Looking for an expense only account (more details below)

[kaykayporty]

I've been looking to simplify my expenses by having one source of outgoing expenses. I currently have SBI (for investments) and HDFC (for salary).

What I'm looking for is a third bank account for expenses only. Part of the money from my salary account would move here every month.

Features I want:
1. Autopay for CC (all CC even not bank CC)
2. Ease of opening online and subsequently no need to visit branch. Ever.
3. The home branch concept is stupid and absurd and it should not have that.
4. Reliable and fantastic desktop and mobile banking experience. No middle of the day maintenance windows.
5. (hopefully) zero spam. I don't want calls or upselling or cross selling.
6. 24 hours support in case something happens.
7. I have no problem maintaining up to 10,000 MAB. As long as it is not limiting my banking experience. I would be crediting 70-80K each month for expenses.

I'm considering ICICI, Kotak (idk if I should pick 811 or normal) and IDFC First bank account. I'm open to other options. Please provide detailed feedback.
---
I do not care about offers or anything unnecessary. This is an expense account and this is what it should be. No credit card from this bank necessary (unless of course its a good one and they offer it but it is not a requirement.

 

[SSV]

Shit 😅😅
Ok
How to get yes bank cc then

By applying on their website 😉
Via C2C , very easy

 

[varun__goel_]

Which university/ college

University and college weren't listed.
But my institute was listed, so got the acc easily. First time it helped me🤣🤣

 

[kaykayporty]

Idfc can satisfy most of your desires😋

But autopay can't be setup for each cc. As it can be only done if you have cc and acc in same bank. Earlier cred had this facility to setup autopay from one acc but no longer🤷

Yeah, I will have to let that wish go. It sucks that they're gatekeeping such a good feature.

 

[kaykayporty]

none of the main banks support all 7 points including icici, kotak, idfc.

I do not have any recommendations but following this thread mainly for..

2,3,4 and definitely for 6.

Bringing the topic back to relevance in this thread, here's what I ended up choosing and why:

IDFC First Bank 10000 MAB. Why not others?

1. I find ICICI's app to be horrendous. Littered with loan ads just like HDFC.
2. Also, couldn't open an account at home. I don't know why but that's a dealbreaker.
3. It is actually unusable. My experience is from using the Amazon pay card on it.
4. Kotak 811 was out of the question since this would have large value transactions. They have stupid rules regarding this and have heard of them freezing accounts.
5. Kotak has an Everyday Savings Account but I could not find any reviews for it, so I let it go.

IDFC's onboarding experience was smooth, and they were very receptive. The app could be a bit better but nothing to complain so far because it is an expense only account as it should be.

I will wait for the debit card to arrive and evaluate the bank for a few months but so far everything looks good. Crossing my fingers for no spam 🤞

 

[Vasuki]

Bringing the topic back to relevance in this thread, here's what I ended up choosing and why:

IDFC First Bank 10000 MAB. Why not others?

1. I find ICICI's app to be horrendous. Littered with loan ads just like HDFC.
2. Also, couldn't open an account at home. I don't know why but that's a dealbreaker.
3. It is actually unusable. My experience is from using the Amazon pay card on it.
4. Kotak 811 was out of the question since this would have large value transactions. They have stupid rules regarding this and have heard of them freezing accounts.
5. Kotak has an Everyday Savings Account but I could not find any reviews for it, so I let it go.

IDFC's onboarding experience was smooth, and they were very receptive. The app could be a bit better but nothing to complain so far because it is an expense only account as it should be.

I will wait for the debit card to arrive and evaluate the bank for a few months but so far everything looks good. Crossing my fingers for no spam 🤞

Untill & Unless u r not seeking anything pre approved .it will work good .

 

[RadioactiveTabela]

I have a similar requirement. Need an account for everyday expenses, having:

1. 0 MAB
2. Free ~5-10 cheque per FY
3. Free and prompt transaction SMS
4. Free debit card if useless or no benefits. If there are good benefits like Rupay Select, then I don't mind the charges.
5. Good uptime for UPI and quick support if a transaction fails / fraud


DBS Digibank used to be great for this. But they raised MAB to 10k and hiked charges, so closed it.

