Recommendations for optimising Savings account portfolio

[rakesh3929]

My current savings account details are as follows,

1) SBI Bank Regular Savings account with No Cheque. My first savings account which i opened in 2014. I have parked 2.75 Lakhs for immediate cash. Don’t use this much.

2) Indian Bank Savings account. Was opened as part of my employment. My salary gets credited here even now as I have 2 PL’s ongoing. Salary is 1.10 Lakh post TDS.

3) Canara Bank Savings account. Near my native where my parents reside. I have opened this to credit monthly expenses to my parents. I have parked 1.10 Lakh here so far.

My questions-
1) I have all 3 PSU bank accounts. Should i open a private bank savings account which might be useful in the long run? If yes, which bank.

2) I am planning to close my Indian bank account once my PL gets over which is March 2026 after which I am planning to convert either of Canara/SBI as my salary account. Is this recommended or should I do that with a private bank?

3) Indian bank use to give me a Rupay Platinum Debit card with which I can avail 1 airport lounge access per quarter. I would like to retain this benefit via Canara/SBI or private if opened new.

4) Is it possible for me to upgrade my VISA classic debit card from SBI to a better version? If yes, which one should i aim for? I don’t get any benefit on this card except reward points.

5) Same as question 4 but for Canara bank.

I have requested a lot of answers but I feel I am losing out on benefits as I have enough cash lying around all the accounts. Hope TF members can pitch in to increase my benefits.

Note - I have only 2 credit cards that too from SBI. Simplyclick 1Lakh limit and SBI Cashback 20k limit.

 

[Logicalguy]

Don’t be conservative, open an account with private banks. Their service level is good if you compare with SBI or Canara. Upto 5 lakh is insured so you must be good with any private bank.

 

[Beyond]

My current savings account details are as follows,

1) SBI Bank Regular Savings account with No Cheque. My first savings account which i opened in 2014. I have parked 2.75 Lakhs for immediate cash. Don’t use this much.

2) Indian Bank Savings account. Was opened as part of my employment. My salary gets credited here even now as I have 2 PL’s ongoing. Salary is 1.10 Lakh post TDS.

3) Canara Bank Savings account. Near my native where my parents reside. I have opened this to credit monthly expenses to my parents. I have parked 1.10 Lakh here so far.

My questions-
1) I have all 3 PSU bank accounts. Should i open a private bank savings account which might be useful in the long run? If yes, which bank.

2) I am planning to close my Indian bank account once my PL gets over which is March 2026 after which I am planning to convert either of Canara/SBI as my salary account. Is this recommended or should I do that with a private bank?

3) Indian bank use to give me a Rupay Platinum Debit card with which I can avail 1 airport lounge access per quarter. I would like to retain this benefit via Canara/SBI or private if opened new.

4) Is it possible for me to upgrade my VISA classic debit card from SBI to a better version? If yes, which one should i aim for? I don’t get any benefit on this card except reward points.

5) Same as question 4 but for Canara bank.

I have requested a lot of answers but I feel I am losing out on benefits as I have enough cash lying around all the accounts. Hope TF members can pitch in to increase my benefits.

Note - I have only 2 credit cards that too from SBI. Simplyclick 1Lakh limit and SBI Cashback 20k limit.

You can opt HDFC/Axis, if you are looking pre-approved cards.
Salary a/c has almost same benefit in any bank.

 

[6ix9ine]

My current savings account details are as follows,

1) SBI Bank Regular Savings account with No Cheque. My first savings account which i opened in 2014. I have parked 2.75 Lakhs for immediate cash. Don’t use this much.

2) Indian Bank Savings account. Was opened as part of my employment. My salary gets credited here even now as I have 2 PL’s ongoing. Salary is 1.10 Lakh post TDS.

3) Canara Bank Savings account. Near my native where my parents reside. I have opened this to credit monthly expenses to my parents. I have parked 1.10 Lakh here so far.

My questions-
1) I have all 3 PSU bank accounts. Should i open a private bank savings account which might be useful in the long run? If yes, which bank.

2) I am planning to close my Indian bank account once my PL gets over which is March 2026 after which I am planning to convert either of Canara/SBI as my salary account. Is this recommended or should I do that with a private bank?

