Seeking Advice: Should I Open a Savings Account at Utkarsh Small Finance Bank Before FD?

[Maitri_Maniya]

I’m planning to do a Fixed Deposit at Utkarsh Small Finance Bank, but the bank executive is suggesting I open a savings account first. They mentioned that the minimum average balance required is ₹5000 quarterly, but no charges will be applied. I don’t need a debit card or any additional services.

Has anyone had experience with this? Should I open the savings account before the FD, or is it better to skip it?

 

[quino]

They mentioned that the minimum average balance required is ₹5000 quarterly, but no charges will be applied.

he's lying there's non-maintainance charges applicable & it's levied by system automatically. the branch ppl dont even have power to reverse it.

you can suggest opening Basic Savings Bank Deposit Account [BSBDA] account & create FD through cash or something (dont deposit FD amount in SB).

or if your FD amount is 5L, you can go ahead & open the premium SB account with them which you can hold with 0 bal with 5L FD.

 

[quino]

my suggestion is to go through wint wealth or aggregator apps like that directly opens FD with the bank.

 

[Maitri_Maniya]

he's lying there's non-maintainance charges applicable & it's levied by system automatically. the branch ppl dont even have power to reverse it.

you can suggest opening Basic Savings Bank Deposit Account [BSBDA] account & create FD through cash or something (dont deposit FD amount in SB).

or if your FD amount is 5L, you can go ahead & open the premium SB account with them which you can hold with 0 bal with 5L FD.

my amount is less than 5L

 

[Maitri_Maniya]

my suggestion is to go through wint wealth or aggregator apps like that directly opens FD with the bank.

opening an FD directly with Bank is better than using third party platforms? what's the difference in terms of service and all?

 

[quino]

terms of service

no difference. Same process. but digital.

first cust. id. is created & then funding & FD is created directly basis that.

opening an FD directly with Bank is better than using third party platforms?

nothing like that. ultimately the responsibility lies with the bank regarding the money.

 

[Garry]

Why not going with regular banks like Indusind or IDFC which also gives 8% interest on FDs.

 

[Anindya98]

I’m planning to do a Fixed Deposit at Utkarsh Small Finance Bank, but the bank executive is suggesting I open a savings account first. They mentioned that the minimum average balance required is ₹5000 quarterly, but no charges will be applied. I don’t need a debit card or any additional services.

Has anyone had experience with this? Should I open the savings account before the FD, or is it better to skip it?

You can also use Super.money to get the FD-based card. This will boost your Cibil, also you don't have to open any Bank Account. You get a 90% limit of the FD Amount. Suggestion to keep the FD amount less than 5L.
Stable Money is also another alternative.

 

[hender]

I’m planning to do a Fixed Deposit at Utkarsh Small Finance Bank, but the bank executive is suggesting I open a savings account first. They mentioned that the minimum average balance required is ₹5000 quarterly, but no charges will be applied. I don’t need a debit card or any additional services.

Has anyone had experience with this? Should I open the savings account before the FD, or is it better to skip it?

I would suggest, if you have branch nearby, have a direct saving account is good till the time you keep money with them, mobile banking, net banking, branch support etc. always beneficial.
About account variant you can check website, you will get 1k or 2k account as regular account.
Disclaimer: I am a shareholder in Utkarsh, and don't have account. In Dec qtr result were not good and stock hammered a lot.

 

[Zacobite]

I’m planning to do a Fixed Deposit at Utkarsh Small Finance Bank, but the bank executive is suggesting I open a savings account first. They mentioned that the minimum average balance required is ₹5000 quarterly, but no charges will be applied. I don’t need a debit card or any additional services.

Has anyone had experience with this? Should I open the savings account before the FD, or is it better to skip it?

is all this worth for 0.5%? I personally would avoid all SFBs.. Insured or otherwise!!

 

[hender]

is all this worth for 0.5%? I personally would avoid all SFBs.. Insured or otherwise!!

It's a first crush for DIY investor to have little extra. Realisation Late on 🧐