In which bank should I open an FD of 5-10 lakh?

[card_explorer]

I want to open an FD of 10L.

I'm not sure which bank I should go with, I want to see which bank gives good perks if you put this much money with them, but most perks don't seem to be that useful for me or the requirements seem to be too high.

Axis burgundy seems to be the best one, but I'll only barely meet the 10L average balance requirement (unless I shift to axis bank entirely).

I have the following cards right now:

1. Axis vistara infinite with limit of 5.8L
2. ICICI Amazon pay with limit of 7.4L
3. ICICI Coral with limit of 7.4L
4. Slice card with limit of 1L (don't use it anymore)

Any recommendations about the bank I can go with whose perks can compliment my cards. If that matters, my annual spends excluding rent should be at least ~6L-7L.

 

[EINSTEIN]

HDFC will give you Infinia against that. Otherwise go with the bank that gives highest interest rate. Maybe split it and do 2-3L in different banks.

 

[Dragon_slayer]

You won't get Burgundy benefits with just 10L FD. You will need 30L FD for that.

Or 10L in savings account

 

[hemant ojha]

Currently highest FD return giving banks are IDFC First, RBL and IndusInd. All are giving above 7.5% pa interest. You can check their offerings and select as per that.

AU Bank gives 8% for 2 year FD

 

[Chaitanya-a]

AU Bank gives 8% for 2 year FD

Its not safe to put that much money in small finance bank.

 

[hemant ojha]

Its not safe to put that much money in small finance bank.

Yup.. Its always risky.. only 5 lac is covered under RBI so can make FD of 5 lac

 

[card_explorer]

HDFC will give you Infinia against that. Otherwise go with the bank that gives highest interest rate. Maybe split it and do 2-3L in different banks.

I wasn't aware of this. Are there any other eligibility requirements or just a big FD is enough for Infinia?

Personally I'm not too keen on splitting the FD across banks, so I was considering opening one with Axis in their 7.26%p.a FDs (use that to get Magnus in future since I've started to feel like Vistara Infinite is too limited in accruing and redeeming rewards)

 

[card_explorer]

You won't get Burgundy benefits with just 10L FD. You will need 30L FD for that.

Or 10L in savings account

Welp, looks like I misread the requirements. Looking at all the eligibility requirements, I could get Priority at most

 

[EINSTEIN]

I wasn't aware of this. Are there any other eligibility requirements or just a big FD is enough for Infinia?

Nope just a big FD

 

[phani11]

I want to open an FD of 10L.

I'm not sure which bank I should go with, I want to see which bank gives good perks if you put this much money with them, but most perks don't seem to be that useful for me or the requirements seem to be too high.

Axis burgundy seems to be the best one, but I'll only barely meet the 10L average balance requirement (unless I shift to axis bank entirely).

I have the following cards right now:

1. Axis vistara infinite with limit of 5.8L
2. ICICI Amazon pay with limit of 7.4L
3. ICICI Coral with limit of 7.4L
4. Slice card with limit of 1L (don't use it anymore)

Any recommendations about the bank I can go with whose perks can compliment my cards. If that matters, my annual spends excluding rent should be at least ~6L-7L.

You haven't mentioned, for how long do you want to put money in fd.
But I would never open fd of 10 lacs in any private bank for long time.

Don't go too behind, just last year yes Bank scam........ bro, people literally begging to branch that they have marriage of their daughter and they need money crying but no other option but to be silent.

Never put small perk over trust.

There are soo many banks who have HNI like axis burgundy, hdfc imperia etc.. I myself have HDFC Imperia account, but having account vs having fd is different ( salary account so I don't have to maintain 10 lacs , imperia given based on monthly salary credit)

In case , I hear anything about hdfc, I can quickly transfer whole amount to my other beneficiary account in a moment.

My mother is private teacher, she earns 15k per month and 10 years before 3-5k , she did fd/invested in sahara , who used to sponsor team india. She is still waiting for 70k rs of that time.

One thing is sure, even after 10/15/20/50 years later sbi will be there with the same shitty lazy staff but giving assurance that your money is safe.

 

[Wealth is my birth right!]

I want to open an FD of 10L.

I'm not sure which bank I should go with, I want to see which bank gives good perks if you put this much money with them, but most perks don't seem to be that useful for me or the requirements seem to be too high.

Axis burgundy seems to be the best one, but I'll only barely meet the 10L average balance requirement (unless I shift to axis bank entirely).