3) Indian bank use to give me a Rupay Platinum Debit card with which I can avail 1 airport lounge access per quarter. I would like to retain this benefit via Canara/SBI or private if opened new.

4) Is it possible for me to upgrade my VISA classic debit card from SBI to a better version? If yes, which one should i aim for? I don’t get any benefit on this card except reward points.

5) Same as question 4 but for Canara bank.

I have requested a lot of answers but I feel I am losing out on benefits as I have enough cash lying around all the accounts. Hope TF members can pitch in to increase my benefits.

Note - I have only 2 credit cards that too from SBI. Simplyclick 1Lakh limit and SBI Cashback 20k limit.

If you don't mind, could you please elaborate on Canara Bank? Don’t your parents have a bank account?

You can even answer that question in DM if it feels sensitive. Now, coming to your post. If I were in your shoes, I would have done the following:

- Convert the SBI account into a salary account.
- Close both the Indian Bank and Canara Bank accounts.
- Open an account with HDFC, preferably the Savings Max account, as it's simply the best.

Note: If your parents don’t have a bank account, then you should keep the Canara Bank account.

(1) Yes, it’s good to have a blend of both PSU and private banks. You can go for the HDFC Savings Max account, which only requires a minimum balance of ₹25K, and there are no charges for anything. No debit card charges, no SMS charges, and RTGS/NEFT are free. IMPS charges a small fee, but it's minimal. The debit card is decent, and HDFC will also offer you pre-approved CC offers that you can use to get a card with them.

(2) Honestly, the salary account doesn’t matter in any bank, as most services are free. The reason I suggest switching to SBI is because Indian Bank's netbanking is horrible. SBI has one of the best internet banking in PSU banks. Also, most of the time SBI gives cheaper interest rates on loans, and having a salary account gives you more freedom to negotiate, though this may not always work with SBI. You can always prepay the loan directly via netbanking and once again, no charges here.

(3) You can also get a RuPay Platinum card with SBI, or possibly even a better one. So, this part is covered.

(4) You can upgrade that card to RuPay Platinum by visiting the branch and requesting an upgrade. It cannot be done through net banking, and there will be an annual fee. This part can be solved if you convert your account to a salary account, the fee will be waived since your account is now salary.

(5) I have no idea about Canara Bank, as I’ve never used their services.

I hope you are aware of the Friday offer for RuPay Platinum, as it’s one of the best features of it.

//Edit: Your CCs are fine, having both simplyclick and cashback is great combination.

 

[rakesh3929]

Don’t be conservative, open an account with private banks. Their service level is good if you compare with SBI or Canara. Upto 5 lakh is insured so you must be good with any private bank.

Any suggestions from your side? I would like to avail the best debit card too like Rupay Platinum/Select. I have read a lot about HDFC Easyshop Platinum Debit card. Something similar is what I am aiming for.

It’s not that I don’t want to open. My employment cum bank options so far has been like this.

 

[rakesh3929]

You can opt HDFC/Axis, if you are looking pre-approved cards.
Salary a/c has almost same benefit in any bank.

Opening a salary account in SBI/Canara or HDFC/Axis, do they all have same features?

Also when you meant pre-approved cards, is it debit or credit card?

 

[rakesh3929]

If you don't mind, could you please elaborate on Canara Bank? Don’t your parents have a bank account?

You can even answer that question in DM if it feels sensitive. Now, coming to your post. If I were in your shoes, I would have done the following:

- Convert the SBI account into a salary account.
- Close both the Indian Bank and Canara Bank accounts.
- Open an account with HDFC, preferably the Savings Max account, as it's simply the best.

Note: If your parents don’t have a bank account, then you should keep the Canara Bank account.

(1) Yes, it’s good to have a blend of both PSU and private banks. You can go for the HDFC Savings Max account, which only requires a minimum balance of ₹25K, and there are no charges for anything. No debit card charges, no SMS charges, and RTGS/NEFT are free. IMPS charges a small fee, but it's minimal. The debit card is decent, and HDFC will also offer you pre-approved CC offers that you can use to get a card with them.

(2) Honestly, the salary account doesn’t matter in any bank, as most services are free. The reason I suggest switching to SBI is because Indian Bank's netbanking is horrible. SBI has one of the best internet banking in PSU banks. Also, most of the time SBI gives cheaper interest rates on loans, and having a salary account gives you more freedom to negotiate, though this may not always work with SBI. You can always prepay the loan directly via netbanking and once again, no charges here.

