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Salary Account Recommendation

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demblahblah

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Hello,

I have gotten the option to open a salary account with one of the following banks-
DBS, Axis, IDFC, SC, HDFC, SBI, ICICI, HSBC, Kotak, Deutsche

I am mostly leaning towards HDFC or Axis because of their CC offerings

Axis is giving me an Ultima Priority Salary Account, with a myzone CC
HDFC is giving me a salary account with the Platinum DC and said they can promise me a Regalia after the first month, DCB is unlikely.

SC is offering me the digismart CC

I do eventually hope to own a Magnus. CTC is 12 LPA. monthly credit post deductions is roughly 85-90k.

Which one should I go for, or should I explore any of the options apart from Axis/HDFC?
 
Last edited:
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HSBC: strict no. they have 0 customer support and arrogance that foreign banks have. very limited number of branches and will ask you to personally visit branch for small things even if one does not exist in your city.

Between Hdfc and axis, i would suggest hdfc. not the very best and dont expect much, but at least my issues get resolved upon escalation in hdfc. axis is random in that case: sometimes pno responds, sometimes doesnt. and they also ask you to visit branch for anything that takes effort on their side to do online.
eg: i had been maintaining more than enough balance for upgrading to priority acct in axis for more than a year. but to upgrade, they asked me to visit branch as their backend tech was not capable of sending me the upgrade offer online. hdfc themselves sent me an upgrade link and upgraded my acct within 2 days.

myzone is being offered ltf as of now. but not sure if having axis account will help you by much in your goal to get magnus.
 
Upvote 0 Downvote
demblahblah said:
Hello,

I have gotten the option to open a salary account with one of the following banks-
DBS, Axis, IDFC, SC, HDFC, SBI, ICICI, HSBC, Kotak, Deutsche

I am mostly leaning towards HDFC or Axis because of their CC offerings

Axis is giving me an Ultima Priority Salary Account, with a myzone CC
HDFC is giving me a salary account with the Platinum DC and said they can promise me a Regalia after the first month, DCB is unlikely.

SC is offering me the digismart CC

I do eventually hope to own a Magnus. CTC is 12 LPA. monthly credit post deductions is roughly 85-90k.

Which one should I go for, or should I explore any of the options apart from Axis/HDFC?
Click to expand...
I'll explain.

DBS, HSBC, SC and Deutsche: Not at all. These are banks with no or very minimal branches and support is just awful. Their banking services are also very bad. Only HSBC CC is free but as an account no. SC credit cards are also okay but taking an account with them is no.
CC Side- You will not get a pre-approved CC with these banks you'll have to apply manually. Anyways these cards will be available for everyone (easy approval)

Axis: You may but their service is just pathetic. Their apps are okay but if you take the account for credit card it's not worth it. Option #2 for you
CC Side- You may get a CC but it is not worth it as taking them as your salary account.

IDFC: Good bank but only their credit cards are good. It's better you take another bank considering its your salary account.
CC Side- You will get any IDFC card without taking an account

HDFC: Very good. Option #1 for you. Their service is great but as you may know technical failures are frequent. You will get pre-approved offers and is totally a nice bank
CC Side- You will get Regalia or DCB with a salary account.

SBI: One thing about SBI is you can trust them more than your family. I am joking but it's also a fact. Being an PSB you can trust your funds in SBI and their services are great. SBI has the most ATMs and branches. Only problem is 'lunch time ke baad aana' Other than that, no failures. It's option #5 for you
CC Side- You may get pre-approved offers with SBI. Other than Aurum, all cards can be applied without an account.

ICICI: Very good. Option #3 for you. ICICI gives you pre-approved CCs for you, has priority service to salaried employees. Has a very good service and also good net-banking interface. Their ATMs and branches are also good. Overall it's a nice bank
CC Side- You will get a pre-approved CC and a nice bank.

