HSBC salary account opening experience

[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.

 

[cardio_guycardio_guy is verified member.]

One thing I noticed today is
In HSBC you can add a beneficiary and instantly send any amount by NEFT or RTGS just like that.
No need to wait for 24 hours for beneficiary activation, like other banks.

I had to transfer 2L to another account. Just added the beneficiary and did the NEFT transaction and it went throught smoothly and the recipient got the money within half an hour.

 

[imdjay]

One thing I noticed today is
In HSBC you can add a beneficiary and instantly send any amount by NEFT or RTGS just like that.
No need to wait for 24 hours for beneficiary activation, like other banks.

I had to transfer 2L to another account. Just added the beneficiary and did the NEFT transaction and it went throught smoothly and the recipient got the money within half an hour.

same for ICICI Wealth acc

 

[cardio_guycardio_guy is verified member.]

HSBC joining benefits are damn too slow. For everything, you have to wait for 60 days.

• 250 Rs Amazon voucher on completing VKYC for salary account or credit card. - 60 days after VKYC
• 100 Rs Amazon voucher on installing and activating UPI on HSBC Simply Pay UPI app - 60 days after doing first transaction
• 500 Rs Amazon voucher for spending Rs 5000 using Platinum credit card in first 30 days. - 60 days after first bill generation.
• Thriwe membership details - you will get after 60 days after 1st salary credit.

Basically if you get in to their system, it will take atleast 60-90 days to get all benefits and come out safely.

 

[runzone]

View attachment 74299

1. Was your salary still getting credited (Aug Salary) to this account when they sent you the closure mail?
2. Did you try reopening your salary account with HSBC? If yes, were you successful?

 

[cardio_guycardio_guy is verified member.]

[Update]
HSBC is very slow in their overall process. It takes a lot of time for them to clear off things.
Each cashback and reward takes at least 2 months to credit. I am going to close this account on Feb 2025.
Because I need to wait till then to get all the joining benefits (account opened on Nov 1st week, but sadly I have to wait for 2-3 months).
I will be also closing the platinum credit card.

 

[cardio_guycardio_guy is verified member.]

[Update - Jan 2025] My journey is like this:

• Got the card on November 12, 2024
• Made some transactions and completed 5000 within a few days
• First bill generated on December 8, 2024
• Paid the bill and stopped using the card
• Wrote strong complaint mail for not getting any of the joining benefits on Jan 15, 2025.
• Cashback Rs 500 came in the credit card on Jan 15 2025 itself but I didnt know about it (No SMS, no email)
• Randomly checked the app today (Jan 25) and saw that there is a Rs 500 on the card.

Very bad communication from HSBC. Still waiting for many other joining benefits like:
- Thriwe coupons (They told me to send a mail to customer.care@thriwe.com to get the benefits)
- Rs 250 voucher for VKYC
- Rs 100 Apay voucher for HSBC Simply pay activation

 

[Ravimali]

Try with BOB. I recently moved to BOB for salary accounts.
You will get free debit cards and credit card.

Try SBI. (You will get no joining fees on credit card)

Please share your experience with BoB? Did you get ltf BoB credit card

 

[fradela]

Please share your experience with BoB? Did you get ltf BoB credit card

Credit Card: BOB Premier is LTF for most of the people.

Debit Card: LTF Visa Sapphire Debit card.

Don't know about BOB RSDC and EMT Platinum.

I have these three cards. No charges deducted so far.

This is not my primary account.

Account opening depends on the branch people. They are not aware of their own products.

Try to open account online.

 

[sanarora]

does the company who is paying your salary need to be in some eligible list, if monthly salary credit is of 3L ++ can we get premier banking status..?

 

[sanarora]

When I spoke to the RM he told I can open a salary 0 balance account and convert it to treasures if the salary is more than 2L per month.

Hsbc gives premier of salary is more then 3L per month.

By the way what is the problem you told for DBS internationally?

salary coming from any company big or small , if more than 3L credit after TDS etc will be considered for premier..??

 

[cardio_guycardio_guy is verified member.]

salary coming from any company big or small , if more than 3L credit after TDS etc will be considered for premier..??

I believe yes. Not based on whether the company is in the list or not. HSBC has a global policy for all companies.
Salary >3L = Premier. Company name doesn't matter

 

[BhaiyaJi]

salary coming from any company big or small

It just your company should be onboarded in their system. I applied for this but they could not provide me this account.

 

[quino]

It just your company should be onboarded in their system. I applied for this but they could not provide me this account.

which branch was that?

 

[sanarora]

It just your company should be onboarded in their system. I applied for this but they could not provide me this account.

how to check if company onboarded .. my company very small company m sure wont be onboarded.. isnt just 3+L credited enough…?

 

[BhaiyaJi]

which branch was that?

I applied online and then they called me.

 

[quino]

I applied online and then they called me.

you must've received a call from the customer care. not any branch person, right?

 

[BhaiyaJi]

you must've received a call from the customer care. not any branch person, right?

Some brnach person. Not sure of the branch

 

[cardio_guycardio_guy is verified member.]

Update:

Received 500 cashback in the credit card statement for completing Rs 5000 transaction in the first month (This came soon after 2nd months statement generation).

Amazon Rs 250 voucher for VKYC: This will be credited after 2-3 statements generated on the credit card. Basically at least after 60 days of first statement generation.

Rs 100 cashback for Simply Pay UPI App installation and activation: Will get this after 60 days after doing the first UPI transaction. (Need to wait for 2 full month cycle).

Thriwe memebership voucher: Will get after 2 months salary credit. (Again, need to wait for 2 full month cycle)