(3) You can also get a RuPay Platinum card with SBI, or possibly even a better one. So, this part is covered.

(4) You can upgrade that card to RuPay Platinum by visiting the branch and requesting an upgrade. It cannot be done through net banking, and there will be an annual fee. This part can be solved if you convert your account to a salary account, the fee will be waived since your account is now salary.

(5) I have no idea about Canara Bank, as I’ve never used their services.

I hope you are aware of the Friday offer for RuPay Platinum, as it’s one of the best features of it.

//Edit: Your CCs are fine, having both simplyclick and cashback is great combination.

Yes my parents didn't have an account at a major PSU before. Had an account at TMB. TamilNadu Mercantile Bank. Closed that one and moved them to Canara. I am a first generation student. Canara opened a branch near to my native house. Hence, I opened an account in my name and handed it over to my parents.

- Done. Will convert SBI savings into salary account.
- I read here in our community that Canara bank's Rupay Select Debit card is one of the best. Is it okay to forego? Does the HDFC Savings Max account give any Debit cards that's equivalent or better to Canara bank's Rupay Select Debit card? Currently I could avail a free airport lounge access on my Indian bank Rupay Platinum card.

1) Great. I shall take steps to do so. Is there a possibility to avail EasyShop Platinum Debit card with this account? Also i see variants like Classic, Preferred and Imperia under EasyShop Platinum Debit cards.

2) Didn't know about loan prepayment possibility via Netbanking under SBI. Thanks for the tip.

3) and 4) That's nice. Is it possible for me to negotiate and get a card of my choice under SBI salary account? I browsed their website and only SBI Platinum International Debit Card has lounge facility.

5) No problem. I shall look into it more.

No I am not aware of the friday offer on Rupay Platinum. Can you explain or direct me to some threads where I can follow-up?

It's a good combo but with the limits I have couldn't do much. I have been trying to increase my limit on both cards for 6 months now via SBI Card app and writing emails but nothing worked.

Thank you for such detailed insights.

 

[varun__goel_]

I shall take steps to do so. Is there a possibility to avail EasyShop Platinum Debit card with this account?

HDFC issues Easyshop Platinum DC by default for Savings Max Account.

Hdfc does not offer any Rupay Select card

 

[rakesh3929]

HDFC issues Easyshop Platinum DC by default for Savings Max Account.

Hdfc does not offer any Rupay Select card

Which variant of it? Classic, Preferred, Imperia?

 

[Beyond]

Opening a salary account in SBI/Canara or HDFC/Axis, do they all have same features?

Also when you meant pre-approved cards, is it debit or credit card?

Preapproved credit card with decent usage and time (minimum 6-9 months).
DC is always free in any salary ac.
Yes, in my finding all salary a/c are almost same in terms of benefits.

 

[cardy]

Yes my parents didn't have an account at a major PSU before. Had an account at TMB. TamilNadu Mercantile Bank. Closed that one and moved them to Canara. I am a first generation student. Canara opened a branch near to my native house. Hence, I opened an account in my name and handed it over to my parents.

- Done. Will convert SBI savings into salary account.
- I read here in our community that Canara bank's Rupay Select Debit card is one of the best. Is it okay to forego? Does the HDFC Savings Max account give any Debit cards that's equivalent or better to Canara bank's Rupay Select Debit card? Currently I could avail a free airport lounge access on my Indian bank Rupay Platinum card.

1) Great. I shall take steps to do so. Is there a possibility to avail EasyShop Platinum Debit card with this account? Also i see variants like Classic, Preferred and Imperia under EasyShop Platinum Debit cards.

2) Didn't know about loan prepayment possibility via Netbanking under SBI. Thanks for the tip.

3) and 4) That's nice. Is it possible for me to negotiate and get a card of my choice under SBI salary account? I browsed their website and only SBI Platinum International Debit Card has lounge facility.

5) No problem. I shall look into it more.

No I am not aware of the friday offer on Rupay Platinum. Can you explain or direct me to some threads where I can follow-up?

It's a good combo but with the limits I have couldn't do much. I have been trying to increase my limit on both cards for 6 months now via SBI Card app and writing emails but nothing worked.

Thank you for such detailed insights.