Then I opened ICICI WM account with 100k IP. Again worked well for 6 months till I got downgraded to 25k MAB. 25k MAB is too high, so closing this.

Then last week I opened IndusInd Indie Megastar. Realized the bank has garbage tech. UPI uptime is terrible and they don't even send transaction SMS. Closing.

Now I'm thinking of overcorrecting and going with a large PSU like SBI / PNB / Canara because I want the bank to offer the same deal for long term. How is 'SBI Insta Plus Saving Bank Account through Video KYC'? Free debit card criteria seems to be pending, can I get a debit card with good benefits? 'quick support if a transaction fails / fraud' also might be an issue.

 

[kaykayporty]

I have a similar requirement. Need an account for everyday expenses, having:

1. 0 MAB
2. Free ~5-10 cheque per FY
3. Free and prompt transaction SMS
4. Free debit card if useless or no benefits. If there are good benefits like Rupay Select, then I don't mind the charges.
5. Good uptime for UPI and quick support if a transaction fails / fraud


DBS Digibank used to be great for this. But they raised MAB to 10k and hiked charges, so closed it.

Then I opened ICICI WM account with 100k IP. Again worked well for 6 months till I got downgraded to 25k MAB. 25k MAB is too high, so closing this.

Then last week I opened IndusInd Indie Megastar. Realized the bank has garbage tech. UPI uptime is terrible and they don't even send transaction SMS. Closing.

Now I'm thinking of overcorrecting and going with a large PSU like SBI / PNB / Canara because I want the bank to offer the same deal for long term. How is 'SBI Insta Plus Saving Bank Account through Video KYC'? Free debit card criteria seems to be pending, can I get a debit card with good benefits? 'quick support if a transaction fails / fraud' also might be an issue.

I think you're expecting too much from a 0 MAB account. You do need to pay them one way or another either with MAB or charges.

I'm curious, any other issue with DBS Digibank?

 

[varun__goel_]

I have a similar requirement. Need an account for everyday expenses, having:

1. 0 MAB
2. Free ~5-10 cheque per FY
3. Free and prompt transaction SMS
4. Free debit card if useless or no benefits. If there are good benefits like Rupay Select, then I don't mind the charges.
5. Good uptime for UPI and quick support if a transaction fails / fraud


DBS Digibank used to be great for this. But they raised MAB to 10k and hiked charges, so closed it.

Then I opened ICICI WM account with 100k IP. Again worked well for 6 months till I got downgraded to 25k MAB. 25k MAB is too high, so closing this.

Then last week I opened IndusInd Indie Megastar. Realized the bank has garbage tech. UPI uptime is terrible and they don't even send transaction SMS. Closing.

Now I'm thinking of overcorrecting and going with a large PSU like SBI / PNB / Canara because I want the bank to offer the same deal for long term. How is 'SBI Insta Plus Saving Bank Account through Video KYC'? Free debit card criteria seems to be pending, can I get a debit card with good benefits? 'quick support if a transaction fails / fraud' also might be an issue.

Sbi may be good to go, if you get connected to vkyc agent🤣. But no offers on default dc. Home branch is a big problem. Any other branch do not take requests at all.
By default they will provide global rupay dc(charges 147, fyf). If you are good to go with virtual dc, then do not activate physical one, or close it before 1yr ends
Support is joke in sbi.😂

 

[kaykayporty]

Sbi may be good to go, if you get connected to vkyc agent🤣. But no offers on default dc. Home branch is a big problem. Any other branch do not take requests at all.
By default they will provide global rupay dc(charges 147, fyf). If you are good to go with virtual dc, then do not activate physical one, or close it before 1yr ends
Support is joke in sbi.😂

Please do not get involved with SBI. This home branch nonsense needs to stop.

 

[helloworld]

Bringing the topic back to relevance in this thread, here's what I ended up choosing and why:

IDFC First Bank 10000 MAB. Why not others?

