Please provide your suggestions for a new bank account.

[raghavx]

(Asking this for my sister)

Hi,

I currently have an ICICI Savings account (10k FD one). Hence, No MAB. I have other bank accounts as well which include DBS, Fi, Jupiter, and Paytm Payments Bank. (Opened all initially because some of the others had some offer and all of them were/are Zero Balance accounts). DBS has started charging if MAB falls below 5k.

So, DBS is what I use for day-to-day transactions. I load some money every month from my ICICI Bank account (I use my ICICI savings account for salary credit) and then use it from DBS.

Now I am thinking to have a separate bank account for separate concerns.

Which includes

1. Salary Account
2. Account for day-to-day transactions
3. Bank account for investments
4. Emergency/Savings Account

• I am not sure which salary account bank should I go for. I got to know if monthly salary credit is > 1 Lakh/month there's Axis priority salary account. What are your thoughts on this? Do you have any other suggestions for salary accounts? I am confused between the Axis priority salary account and the HDFC salary account.
• For day-to-day transactions, I was thinking to have a zero balance account. Got to know about SC Basics Savings and HSBC Basics Savings, both of them don't charge anything for debit cards, plus there are unlimited withdrawals from any bank ATM with SC Basics. Or in the end, I might have DBS only as I like the app.
• For the Investments account, I'll keep my ICICI Savings account only.
• For the Emergency/Savings fund I was thinking to open an account with IDFC first bank (25k MAB).

(Not thinking to close Paytm Payments Bank, Fi, Jupiter, what do you say? Since they are of Zero MAB).

Please share your thoughts, everyone! Much appreciated!

 

[raghavx]

@TechnoFino dada your thoughts will be much appreciated as well. 🙏

 

[ashwinkashwink is verified member.]

Are you thinking to close dbs?

 

[prc1990]

I also have Digi Save account with DBS. They provide exciting bill payment offers.

 

[BankExpertIndia]

Reading Your Post I Have Got To Know That You Are Not In The Mood To Keep A Big Sum Of Money In Banks...

So My Suggestion For You Is...

1. Get Axis Priority With Salary Account ( Don't Use It As Main Account As Axis Don't Deserve It)
2. Get HDFC SavingsMax As It's A Good Account Varient And There Are No Charges For Any Of The Debit Card / Cheque Book / ETC...
3. Get IDFC 10K MAB Account Before 30th June... Otherwise It's Not Worth It.
4. Use Jupiter/DBS/HSBC BSBDA/ StanC BSBDA For D2D Transactions

Note : Don't Make Any Investments With Bank ( Except FD).... If Want To Invest In FD The Rates Of IndusInd Are Good.... Otherwise Open A Zerodha 3-In-1 Account With IDFC

 

[kochiro]

Reading Your Post I Have Got To Know That You Are Not In The Mood To Keep A Big Sum Of Money In Banks...

So My Suggestion For You Is...

1. Get Axis Priority With Salary Account ( Don't Use It As Main Account As Axis Don't Deserve It)
2. Get HDFC SavingsMax As It's A Good Account Varient And There Are No Charges For Any Of The Debit Card / Cheque Book / ETC...
3. Get IDFC 10K MAB Account Before 30th June... Otherwise It's Not Worth It.
4. Use Jupiter/DBS/HSBC BSBDA/ StanC BSBDA For D2D Transactions

Note : Don't Make Any Investments With Bank ( Except FD).... If Want To Invest In FD The Rates Of IndusInd Are Good.... Otherwise Open A Zerodha 3-In-1 Account With IDFC

Why before 30th June ?

 

[BankExpertIndia]

Why before 30th June ?

Because After That Debit Card Charges Will Apply... So If You Can Open The IDFC First Bank You Will Get LTF Debit Card

 

[StanRoute66]

(Asking this for my sister)

Hi,

I currently have an ICICI Savings account (10k FD one). Hence, No MAB. I have other bank accounts as well which include DBS, Fi, Jupiter, and Paytm Payments Bank. (Opened all initially because some of the others had some offer and all of them were/are Zero Balance accounts). DBS has started charging if MAB falls below 5k.

So, DBS is what I use for day-to-day transactions. I load some money every month from my ICICI Bank account (I use my ICICI savings account for salary credit) and then use it from DBS.

Now I am thinking to have a separate bank account for separate concerns.

Which includes

1. Salary Account
2. Account for day-to-day transactions
3. Bank account for investments
4. Emergency/Savings Account

• I am not sure which salary account bank should I go for. I got to know if monthly salary credit is > 1 Lakh/month there's Axis priority salary account. What are your thoughts on this? Do you have any other suggestions for salary accounts? I am confused between the Axis priority salary account and the HDFC salary account.
• For day-to-day transactions, I was thinking to have a zero balance account. Got to know about SC Basics Savings and HSBC Basics Savings, both of them don't charge anything for debit cards, plus there are unlimited withdrawals from any bank ATM with SC Basics. Or in the end, I might have DBS only as I like the app.
• For the Investments account, I'll keep my ICICI Savings account only.
• For the Emergency/Savings fund I was thinking to open an account with IDFC first bank (25k MAB).

(Not thinking to close Paytm Payments Bank, Fi, Jupiter, what do you say? Since they are of Zero MAB).

Please share your thoughts, everyone! Much appreciated!

Yes , you are right on the Emergency corpus Account with IDFC First . PLUS these days ther are giving pre-approved card offers aggressively !

