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.

 

[card_explorer]

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

I already invest monthly in MFs and have some exposure to Gold bonds as well. I just don't want to expose this money to equity markets as well, all I want is to keep it away so that I don't spend it (and also reduce its depreciation thru inflation).

 

[sv004]

Dear guys, I am really sorry if it hurts but this is the reality. It will also have impact this morning in Indian share market. Please check attachment.
That was a tech bank , customers mostly silicon valley engineers, the way they crashed, immediately shut their app, services etc. Forbes / hindenberg tried to do research only in India not in own country. Forbes even gave award of best bank 3 days before collapse.

I know hdfc , icici are too big to fail but give me one cons of not choosing sbi for 10 lacs fd.

That was an upcoming bank . U cant expect Jp morgan to fail like that there were times when jp morgan pulled usa out of recession. Hdfc is jp morgan of India. Ur money is safe with hdfc or sbi. But sbi being gov bank wont give u that much privilege compared to pvt banks

 

[sv004]

I already invest monthly in MFs and have some exposure to Gold bonds as well. I just don't want to expose this money to equity markets as well, all I want is to keep it away so that I don't spend it (and also reduce its depreciation thru inflation).

Dont do sip in mf. Buy units in one time bulk when stocks and mf prices are down . That way u wl earn more. My advice would still be investing in good mf because no matter the mf atlest 12 to 13 return they wl give definetly while fd only 8 that 4 per difference is lot

 

[Chaitanya-a]

Dont do sip in mf. Buy units in one time bulk when stocks and mf prices are down . That way u wl earn more. My advice would still be investing in good mf because no matter the mf atlest 12 to 13 return they wl give definetly while fd only 8 that 4 per difference is lot

Bro most ppl buy mfs just because they don't have time to check about market. Otherwise they would've been buying stocks. For them SIPs are best option.

 

[SiddharthR]

hindenberg tried to do research only in India on in own country.

What's this man?
Adani was the first Indian company on which they researched & alleged,
by saying "We think," "We believe,"

And regarding country wise research,
they have researched & alleged more than 15+ companies in US

(I am really sorry from the back of mind if it hurts but this is the reality.)

Dear guys, I am really sorry if it hurts but this is the reality. It will also have impact this morning in Indian share market. Please check attachment.
That was a tech bank , customers mostly silicon valley engineers, the way they crashed, immediately shut their app, services etc.

Why will it hurt me? Nothing to hurt in this post, just check above point...

 

[phani11]

What's this man?
Adani was the first Indian company on which they researched & alleged,
by saying "We think," "We believe,"

And regarding country wise research,
they have researched & alleged more than 15+ companies in US

(I am really sorry from the back of mind if it hurts but this is the reality.)

Why will it hurt me? Nothing to hurt in this post, just check above point...

I was too emotional. Anyways deleted the post. Adani was further conversation. I was giving examples of how those 2 banks collapsed today in us.

 

[SiddharthR]

I was too emotional.

Paisa atka hua hai kya US banks me? 😀
Or
Any serious issue? 😳

 

[phani11]

Paisa atka hua hai kya US banks me? 😀
Or
Any serious issue? 😳

Yes Bank k shikaar huye the relatives when it had collapsed, ghar me shadi thi relatives k.. paise nhi mile the.....

 

[korin]

Nope just a big FD

If I split my 10 lakhs FD into 10 different FDs of 1 lakh (for the eaae of breaking it in case i need money in future). Will that be considered?

Or by Big FD you mean a single FD of 10 lakhs?

 

[EINSTEIN]

If I split my 10 lakhs FD into 10 different FDs of 1 lakh (for the eaae of breaking it in case i need money in future). Will that be considered?

Or by Big FD you mean a single FD of 10 lakhs?

You can technically do both but if you do 10 different fds then will have to place lien on each of them individually so lots of paperwork.
But still you won’t be able to break any of them without closing your credit card first.
My suggestion is to do a single FD

 

[Vickymaster1010]

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

Upto 5 lakhs is insured so it's safe.

 

[Vickymaster1010]

Put 5 lakhs each in au ujjivan and Jana small finance all 8% or more

 

[VijayflyRaven]

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.

HDFC, ICICI, and SBI are too big to fail. If something goes wrong with these 3, your best bet is to move funds to RBI T bills. If any of these happen, it means India has failed and having rupees as cash won’t help either.

 

[kjs]

Put 5 lakhs each in au ujjivan and Jana small finance all 8% or more

How is the app experience of Ujivan SFB. I m planning to open SFB account. Shortlisted 2 equitas and Ujjivan based on FD returns and some better popularity compared to JANA, Fincare etc. Is it mandatory to have physical debit card for above banks ?