Suggest a Bank Account for Parking Emergency Funds

[NABNAB is verified member.]

Hello All,

Please suggest a Bank Account to keep some funds away from my regular Savings Account.

I am looking for the bank -

1. No Debit Card spend-based offers/criteria/online discounts.
2. Decent Savings/FD interest rates.
3. No Debit Card rewards points for any transaction.
4. Decent Mobile/Internet Banking.
5. Low/Zero Fees.

Basically, I want an account that will not tempt me to spend from it for any rewards/cashback.

 

[hender]

Hello All,

Please suggest a Bank Account to keep some funds away from my regular Savings Account.

I am looking for the bank -

1. No Debit Card spend-based offers/criteria/online discounts.
2. Decent Savings/FD interest rates.
3. No Debit Card rewards points for any transaction.
4. Decent Mobile/Internet Banking.
5. Low/Zero Fees.

Basically, I want an account that will not tempt me to spend from it for any rewards/cashback.

Main banks 2.4 to 3% in saving
SFB 3 to 7% slab wise, mainly above 10 lakh.(high interest)
Slice/NE SFB at present 5.5 %
Overnight/Liquid around 5.5 to 6.5%
91 days RBI paper 5.44%

Zerodha AMC Liquid Case am exploring, especially for weekend and holiday in/out mechanism. Rest it's ok.

 

[John Since]

Hello All,

Please suggest a Bank Account to keep some funds away from my regular Savings Account.

I am looking for the bank -

1. No Debit Card spend-based offers/criteria/online discounts.
2. Decent Savings/FD interest rates.
3. No Debit Card rewards points for any transaction.
4. Decent Mobile/Internet Banking.
5. Low/Zero Fees.

Basically, I want an account that will not tempt me to spend from it for any rewards/cashback.

Instead of opening a new account, park those funds in some debt/liquid fund. You can withdraw them in 1 day.
If you still prefer a bank account, then Slice is the best option out there. Ping me for referral if you are going for Slice.

 

[komal]

Hello All,

Please suggest a Bank Account to keep some funds away from my regular Savings Account.

I am looking for the bank -

1. No Debit Card spend-based offers/criteria/online discounts.
2. Decent Savings/FD interest rates.
3. No Debit Card rewards points for any transaction.
4. Decent Mobile/Internet Banking.
5. Low/Zero Fees.

Basically, I want an account that will not tempt me to spend from it for any rewards/cashback.

State co-operative bank ?

 

[cardio_guycardio_guy is verified member.]

Emergency fund = you should be able to withdraw during emergency.
So look for a bank with good proper IT systems, net banking facilities, ATM facilities etc.
You should be able to add beneficiary and transfer funds immediately.
For most bank account variants, ATM withdrawal limit per day is 40,000.
So if it is a bigger emergency, you will need to withdraw more than that.
Consider all these while choosing the bank.
You can choose a PSU bank like SBI or PNB so that there won't be any pushings from the RMs.
Or else go with HDFC or ICICI.
But make sure the transaction limits, beneficiary etc are added beforehand and do some test transfers to see if it is working fine.

Lastly, you can choose FDs or debt funds where returns will be a little more, but you can withdraw within a day as well.