SBI platinum card requires 1L mab since you already parking more than that apply for it. It may take care of your airport lounge access

 

[6ix9ine]

Yes my parents didn't have an account at a major PSU before. Had an account at TMB. TamilNadu Mercantile Bank. Closed that one and moved them to Canara. I am a first generation student. Canara opened a branch near to my native house. Hence, I opened an account in my name and handed it over to my parents.

Understood, keep the canara account then. We don't need to close it.

- Done. Will convert SBI savings into salary account.

- I read here in our community that Canara bank's Rupay Select Debit card is one of the best. Is it okay to forego?

Since we are going to keep that Canara Bank account, you can opt for that card to enjoy its benefits. It's completely up to you. Just for your information, RuPay Select card is mostly the same across all banks, similar to the RuPay Platinum card. The reason is that the banks are just issuers. RuPay is the one who is providing the benefits, not the banks.

Does the HDFC Savings Max account give any Debit cards that's equivalent or better to Canara bank's Rupay Select Debit card? Currently I could avail a free airport lounge access on my Indian bank Rupay Platinum card.

It comes with the HDFC Visa Platinum Debit Card, which offers 2 per quarter, totaling 8 in a year. To avail that, you just need to spend ₹5000 in the previous quarter. Spending ₹5000 will be easy, as it rewards you for paying CC bills and other stuff. Also, it's completely free with HDFC saving max variant account. You can read more about it here: https://www.hdfcbank.com/personal/pay/cards/debit-cards/platinum-debit-card

1) Great. I shall take steps to do so. Is there a possibility to avail EasyShop Platinum Debit card with this account? Also i see variants like Classic, Preferred and Imperia under EasyShop Platinum Debit cards.

By default, it comes with the Visa Platinum debit card. Classic, Preferred, and Imperia are different banking services by HDFC, it's not debit card variants.

Classic banking requires a monthly average balance of ₹1 lakh, and in return, HDFC provides you with a Relationship Manager and several other perks.

Similarly, the Preferred banking service offers different benefits, and so on. In short, the more you maintain with the bank, the more perks they provide in return.

2) Didn't know about loan prepayment possibility via Netbanking under SBI. Thanks for the tip.

Yes, many people don’t know this, as most banks charge a penalty for prepayment. But, that’s not the case with SBI. Everything can be done easily through their net banking or mobile banking.

3) and 4) That's nice. Is it possible for me to negotiate and get a card of my choice under SBI salary account? I browsed their website and only SBI Platinum International Debit Card has lounge facility.

Absolutely, once you convert your savings account to a salary account, your account type will be updated in the Yono app, and you’ll be eligible for premium debit cards. These can only be applied for through the branch, not through net banking.

There’s a thread on TF where people have mentioned the premium debit cards available under the salary account. You should search for it and have a look.

If you’re unable to find it, feel free to DM me, and I’ll send it to you. I’ve saved it somewhere because when we apply for premium debit cards, we need to provide the debit card code to avoid any issues.

Don’t rely on the SBI website, as it’s not updated. It doesn’t even list the RuPay Platinum card. The Platinum variant you saw is just the regular platinum card. The website only lists debit cards that you can apply for online.

No I am not aware of the friday offer on Rupay Platinum. Can you explain or direct me to some threads where I can follow-up?

Just read the first page, then skip straight to the last few pages. Once again, all RuPay Platinum cards from different banks are the same. None has an edge.

Thread '(Offer Extended) Amazon Recharge/bill payment - 20% off upto 100/month using RuPay Platinum debit card'

Apr 2, 2024

(Offer Extended) Amazon Recharge/bill payment - 20% off upto 100/month using RuPay Platinum debit card:

Amazon Recharge/bill payment - 20% instant discount (Max INR 100 per card per month) using RuPay Platinum debit card:

The Offer is valid from 1st April’24 to 31st March’25.

Amazon Offer Details (Terms and Conditions)

Offer: RuPay Platinum Debit Cardholders shall be eligible for getting 20% instant discount (Max INR 100 per card per month) on recharge/bill payment on Amazon.in on a minimum order value of Rs 129 using RuPay Platinum Debit Card.

The offer shall be valid only on Fridays...