 

[raghavx]

Are you thinking to close dbs?

Not sure might do. As it requires 5k MAB. But the app is so seamless and smooth. No UPI downtime ever.

 

[raghavx]

I also have Digi Save account with DBS. They provide exciting bill payment offers.

Never ever done this, where can I find it?

 

[prc1990]

Never ever done this, where can I find it?

If eligible, you will receive notification in your registered email.

 

[raghavx]

Reading Your Post I Have Got To Know That You Are Not In The Mood To Keep A Big Sum Of Money In Banks...

So My Suggestion For You Is...

1. Get Axis Priority With Salary Account ( Don't Use It As Main Account As Axis Don't Deserve It)
2. Get HDFC SavingsMax As It's A Good Account Varient And There Are No Charges For Any Of The Debit Card / Cheque Book / ETC...
3. Get IDFC 10K MAB Account Before 30th June... Otherwise It's Not Worth It.
4. Use Jupiter/DBS/HSBC BSBDA/ StanC BSBDA For D2D Transactions

Note : Don't Make Any Investments With Bank ( Except FD).... If Want To Invest In FD The Rates Of IndusInd Are Good.... Otherwise Open A Zerodha 3-In-1 Account With IDFC

• Sounds good @BankExpertIndia. However, yes I don't want to keep more money in a single bank account. Like wealth or such, No plans for it now. What are the benefits of the Axis Priority salary account? People always say that axis has bad customer care support.
• Also, HDFC SavingsMax has always been in my mind, though confused if I should have this for savings or salary.
• What are the benefits of IDFC 10K? Its debit card is also not that cool.
• Perfect! StanC is what I am thinking as it comes with Unlimited ATM Transactions. Or will consider as there are not many benefits.
  
  
  Thank you for the amazing advice 🙏

 

[raghavx]

@anirbanm do you have any thoughts?

 

[SC_23]

Savings - HDFC 25k Savings Max

Salary- Axis (Savings account ain't worth it until you want to maintain 2L mab)

Investment - Your preference

Zero Mab - Kotak 811 is also good if you don't want physical debit card

Thanks for introducing me to sc zero mab account but 10k/25k withdrawal is the only downside I managed to point out on my mobile

Personally I don't trust Neo banks I use Axis 12k mab for my daily transaction be it UPI or debit and if there's downtime I use Kotak upi.

Emergency : IDFC or Indusind before 30th June though and use linked fd feature

Check Indusind partner account thread

I am also thinking of switching from axis to those but couldn't manage my schedule till now so I also have some doubts to clear with them

Edit : Specially Debit card annual charges and if there will be any problem in upgrading to exclusive while trying to make it zero mab using credit card criteria (Indusind)

 

[Krish]

Because After That Debit Card Charges Will Apply... So If You Can Open The IDFC First Bank You Will Get LTF Debit Card

Do you have an account in IDFC?

 

[raghavx]

Savings - HDFC 25k Savings Max

Salary- Axis (Savings account ain't worth it until you want to maintain 2L mab)

Investment - Your preference

Zero Mab - Kotak 811 is also good if you don't want physical debit card

Thanks for introducing me to sc zero mab account but 10k/25k withdrawal is the only downside I managed to point out on my mobile

Personally I don't trust Neo banks I use Axis 12k mab for my daily transaction be it UPI or debit and if there's downtime I use Kotak upi.

Emergency : IDFC or Indusind before 30th June though and use linked fd feature

Check Indusind partner account thread

I am also thinking of switching from axis to those but couldn't manage my schedule till now so I also have some doubts to clear with them

Edit : Specially Debit card annual charges and if there will be any problem in upgrading to exclusive while trying to make it zero mab using credit card criteria (Indusind)

@SC_23 I don't find any benefits with Axis (Priority). What do you think? I was thinking to have savings with IDFC 25k MAB.

Also are you sure about StanC daily 10/25k withdrawal limit?

 

[raghavx]

@anirbanm @SC_23

• Savings/Emergency - IDFC 25K MAB (Also does INDUSIND have any similar account?)
• Salary - HDFC (I guess it would be same as HDFC Max)

What do you say?

 

[raghavx]

@anirbanm @SC_23 Now IndusInd also looks promising. Do you have any suggestions? I am confused now. Huhh.

 

[TheTrickySid]

@anirbanm @SC_23

• Savings/Emergency - IDFC 25K MAB (Also does INDUSIND have any similar account?)
• Salary - HDFC (I guess it would be same as HDFC Max)

What do you say?

Indusind is currently running an special offer

Valentine Day Offer on Indus Partner Savings Account | IndusInd Bank

If you have an Indus Partner Savings account, enjoy a host of benefits and privileges from 14th Feb 2022 to 30th June 20222. The account can be opened jointly with spouse or partner.

www.indusind.com

BTW Indusind also has 25k mab account

 

[raghavx]

Indusind is currently running an special offer

Valentine Day Offer on Indus Partner Savings Account | IndusInd Bank

If you have an Indus Partner Savings account, enjoy a host of benefits and privileges from 14th Feb 2022 to 30th June 20222. The account can be opened jointly with spouse or partner.

www.indusind.com

BTW Indusind also has 25k mab account

can't fund 2L 🙁, do you have any suggestions? An account with IndusInd as par with IDFC with 25K MAB? (I don't want 25K as such its just that IDFC first's debit card is LTF and comes with a lot of benefits)