Kotak: Uhhh, you can get good bank. Kotak is good and all but their offerings are bad. Their quality is okay but I prefer you take other bank.
CC Side- You may get a pre-approved CC but not at all worth it

IndusInd: Option #4 IndusInd is a very prestigious bank and has great customer service. All of their cards have great reward value (including Debit Cards). Their service and interface is also very very good and staff is also cooperates well. Only disadvantage is their ATM and branch network is very weak. But, till HDFC, Axis and ICICI is in the market, IndusInd cannot conquer it.
CC Side- They give you pre-approved cards or cards which customer care approves instantly, but I recommend HDFC, Axis or ICICI

BoB: Another 'sarkaari' bank. Very worse service. Pathetic Customer Care and buggy interface. Never, ever take this bank. ATMs are a nightmare, debits money but doesn't dispense.
CC Side- You will easily get any CC except Eterna and that co-branded CA cards. Never take this bank account



Option 1 - HDFC
You will get Regalia, DCB or any other card and service is also great.

Option 2 - Axis
You will get MyZone, it's LTF now but okay. If you want Magnus take this, you can send them a nice mail, they MAY approve it. BTW their services are pathetic.

Option 3 - ICICI
You will get Coral, Rubyx CC and a great service and UI with the bank. If you don't need Magnus (or get a good card), then ICICI would be the 2nd option for you.

Option 4 - IndusInd
Better service and better rewards with their cards. Obviously recommend this beast bank. Only disadvantage is their ATM and branch network is very weak Go with Option 1, 2 and 3.


This post is helpful for anyone wanting to select a salary account. Thanks in advance 🙂
PS: Me coughing with a Bank of Maharashtra salary account lol
 
Last edited:
Upvote 0 Downvote
athadfjp said:
HSBC: strict no. they have 0 customer support and arrogance that foreign banks have. very limited number of branches and will ask you to personally visit branch for small things even if one does not exist in your city.

Between Hdfc and axis, i would suggest hdfc. not the very best and dont expect much, but at least my issues get resolved upon escalation in hdfc. axis is random in that case: sometimes pno responds, sometimes doesnt. and they also ask you to visit branch for anything that takes effort on their side to do online.
eg: i had been maintaining more than enough balance for upgrading to priority acct in axis for more than a year. but to upgrade, they asked me to visit branch as their backend tech was not capable of sending me the upgrade offer online. hdfc themselves sent me an upgrade link and upgraded my acct within 2 days.

myzone is being offered ltf as of now. but not sure if having axis account will help you by much in your goal to get magnus.
Click to expand...
Can u share that upgrade link sent to u by hdfc in dm if you are comfortable and its not personalised link
 
Upvote 0 Downvote
athadfjp said:
HSBC: strict no. they have 0 customer support and arrogance that foreign banks have. very limited number of branches and will ask you to personally visit branch for small things even if one does not exist in your city.

Between Hdfc and axis, i would suggest hdfc. not the very best and dont expect much, but at least my issues get resolved upon escalation in hdfc. axis is random in that case: sometimes pno responds, sometimes doesnt. and they also ask you to visit branch for anything that takes effort on their side to do online.
eg: i had been maintaining more than enough balance for upgrading to priority acct in axis for more than a year. but to upgrade, they asked me to visit branch as their backend tech was not capable of sending me the upgrade offer online. hdfc themselves sent me an upgrade link and upgraded my acct within 2 days.

myzone is being offered ltf as of now. but not sure if having axis account will help you by much in your goal to get magnus.
Click to expand...
got it, thanks
 
Upvote 0 Downvote
Sreerag said:
I'll explain.

DBS, HSBC, SC and Deutsche: Not at all. These are banks with no or very minimal branches and support is just awful. Their banking services are also very bad. Only HSBC CC is free but as an account no. SC credit cards are also okay but taking an account with them is no.
CC Side- You will not get a pre-approved CC with these banks you'll have to apply manually. Anyways these cards will be available for everyone (easy approval)

Axis: You may but their service is just pathetic. Their apps are okay but if you take the account for credit card it's not worth it. Option #2 for you
CC Side- You may get a CC but it is not worth it as taking them as your salary account.