1. I find ICICI's app to be horrendous. Littered with loan ads just like HDFC.
2. Also, couldn't open an account at home. I don't know why but that's a dealbreaker.
3. It is actually unusable. My experience is from using the Amazon pay card on it.
4. Kotak 811 was out of the question since this would have large value transactions. They have stupid rules regarding this and have heard of them freezing accounts.
5. Kotak has an Everyday Savings Account but I could not find any reviews for it, so I let it go.

IDFC's onboarding experience was smooth, and they were very receptive. The app could be a bit better but nothing to complain so far because it is an expense only account as it should be.

I will wait for the debit card to arrive and evaluate the bank for a few months but so far everything looks good. Crossing my fingers for no spam 🤞

Do update us, your experience after opening the account, like @varun__goel_ I hope it might satisfy all your requirements. Anycase, update here whenever you experienced good or bad after opening account.

 

[varun__goel_]

I think you're expecting too much from a 0 MAB account. You do need to pay them one way or another either with MAB or charges.

I'm curious, any other issue with DBS Digibank?

He wants the prettiest girl without spending a bit on her maintenance🤣🤣

 

[kaykayporty]

Untill & Unless u r not seeking anything pre approved .it will work good .

What do you mean by that? 🤔

 

[kaykayporty]

Do update us, your experience after opening the account, like @varun__goel_ I hope it might satisfy all your requirements. Anycase, update here whenever you experienced good or bad after opening account.

I absolutely will. I'm sure IDFC First will turn out great.

Hoping it doesn't crash on Financial new year like HDFC did 2 years ago xD

 

[varun__goel_]

What do you mean by that? 🤔

They do not offer anything pre approved, like cc and loans. Earlier they used to, but now maybe 1 in a million

 

[kaykayporty]

They do not offer anything pre approved, like cc and loans. Earlier they used to, but now maybe 1 in a million

No worries. Like I said, I don't want offers or credit cards. This is just one point of exit for money - bills, upi payments - makes it easy to track and work with.

 

[RadioactiveTabela]

I think you're expecting too much from a 0 MAB account. You do need to pay them one way or another either with MAB or charges.

I'm curious, any other issue with DBS Digibank?

DBS tech, support and uptime is topnotch. It was pretty good for all digital only transactions. Couple of times I needed attested bank statement and a DD, that was a pain.

 

[shijukrrish]

I suggest you to go for Axis Liberty account, bcoz am doing the same with axis account. People are telling about there notorious consolidated fees, but in my case I never got those issue.
Best wishes.

 

[varun__goel_]

I suggest you to go for Axis Liberty account, bcoz am doing the same with axis account. People are telling about there notorious consolidated fees, but in my case I never got those issue.
Best wishes.

Yes it is true. The issue is that people do not check soc of account . They just make transactions and take services which are chargeable, and then cry later.
Literally I haven't paid any charge other than dc. And that is too reasonable considering the offers provided. Best account, might not be the best service🙂

 

[varun__goel_]

Bringing the topic back to relevance in this thread, here's what I ended up choosing and why:

IDFC First Bank 10000 MAB. Why not others?

1. I find ICICI's app to be horrendous. Littered with loan ads just like HDFC.
2. Also, couldn't open an account at home. I don't know why but that's a dealbreaker.
3. It is actually unusable. My experience is from using the Amazon pay card on it.
4. Kotak 811 was out of the question since this would have large value transactions. They have stupid rules regarding this and have heard of them freezing accounts.
5. Kotak has an Everyday Savings Account but I could not find any reviews for it, so I let it go.

IDFC's onboarding experience was smooth, and they were very receptive. The app could be a bit better but nothing to complain so far because it is an expense only account as it should be.

I will wait for the debit card to arrive and evaluate the bank for a few months but so far everything looks good. Crossing my fingers for no spam 🤞

Arrey referral to le lete🤣🤣🤣

 

[kaykayporty]

I suggest you to go for Axis Liberty account, bcoz am doing the same with axis account. People are telling about there notorious consolidated fees, but in my case I never got those issue.
Best wishes.

I wish all the folks pitching this Axis Liberty account would come up with an actual comparable experience with other banks and are able to highlight their experience instead of just talking about reward points and fees of the bank.