• ritwik2000
• bank bob credit card debit card offer platinum rupay rupay platinum sbi upi
• Replies: 315
• Forum: Debit Card Offers

• 
• 

It's a good combo but with the limits I have couldn't do much. I have been trying to increase my limit on both cards for 6 months now via SBI Card app and writing emails but nothing worked.

SBI is harsh. They no longer offers easy credit limit increases. You now need to submit salary slips and what not. But, you can transfer your limit from the SimplyClick to the Cashback card. Just call the customer service and request it. If the executive says it’s not possible, hang up and call again. You’ll find someone who will do it.

Tip: If you ever plan to close a card, make sure to transfer the limit to your active card before closing it.

Thank you for such detailed insights.

My pleasure ^^

 

[coolanshu1000]

You can have salary account with canara. Simply convert your existing account to premium payroll diamond and you are good to go. There are loads of features present in it including LTF rupay platinum debit card. Check the official link for details. On CC front, i recommend one rupay credit card for offline UPI QR transactions. You can also opt for Canara bank's Rupay Select credit card whose charges are 354/- (will be 177 if you opt for premium payroll). Completely waived if you have annual txn more than 1 lac. In my opinion, for rupay select credit card, these charges are significantly less than what other banks offer.

Premium Payroll Package Diamond | Canara Bank

Discover Canara Bank's comprehensive diamond services. Secure your investments with tailored financial solutions for diamonds and gems.

canarabank.com

 

[rakesh3929]

Preapproved credit card with decent usage and time (minimum 6-9 months).
DC is always free in any salary ac.
Yes, in my finding all salary a/c are almost same in terms of benefits.

Got it. I am receiving an offer in email for HDFC Millenia credit card as LTF with Rs 2750 voucher due to my PL in HDFC. As i have SBI cashback card, I am pondering.

 

[coolanshu1000]

Moreover if you have used the canara ai1 app you will be knowing how well the app works. most of the day to day banking operations can be done on the app itself.. no need to visit branch.

 

[rakesh3929]

SBI platinum card requires 1L mab since you already parking more than that apply for it. It may take care of your airport lounge access

Okay, thank you!

 

[rakesh3929]

You can have salary account with canara. Simply convert your existing account to premium payroll diamond and you are good to go. There are loads of features present in it including LTF rupay platinum debit card. Check the official link for details. On CC front, i recommend one rupay credit card for offline UPI QR transactions. You can also opt for Canara bank's Rupay Select credit card whose charges are 354/- (will be 177 if you opt for premium payroll). Completely waived if you have annual txn more than 1 lac. In my opinion, for rupay select credit card, these charges are significantly less than what other banks offer.

Premium Payroll Package Diamond | Canara Bank

Discover Canara Bank's comprehensive diamond services. Secure your investments with tailored financial solutions for diamonds and gems.

canarabank.com

Thanks for this. The feature set looks nice. Will definitely explore.

 

[rakesh3929]

Moreover if you have used the canara ai1 app you will be knowing how well the app works. most of the day to day banking operations can be done on the app itself.. no need to visit branch.

Nope I haven’t used Canara ai1 app in mobile. I will try that and see.

 

[rakesh3929]

Understood, keep the canara account then. We don't need to close it.

Sure. I will retain it.

The reason is that the banks are just issuers. RuPay is the one who is providing the benefits, not the banks.

Oh didn't know about this. I have browsed Rupay website many times and thought each bank's Debit card feature might be different.

You can read more about it here: https://www.hdfcbank.com/personal/pay/cards/debit-cards/platinum-debit-card

Gave a read. Will probably approach my nearest HDFC branch.

Classic, Preferred, and Imperia are different banking services by HDFC, it's not debit card variants. Classic banking requires a monthly average balance of ₹1 lakh, and in return, HDFC provides you with a Relationship Manager and several other perks.

Thanks for the clarity. I understand now.

But, that’s not the case with SBI. Everything can be done easily through their net banking or mobile banking.

Good to know. Will have SBI in my mind for future loans. As it was a PL for an emergency, I had to go with HDFC as they processed it within 2,3 days.

If you’re unable to find it, feel free to DM me, and I’ll send it to you. I’ve saved it somewhere because when we apply for premium debit cards, we need to provide the debit card code to avoid any issues.

Will search our community first and then DM you incase I couldn't manage to find it.

Just read the first page, then skip straight to the last few pages.

Great! Thanks. Thank you once again for your detailed insights.