IDFC: Good bank but only their credit cards are good. It's better you take another bank considering its your salary account.
CC Side- You will get any IDFC card without taking an account

HDFC: Very good. Option #1 for you. Their service is great but as you may know technical failures are frequent. You will get pre-approved offers and is totally a nice bank
CC Side- You will get Regalia or DCB with a salary account.

SBI: One thing about SBI is you can trust them more than your family. I am joking but it's also a fact. Being an PSB you can trust your funds in SBI and their services are great. SBI has the most ATMs and branches. Only problem is 'lunch time ke baad aana' Other than that, no failures. It's option #4 for you
CC Side- You may get pre-approved offers with SBI. Other than Aurum, all cards can be applied without an account.

ICICI: Very good. Option #3 for you. ICICI gives you pre-approved CCs for you, has priority service to salaried employees. Has a very good service and also good net-banking interface. Their ATMs and branches are also good. Overall it's a nice bank
CC Side- You will get a pre-approved CC and a nice bank.

Kotak: Uhhh, you can get good bank. Kotak is good and all but their offerings are bad. Their quality is okay but I prefer you take other bank.
CC Side- You may get a pre-approved CC but not at all worth it


Option 1 - HDFC
You will get Regalia, DCB or any other card and service is also great.

Option 2 - Axis
You will get MyZone, it's LTF now but okay. If you want Magnus take this, you can send them a nice mail, they MAY approve it. BTW their services are pathetic.

Option 3 - ICICI
You will get Coral, Rubyx CC and a great service and UI with the bank. If you don't need Magnus (or get a good card), then ICICI would be the 2nd option for you.

Option 4 - SBI
You will get better security and trust with SBI but rest all is good with Option 1, 2 and 3.


This post is helpful for anyone wanting to select a salary account. Thanks in advance 🙂
Click to expand...
thank you for the comprehensive answer, I guess I'll just go with HDFC for now. Thank you!

Milennia DC would be better than Platinum, right?
 
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Sreerag said:
I'll explain.

DBS, HSBC, SC and Deutsche: Not at all. These are banks with no or very minimal branches and support is just awful. Their banking services are also very bad. Only HSBC CC is free but as an account no. SC credit cards are also okay but taking an account with them is no.
CC Side- You will not get a pre-approved CC with these banks you'll have to apply manually. Anyways these cards will be available for everyone (easy approval)

Axis: You may but their service is just pathetic. Their apps are okay but if you take the account for credit card it's not worth it. Option #2 for you
CC Side- You may get a CC but it is not worth it as taking them as your salary account.

IDFC: Good bank but only their credit cards are good. It's better you take another bank considering its your salary account.
CC Side- You will get any IDFC card without taking an account

HDFC: Very good. Option #1 for you. Their service is great but as you may know technical failures are frequent. You will get pre-approved offers and is totally a nice bank
CC Side- You will get Regalia or DCB with a salary account.

SBI: One thing about SBI is you can trust them more than your family. I am joking but it's also a fact. Being an PSB you can trust your funds in SBI and their services are great. SBI has the most ATMs and branches. Only problem is 'lunch time ke baad aana' Other than that, no failures. It's option #4 for you
CC Side- You may get pre-approved offers with SBI. Other than Aurum, all cards can be applied without an account.

ICICI: Very good. Option #3 for you. ICICI gives you pre-approved CCs for you, has priority service to salaried employees. Has a very good service and also good net-banking interface. Their ATMs and branches are also good. Overall it's a nice bank
CC Side- You will get a pre-approved CC and a nice bank.