I have the following cards right now:

1. Axis vistara infinite with limit of 5.8L
2. ICICI Amazon pay with limit of 7.4L
3. ICICI Coral with limit of 7.4L
4. Slice card with limit of 1L (don't use it anymore)

Any recommendations about the bank I can go with whose perks can compliment my cards. If that matters, my annual spends excluding rent should be at least ~6L-7L.

My 2 cents:
Why u want fd just open burgundy with 5lac cheque and maintain 10l to get burgundy dc and select ltf cc
Why I won’t suggest 30lac fd instead of 10l account balance is the reasoning given by @phani11
Overnight anything can happen so in such scenario’s breaking fd takes time but acc NEFT transactions we do it immediately

 

[phani11]

My 2 cents:
Why u want fd just open burgundy with 5lac cheque and maintain 10l to get burgundy dc and select ltf cc
Why I won’t suggest 30lac fd instead of 10l account balance is the reasoning given by @phani11
Overnight anything can happen so in such scenario’s breaking fd takes time but acc NEFT transactions we do it immediately

Agree, Every process initiate is easy and done on app but breaking/ closing takes time and might even need to visit branch.
Account opening is always easy, they do offer video kyc but for account closure, they will force you to write application, submit in branch and ask you to follow up..

 

[Chaitanya-a]

You haven't mentioned, for how long do you want to put money in fd.
But I would never open fd of 10 lacs in any private bank for long time.

Don't go too behind, just last year yes Bank scam........ bro, people literally begging to branch that they have marriage of their daughter and they need money crying but no other option but to be silent.

My view on this:
Yes bank failed because they were giving loans to corporates where there is much higher chances of defaults hence NPA formation.

Whereas HDFC bank is just opposite. Their focus is on retail loans since their inception. There is so much of scrutiny done to give loans to retail customers. That is why their NPAs are minimal. Even better than SBI and PNB.

 

[phani11]

My view on this:
Yes bank failed because they were giving loans to corporates where there is much higher chances of defaults hence NPA formation.

Whereas HDFC bank is just opposite. Their focus is on retail loans since their inception. There is so much of scrutiny done to give loans to retail customers. That is why their NPAs are minimal. Even better than SBI and PNB.

Hey, please don't mind but doing analysis is easy after something bad happened. Nobody knows what's happening right now internally.

And as this guy didn't tell the duration of fd, I suggested to go with public service bank.
I myself like hdfc and have HDFC Imperia salary account and talking to my RM for infiniti banking..
But still hdfc for long term with 10 lacs amount, no... with short term okay..

 

[sv004]

Why would u invest 10 lac with bank . Make id in zerodha coint and groww and invest in direct mutual funds

 

[Chaitanya-a]

Why would u invest 10 lac with bank . Make id in zerodha coint and groww and invest in direct mutual funds

Maybe he needed that money within 2 years. For stock market we have to have timeline of minimum 3 years.

 

[sv004]

Maybe he needed that money within 2 years. For stock market we have to have timeline of minimum 3 years.

That is for only tax saving elss mf where ur money is locked for 3 year . For normal equity mf u can withdraw whenever u want

 

[Bodhi]

You haven't mentioned, for how long do you want to put money in fd.
But I would never open fd of 10 lacs in any private bank for long time.

Don't go too behind, just last year yes Bank scam........ bro, people literally begging to branch that they have marriage of their daughter and they need money crying but no other option but to be silent.

Never put small perk over trust.

There are soo many banks who have HNI like axis burgundy, hdfc imperia etc.. I myself have HDFC Imperia account, but having account vs having fd is different ( salary account so I don't have to maintain 10 lacs , imperia given based on monthly salary credit)

In case , I hear anything about hdfc, I can quickly transfer whole amount to my other beneficiary account in a moment.

My mother is private teacher, she earns 15k per month and 10 years before 3-5k , she did fd/invested in sahara , who used to sponsor team india. She is still waiting for 70k rs of that time.

One thing is sure, even after 10/15/20/50 years later sbi will be there with the same shitty lazy staff but giving assurance that your money is safe.

Appreciate you putting forth such details in order to appraise the other person (whom you may not even personally know) of the dangers @phani11 👍🏻

 

[Chaitanya-a]

That is for only tax saving elss mf where ur money is locked for 3 year . For normal equity mf u can withdraw whenever u want

No I wasn't talking about lock-in thing. I was saying that there is market volatility and hence a cycle of 3 years or more is safe option. It is risky to invest in market for short term.

 

[cc_newbie]

HDFC will give you Infinia against that. Otherwise go with the bank that gives highest interest rate. Maybe split it and do 2-3L in different banks.

LTF? 🫣