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!

 

[StanRoute66]

@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?

dont go with Indus , they will harass you everyday by calling for personal loans

 

[TheTrickySid]

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)

If you are comfortable in maintaining 25 k you should go with HDFC savings max account.

It will give you the best value for money

 

[TheTrickySid]

dont go with Indus , they will harass you everyday by calling for personal loans

Not necessarily everyone get calls
I haven't received a single call

 

[raghavx]

If you are comfortable in maintaining 25 k you should go with HDFC savings max account.

It will give you the best value for money

Can the 25k hdfc mab account be free? If I use it as a salary account

 

[talkwithfino]

Can the 25k hdfc mab account be free? If I use it as a salary account

It will be..... But Hdfc is very strict in terms of Salary Account. If you don't get salary credited for 2-3 months, they will downgrade your Acc to Regular Savings. What @BankExpertIndia said sounds good to me. You can actually have Savings in Hdfc as by maintaining 25k, you will almost get the same benefits as their Salary Account ( Free Debit Card, Cheque)
If your salary is greater than 1L , Hdfc will upgrade you to Classic (depending on who your employer is) ..... but @anirbanm will agree with me; that Hdfc's hierarchy is almost useless.

 

[TheTrickySid]

It will be..... But Hdfc is very strict in terms of Salary Account. If you don't get salary credited for 2-3 months, they will downgrade your Acc to Regular Savings. What @BankExpertIndia said sounds good to me. You can actually have Savings in Hdfc as by maintaining 25k, you will almost get the same benefits as their Salary Account ( Free Debit Card, Cheque)
If your salary is greater than 1L , Hdfc will upgrade you to Classic (depending on who your employer is) ..... but @anirbanm will agree with me; that Hdfc's hierarchy is almost useless.

Yes don't think about the hierarchy,

Savings max is the best one in HDFC be it salary or normal
Everything is free

 

[raghavx]

It will be..... But Hdfc is very strict in terms of Salary Account. If you don't get salary credited for 2-3 months, they will downgrade your Acc to Regular Savings. What @BankExpertIndia said sounds good to me. You can actually have Savings in Hdfc as by maintaining 25k, you will almost get the same benefits as their Salary Account ( Free Debit Card, Cheque)
If your salary is greater than 1L , Hdfc will upgrade you to Classic (depending on who your employer is) ..... but @anirbanm will agree with me; that Hdfc's hierarchy is almost useless.

@talkwithfino @HyperBeast I am thinking to go for salary with HDFC , salary > 1 lakh/month. Will ask them to upgrade after a few months for classic (Hdfc don’t give good interest rates, hence I was thinking to shift my salary to an account which would have higher interest rate, so IDFC is what I am thinking for emergency fund.)


Also what do you mean by hierarchy

 

[hriday.haria]

@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?

This is my exact replica for primary accounts run by me ...

 

[raghavx]

This is my exact replica for primary accounts run by me ...

@hriday.haria opening salary with HDFC 👍 and savings/emergency with IDFC. As Idk I find it better than IndusInd, what do you think?

 

[hriday.haria]

@hriday.haria opening salary with HDFC 👍 and savings/emergency with IDFC. As Idk I find it better than IndusInd, what do you think?

Yes, I find it better than IndusInd. There are some advantages with both over the other.

IndusInd:
You can choose your account number.
Currently you are getting 2L AMB Account as 0 MAB.

IDFC:
Better interest rate and other features
Their UI is easier to navigate
Customer Service I found better than IndusInd (in relative terms)

Note : Also it depends on the Branch, I have no IndusInd branch near me in 2km distance, and IDFC is close to my home (though I have visited branch only twice, for account opening and collect account downgrade for to avoid DC Charges, which they rolled back )

 

[raghavx]

Yes, I find it better than IndusInd. There are some advantages with both over the other.

IndusInd:
You can choose your account number.
Currently you are getting 2L AMB Account as 0 MAB.

IDFC:
Better interest rate and other features
Their UI is easier to navigate
Customer Service I found better than IndusInd (in relative terms)

Note : Also it depends on the Branch, I have no IndusInd branch near me in 2km distance, and IDFC is close to my home (though I have visited branch only twice, for account opening and collect account downgrade for to avoid DC Charges, which they rolled back )

Thanks @hriday.haria . I think I won't be able to give 2 Lakhs cheque for that account in IndusInd. So, I'll got with IDFC. (Don't have branch of any of the bank though 🤣). Also should I go for 10k/25k variant?

I want to get the pre-approved card offer so which is why IDFC is in my mind.

 

[hriday.haria]

Thanks @hriday.haria . I think I won't be able to give 2 Lakhs cheque for that account in IndusInd. So, I'll got with IDFC. (Don't have branch of any of the bank though 🤣). Also should I go for 10k/25k variant?