Kotak: Uhhh, you can get good bank. Kotak is good and all but their offerings are bad. Their quality is okay but I prefer you take other bank.
CC Side- You may get a pre-approved CC but not at all worth it


Option 1 - HDFC
You will get Regalia, DCB or any other card and service is also great.

Option 2 - Axis
You will get MyZone, it's LTF now but okay. If you want Magnus take this, you can send them a nice mail, they MAY approve it. BTW their services are pathetic.

Option 3 - ICICI
You will get Coral, Rubyx CC and a great service and UI with the bank. If you don't need Magnus (or get a good card), then ICICI would be the 2nd option for you.

Option 4 - SBI
You will get better security and trust with SBI but rest all is good with Option 1, 2 and 3.


This post is helpful for anyone wanting to select a salary account. Thanks in advance 🙂
Click to expand...
What's your take on Indusind? and BOB ?
 
Upvote 0 Downvote
H
demblahblah said:
Hello,

I have gotten the option to open a salary account with one of the following banks-
DBS, Axis, IDFC, SC, HDFC, SBI, ICICI, HSBC, Kotak, Deutsche

I am mostly leaning towards HDFC or Axis because of their CC offerings

Axis is giving me an Ultima Priority Salary Account, with a myzone CC
HDFC is giving me a salary account with the Platinum DC and said they can promise me a Regalia after the first month, DCB is unlikely.

SC is offering me the digismart CC

I do eventually hope to own a Magnus. CTC is 12 LPA. monthly credit post deductions is roughly 85-90k.

Which one should I go for, or should I explore any of the options apart from Axis/HDFC?
Click to expand...
HDFC or SBI. Don't look for anything.
 
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Sreerag said:
Axis and ICICI. Even though Axis is not that good, for CCs you must go with Axis otherwise they don't give you CC like Magnus, or you should have great ITR
Click to expand...
Axis is not that good with tech and product support. ICICI lacks on overall reward benefits. Anyways, as the original post has mentioned package of 12 LPA so better start with HDFC or SBI. It can not just be based on credit card point.
 
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Digvijay said:
Axis is not that good with tech and product support. ICICI lacks on overall reward benefits.
Click to expand...
Yes you are correct. But if you need a good Axis Card, you must maintain a relationship with them. And ICICI, it's good with rest all things. If you are looking for CC benefits then ICICI is not for you.
Digvijay said:
Anyways, as the original post has mentioned package of 12 LPA so better start with HDFC or SBI. It can not just be based on credit card point.
Click to expand...
That's why I said Axis, because with this salary, you cannot get Magnus which the original poster said. And SBI, excl. Aurum, you don't need an account to get a good credit card. So HDFC or Axis for him.
If he didn't want Magnus, I'd recommend him with ICICI. Great service bank it is
demblahblah said:
I do eventually hope to own a Magnus. CTC is 12 LPA. monthly credit post deductions is roughly 85-90k.
Click to expand...
 
Upvote 0 Downvote
demblahblah said:
Hello,

I have gotten the option to open a salary account with one of the following banks-
DBS, Axis, IDFC, SC, HDFC, SBI, ICICI, HSBC, Kotak, Deutsche

I am mostly leaning towards HDFC or Axis because of their CC offerings

Axis is giving me an Ultima Priority Salary Account, with a myzone CC
HDFC is giving me a salary account with the Platinum DC and said they can promise me a Regalia after the first month, DCB is unlikely.

SC is offering me the digismart CC

I do eventually hope to own a Magnus. CTC is 12 LPA. monthly credit post deductions is roughly 85-90k.

Which one should I go for, or should I explore any of the options apart from Axis/HDFC?
Click to expand...
There are good answers with different types of banks. However, I would like to point out a few :-
1) Axis Bank has some charges even for salary account. So , make sure, that if you want to hold a Salary account, you don't get additional charges
2) I would highly recommend a regular saving account with SBI, but not a salary account, as SBI branches are always busy, and you may not get more benefits , just like other private banks. Also, their salary accounts are not that great either.
 
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