NikhilG
TF Premier
I'm sorry the debit card is chargeable.
I just opened the utkarsh account. I will share my experience
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SA with high interest rates or a bank FD?
I just opened the utkarsh account. I will share my experience
RSDC Charges?
Account variant name?
NikhilG
TF Premier
I recommend IDFCFirst Private account based on your requirements. It is not a small bank, good balance sheet and on its way to be one of the larger banks. Gives 7.25% interest above 10L. Also, interest payments are credited monthly, so compounding factor is better.
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I feel between Utkarsh and IDFC, the latter is a much better option. Utkarsh is an SFB. From your needs, I understand that you might have money moving in and out. With SFBs, as soon as your money moves out, you will get calls, and they'll also pester you a lot for keeping more balance and also do a lot of questioning regarding why did you move your money out and all. These things will also happen with larger banks like IDFC, but if you tell them to stop bothering you, they will stop bothering you. The balance sheets of the two banks are not comparable. Every branch of Utkarsh will have huge stress regarding daily closing balance and things like that. Just make sure you know what you're getting into.
I agree that in Equitas I get these from my virtual RM. but in Utkarsh i don't get them. i dont know why. nevertheless i maintain good balances in UTKS & not in Equitas due to interest rates & non-harassment.
In IDFC also I don't get calls. One reason might be that in both UTKS & IDFC I complained to PNO about some issue.
NikhilG
TF Premier
Finally i opened standard savings account because i wanted to test and play with if first. I asked customer care and they said dc is chargeable so I opted it out for now. On board experience was okay and aqb is 5k for this. Can this 5k be kept in fd as well?
NikhilG
TF Premier
I just on boarded with utkarsh to see and play out because you see the reality when you start using it. That's why i just opened the standard savings account with aqb of 5k and that too without dc. One thing I notice is just 3 lac transfer limit of rtgs, very mediocre customer support
NikhilG
TF Premier
So I did a lot of testing, here is my review.
Onboarding is smooth.
Customer support is mediocre
App is old school and buggy(I couldn't manage to upload a profile pic)
Tried web online banking and the whole feature of upload image doesn't work, keeps on loading and stack trace has lot of errors.
Also the website uses old encryption snd it is not safe to do online transfers, can be easily hacked as well.
My advice stay away!
John Since
TF Ace
Jitni atta utni hi roti applies to the banks too.
ontherocks
TF Ace
If you want the liquidity of savings with interest of FD and with no slab nonsense, that too in a bank among RBI's "too big to fail" banks, try "Linked FD" a.k.a "Money Multiplier Fixed Deposit" with ICICI bank.
NikhilG
TF Premier
John Since
TF Ace
Welcome to the low savings interest rate era. IDFC gonna align its interest rates with big banks now.
No, I think he is talking about a different kind of product variously called 'Linked FD', 'Flexi Fixed Deposit' ... and so on. Many banks have it, and is a much better product (depending on the implementation) than the sweep-out - sweep-in accounts in my view, because it leaves much more control in the customers' hands.
Basically, FDs opened by the customer can be linked to his/her SB account, and the funds can be accessed through that, -- the linked FDs are liquidated partially (in multiples of 1000 Rs.) in accordance with the customer's needs, the broken part potentially earning a bit more than the SB rate.
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NikhilG
TF Premier
How's the broken part earning more money? I couldn't understand, it would be in accordance to time slab. I agree that Era of savings account high interest is gonna end soon. I think I should have better gone for 8 percent fd in rbl. The yield would be more than 8.5
They just decreased the rate now
This is just as an example:
Suppose you had opened a 50k Flexi FD at 7% for 1 year. You then break 5k (through any mode of accessing the SB money) after 6 months (rate 6%). So you'd earn maybe 5% (6% - 1% penalty) on that 5k, -- much better than the 3% SB rate. There used to be some banks that didn't even charge that 1% penalty.
The untouched 45k would still keep on earning 7%. Best of both worlds.
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NikhilG
TF Premier
Suppose you have parked your money in savings account in the same scenario as above, in that cass the 5k you took will also give you same 7 percent.
What if you break 5k in first month, here it will give 3 percent according to slab but savings will give 7 percent
NikhilG
TF Premier
Can i open Indus exclusive online, do I have to fund 1lakh while opening or should i open zero balance online and then put upgrade request. Do they take upgrade requests online or its automatically upgraded when i create 20 lac fd
Yes
Yes
First, you have to fund online 1L at the time of account opening. After that, add the necessary funds slowly within 2-3 days. Then do the FD.
