Private bank account recommendation for my sister who just turned 18

[CyberPsych]

My sister just turned 18 and got her PAN card. Since most of the stores have digital transactions now a days, I would like to have her a bank account. I do not want a feature rich account but a basic savings account (do not want student account as well) with least minimum balance as possible. No need for cheque book, credit card, etc if it helps. Since I have HDFC, I do not want another HDFC in my family. Please suggest other top private banks for account creation especially the one doesn't want us to visit branch for small things after I have created the account.

 

[Vaastav]

Open ICICI Wealth Account. It would require some Initial Funding to open but after that it'll be Zero MAB Account. Might also help in Getting Pre Approved ICICI CC in Future.

 

[Das.N]

You can go for ICICI digital savings account with 95K initial funding, then no monthly balance. Since you have HDFC, an ICICI account with debit, credit card will cover most of the e commerce offer. Alternative you can go for SBI account, they don't have any minimum balance rule. Third option is Kotak/AU. They will open zero balance account online. You can get more interest there but less e commerce offers.

 

[CyberPsych]

@Vaastav @Das.N
Initial funding means, I have to pay 95K (which will be deposited in my account) to create account and then I can retrieve all 95K through ATM and it becomes zero balance account?

 

[Bugs Bunny]

ICICI Wealth Management could be a suitable choice for 0 MAB, given her current student status. If you already hold a premium HDFC bank account, I recommend opening an account for her and linking it to your family, which should help reduce her Minimum Average Balance (MAB) requirement to zero

 

[varun__goel_]

@Vaastav @Das.N
Initial funding means, I have to pay 95K (which will be deposited in my account) to create account and then I can retrieve all 95K through ATM and it becomes zero balance account?

Won't be able to do, as it requires to be paid via upi from a/c which is registered in yours(your sister) name.
My suggestion, get a savings a/c in HDFC/SBI/ICICI and for upi get kotak 811 or AU(Rupay Platinum) as well. This is for peace of mind😀

 

[samm255]

Open Kotak 811 zero balance digital savings account to start journey then you can open any other bank account for IP from kotak. Kotak 811 is true zero balance with virtual debit card. No charges for debit card (don't opt for physical DC), sms or anything.

 

[Walter White]

In case of Public sector banks, SBI is a no brainer as there is no MAB requirement. For Private banks, IDFC Future First Savings Account is a decent option. Or else, go with ICICI.

 

[CyberPsych]

Won't be able to do, as it requires to be paid via upi from a/c which is registered in yours(your sister) name.
My suggestion, get a savings a/c in HDFC/SBI/ICICI and for upi get kotak 811 or AU(Rupay Platinum) as well. This is for peace of mind😀

Withdrawal by means if UPI (instead of ATM) doesn't matter as the sole reason I am looking to create account is for digital transaction.

 

[varun__goel_]

Withdrawal by means if UPI (instead of ATM) doesn't matter as the sole reason I am looking to create account is for digital transaction.

I am talking about the initial funding of 95k required for icici 0mab account. To open that a/c your sister needs an existing a/c with other bank and funding has to be done via that a/c. It cannot be done from someone else a/c.
If want solely for digital transaction kotak 811is the best(0mab, 0 charges)

 

[Vaastav]

I am talking about the initial funding of 95k required for icici 0mab account. To open that a/c your sister needs an existing a/c with other bank and funding has to be done via that a/c. It cannot be done from someone else a/c.
If want solely for digital transaction kotak 811is the best(0mab, 0 charges)

I don't think this condition is also for ICICI Wealth Account. @CyberPsych Check With Your Local ICICI Branch what IP is required to Open Wealth Account. It varies from City to City but most likely you should be able to open with 5L Funding.

 

[varun__goel_]

I don't think this condition is also for ICICI Wealth Account. @CyberPsych Check With Your Local ICICI Branch what IP is required to Open Wealth Account. It varies from City to City but most likely you should be able to open with 5L Funding.

Don't know about offline. And I will also not recommend wealth for her, I know it's a 0 bal a/c, but it kind of creates an obligation to have a healthy relationship with bank.

 

[panchabhut]

For someone who is at the start of her adulthood, a wealth acct may be an overkill. Register for NSDL Jiffy via PAN+Aahaar with zero bal. IF mode of payment is only online and UPI, the digital rupay card is enough. Otherwise, get the paid physical card. Assuming that she does not have any independent income, it would be good enough to transfer her pocket money also.

 

[kjs]

Go for Kotak 811 or sbi eyes closed.SBI i would suggest since shes still teenager she can use SBI CDM to deposit her pocket money or any birthday or festival boney she might get. Fancy account variant names look just good in the beginning once you start using you wont realise which variant you are part of.

 

[ashwinkashwink is verified member.]

IDFC future first account is also an option...