SBI Debit Card: Reward FAQs Updated

[hellobois]

Not everybody have these cards. Instead of HDFC Platinum 1% I am more comfortable with Millennia DC 2.5%. 75K bills every month is not possible for many. It is only between Jun-Sept that my bills are too high along with family due to tax payments and insurance payments otherwise regularly it is just bills or sometimes travel tickets.

Waiting for IDFC Select Acc. upgarde by keeping balance there too.

If your bills are low then keeping 3 lakhs in IDFC just for 2.5% cashback will not give your better returns. Better to book FD and get 8-8.5% returns and pay using HDFC platinum by just keeping 25k monthly.

 

[vine]

P.S: Correcting your grammer also. The word is "gave" for past tense not "gived".

@liza10o
English is a pretty screwed up language as is. Let's screw it up more.
It's time to create new vocabulary as we need it.
Gived = used to give. Trademark rights belong to @liza10o

 

[sadhunath]

If your bills are low then keeping 3 lakhs in IDFC just for 2.5% cashback will not give your better returns. Better to book FD and get 8-8.5% returns and pay using HDFC platinum by just keeping 25k monthly.

IDFC gives exceptional savings account interest upwards of 7% for more than 5 lakh balance.

 

[desiviru]

IDFC gives exceptional savings account interest upwards of 7% for more than 5 lakh balance.

View attachment 69335

For that matter I also have account with Unity SFB. 2 FDs there with 9% maturing next month.

With Unity Small Finance Bank, it is:

Upto 1 Lakh- 6%
Between 1-5 Lakhs- 7.25%

Payment frequency: monthly on last day of month or day 1 mostly.

 

[hellobois]

For that matter I also have account with Unity SFB. 2 FDs there with 9% maturing next month.

With Unity Small Finance Bank, it is:

Upto 1 Lakh- 6%
Between 1-5 Lakhs- 7.25%

Payment frequency: monthly on last day of month or day 1 mostly.

I hope this unity may last longer .....
Most SFBs are risky ...
Is it covered under 5 lakh insurance?

 

[vine]

For that matter I also have account with Unity SFB. 2 FDs there with 9% maturing next month.

With Unity Small Finance Bank, it is:

Upto 1 Lakh- 6%
Between 1-5 Lakhs- 7.25%

Payment frequency: monthly on last day of month or day 1 mostly.

Bandhan, Unity - naam se hi risky lagte hain

 

[desiviru]

I hope this unity may last longer .....
Most SFBs are risky ...
Is it covered under 5 lakh insurance?

Yes it is covered under DICGC. I don't care if it stays alive or not for long. I kept 2 years FD with them at 9% which has actually given me 9.92% with compounding at SI and once matured will transfer money back to ICICI next month. With App working fine, you can transfer money. Reward is where the risk is.

@vine Bandhan, Unity are not for those who don't know how a Small Finance bank works. Till now in India large banks like Yes and Regional banks like PMC and many other fell down but SFBs are much safer. I remember, in 2006, people around me were taking their money out of ICICI Bank on rumors that bank is going to sink. But I kept going. Some SFBs are stronger than HDFC also which has large bad loans and a big chunk of unsecured loans. So you should never live in a world where you can think a large bank is much safer.

Untiy had 201 days 8.5% FD and if you can keep things under 5L you can atleast get your money back. Even PMC will get all their money by 2028. Those who had less than 5L got it back years ago.

I also have account with Utkarsh SFB which has better asset quality than Unity. FD at 8.5% with them. It's on you how you see things and how well you keep yourself aware of an institution before investing with them.

 

[hellobois]

Yes it is covered under DICGC. I don't care if it stays alive or not for long. I kept 2 years FD with them at 9% which has actually given me 9.92% with compounding at SI and once matured will transfer money back to ICICI next month. With App working fine, you can transfer money. Reward is where the risk is.

@vine Bandhan, Unity are not for those who don't know how a Small Finance bank works. Till now in India large banks like Yes and Regional banks like PMC and many other fell down but SFBs are much safer. I remember, in 2006, people around me were taking their money out of ICICI Bank on rumors that bank is going to sink. But I kept going. Some SFBs are stronger than HDFC also which has large bad loans and a big chunk of unsecured loans. So you should never live in a world where you can think a large bank is much safer.

Untiy had 201 days 8.5% FD and if you can keep things under 5L you can atleast get your money back. Even PMC will get all their money by 2028. Those who had less than 5L got it back years ago.

I also have account with Utkarsh SFB which has better asset quality than Unity. FD at 8.5% with them. It's on you how you see things and how well you keep yourself aware of an institution before investing with them.

I also have FD with utkarsh and Ujjivan but these two are very trusted considering their past performance and growth in recent years.
Never heard of Unity SFB that's why asked.

 

[desiviru]

I also have FD with utkarsh and Ujjivan but these two are very trusted considering their past performance and growth in recent years.
Never heard of Unity SFB that's why asked.

No worries. Anyways, past performances are no guarantee of future results. Yes Bank was too promising and so does many other banks whose downfall got hide because of mergers with big banks else if reality was brought out, many PSU banks were not having enough money to pay depositors Rs.5 out of 100 like Vijaya Bank whose corruption cell taken over by BoB. Later BoB also came under RBI scrutiny.

P.S: As I always says, banks are the biggest legal scams pulled in human history.

 

[vine]

P.S: As I always says, banks are the biggest legal scams pulled in human history.

100% agree. I quote former RBI Governer YV Reddy, said something in the lines of "Banks are the biggest ponzi scams ever pulled off".
Am now curious about the way to identify which SFB is better.
I heard about UCO bank giving 10% (or I may be mistaken), and I have heard of cooperative banks which give much higher 12%-14% on FDs. Any opinions on these?

 

[desiviru]

100% agree. I quote former RBI Governer YV Reddy, said something in the lines of "Banks are the biggest ponzi scams ever pulled off".
Am now curious about the way to identify which SFB is better.
I heard about UCO bank giving 10% (or I may be mistaken), and I have heard of cooperative banks which give much higher 12%-14% on FDs. Any opinions on these?

Most Coperative Banks are out of DICGC. Keep money with a bank either scheduled or commercial only if it is under DICGC. Where I live, a cooperative bank scammed 2780 people of Rs.410 crores and people ran away. We never invested with coperatives societies or banks.

All 11 Small Finance Banks are safe upto Rs.5 Lakh. So better have FDs in many of them like 3-4. Do one thing, either invest 3.5-4 Lakh with compouding interest upto 5 Lakh at end of term or invest 5 Lakh fully in 1 FD and keep quarterly payout of interest and transfer that interest to your main account once you get it. That way you will noly lose a quarter of interest if bank go bust + the time for settlement of funds upto 5L.

Uco Bank or any PSU not giving above 7.9% currently. The highest is with PNB 7.25% for normal. DCB has 8.05% while ICICI/HDFC 7.80/7.90%. Senior Citizens 0.50-0.60% extra with different banks.

Currently I have Utkarsh, Suryoday, Unity, Ujjivan and Jana. All opened offline for savings. FD created online after NEFT from main accounts. In future AU Bank will eat 1-2 SFBs and merge with itself. AU/Utkarsh is strongest currently.