I want to get the pre-approved card offer so which is why IDFC is in my mind.

For pre-approved card, you can choose any variant. The card eligibility will consider CIBIL primarily and then your account Balance maintained (not variant), which also I find a joke now. Some people who maintained less amount too are getting upgrades and CC approvals in IDFC. If you have no cards, IDFC might offer you one very quick, within a few months.

 

[hriday.haria]

Thanks @hriday.haria . I think I won't be able to give 2 Lakhs cheque for that account in IndusInd. So, I'll got with IDFC. (Don't have branch of any of the bank though 🤣). Also should I go for 10k/25k variant?

I want to get the pre-approved card offer so which is why IDFC is in my mind.

Also one suggestion.... When you open a salary account with HDFC, try to get the correct kit and correct Debit Card variant. As the debit card issued with salary account will be free till you have Salary Account with them.

Avoid if they say they will open a savings account(insta) and then convert it to salary, else you will be stuck with useless TimesPoint Platinum DC like me ! 😅

 

[Krish]

For pre-approved card, you can choose any variant. The card eligibility will consider CIBIL primarily and then your account Balance maintained (not variant), which also I find a joke now. Some people who maintained less amount too are getting upgrades and CC approvals in IDFC. If you have no cards, IDFC might offer you one very quick, within a few months.

Pre approved cc offer doesn’t consider CIBIL.

 

[SC_23]

@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?

I only suggested Axis if you want to open salary account because the main purpose of salary account is to get maximum benefits for free without maintaining mab and their cc offering is also quite good

If they could they would charge you for even opening their app 😂

For Savings / Investment account I would personally go with Big 3 (SBI HDFC ICICI)
You can make it Zero mab with having FD no such option for IDFC

Emergency you can go with IDFC but make sure to open before 30th June

Bro I Checked SC fees charges pdf on my mobile I could have made some mistake but most probably it is true.

 

[talkwithfino]

@talkwithfino @HyperBeast I am thinking to go for salary with HDFC , salary > 1 lakh/month. Will ask them to upgrade after a few months for classic (Hdfc don’t give good interest rates, hence I was thinking to shift my salary to an account which would have higher interest rate, so IDFC is what I am thinking for emergency fund.)


Also what do you mean by hierarchy

By hierarchy I mean their Premium Banking Services. Classic, Preferred and Imperia banking.
They give you some benefits, then RM (Sales Manager🙃), discount on lockers and stuff like that. But Classic has almost the same benefits of Savings Max (instead of maintaining 1L MAB which is required for classic; you can have 25k in your Savings Max account and avail free debit card and cheque book, no sms charges etc)

There is not really much difference/ add on value in Hdfc Premium Accounts like in Axis.

 

[SC_23]

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

No man I don't have any relationship with that bank anirbanm does

 

[SC_23]

Yes, I find it better than IndusInd. There are some advantages with both over the other.

IndusInd:
You can choose your account number.
Currently you are getting 2L AMB Account as 0 MAB.

IDFC:
Better interest rate and other features
Their UI is easier to navigate
Customer Service I found better than IndusInd (in relative terms)

Note : Also it depends on the Branch, I have no IndusInd branch near me in 2km distance, and IDFC is close to my home (though I have visited branch only twice, for account opening and collect account downgrade for to avoid DC Charges, which they rolled back )

Can you confirm with indusind that they will not charge you annual dc charges?

And you opened it as single holder right?

Also did you confirm if you can upgrade to exclusive zero mab if you get Pinnacle cc or that offer is only for new customers?

 

[hriday.haria]

Can you confirm with indusind that they will not charge you annual dc charges?

And you opened it as single holder right?

Also did you confirm if you can upgrade to exclusive zero mab if you get Pinnacle cc or that offer is only for new customers?

Hey, I have not opened the IndusInd account. @HyperBeast has opened it and he can guide you.
@HyperBeast Please reply.
@SC_23 You can find the thread here : https://www.technofino.in/community...tner-account-suggestion.757/page-8#post-18636

He has mentioned about him opening it as a single user
Edit: As per his post and Schedule of Charges PDF link ... Its is free, no annual DC Charges.

 

[SC_23]

Hey, I have not opened the IndusInd account. @HyperBeast has opened it and he can guide you.
@HyperBeast Please reply.
@SC_23 You can find the thread here : https://www.technofino.in/community...tner-account-suggestion.757/page-8#post-18636

He has mentioned about him opening it as a single user
Edit: As per his post and Schedule of Charges PDF link ... Its is free, no annual DC Charges.

View attachment 1838

Yea but theirs a clause upon maintaing mab. Idk if fine Print will strike again 😂

Idk what made IDFC to charge for DC so suddenly, they literally pissed all over the goodwill they gathered in past few years 😂