, instead of closing we should hold the card if it's LTF so that in the future we can upgrade it to some other cards without increasing a lot of entries in the CIBIL?
I am not closing my cards because of this. let me know if I am wrong or if I am missing anything.

 

[fradela]

Me too closed the HSBC salary account and Platinum credit card last year. I closed within 4 months after received all the joining benefits.

I too have CITI salary account for past 7 years.

After AXIS, closed both Salary account and rewards credit card.

Tried ICICI, HDFC, Kotak, HSBC and YES banks in the last 1 year.

Not happy with these banks.

Not tried these banks (not much benefits) : SBI, SC, IDBI and DBS.

No other option I have to go with BOB which is best among my salary account options.

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@cardio_guy , I think you're a frequent flyer. Better go with salary account.

You will get Life Time Free VISA Sapphire Debit Card.

1 complimentary Airport pick up/drop per quarter.

Somebody told that BOB RuPay Select and EMT Platinum debit cards as well LTF.

For me, no charges deducted so far both cards. Will update you after one year.

 

[cardio_guycardio_guy is verified member.]

@fradela I think our journey is very close and similar.
I have closed Citi and then opened ICICI, HSBC. Not satisfied with HSBC. ICICI was better I would say.
Now I have salary account with HDFC. Overall OK and satisfied with it so far. At least no negative experiences.

Will be opening a personal ICICI account (Or salary account, not decided yet).
I will stick with the big 3's for now - SBI, ICICI and HDFC.

HSBC is good, but I am not that much patient and mature enough to be with them now.

 

[mastervisa]

I will close once debit card offer stops.
They rejected my credit card application (live+), even when I am premier salary account holder. I have good cibil score.