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Suggestion on family saving account for cumulative max MAB 1-2 lac

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jpshah97

jpshah97

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Hi,
Looking for suggestions on family saving account.

I am already HDFC preferred banking customer. Looking for opening my family (3 add on accounts) last resort would be clubbed with existing HDFC preferred. I use CC/DC routinely. Having regalia gold and opting for IDFC select.

  1. Easy to use with friendly staff.
  2. Minimal Debit/Credit card usage for daily transactions, but need a card for domestic/international lounge access around 3-4 times a year.
  3. Preferably high saving interest rates and an auto sweep in/out FD feature (similar to Kotak's Active Money or IndusInd Indie).
  4. Conveniently located in a metro area (AU Small, IndusInd, IDFC, Kotak are nearby options).
  5. User-friendly for ASBA processes (mandatory requirement).


currently, considering HDFC with 3 additional Millennia accounts for a monthly benefit of 1200/- through wallet reload. However, I'm exploring other options as I'm primarily interested in higher savings account interest rates and auto packaged FDs in package of (5k or 10K etc above threshold balance). My father usually maintains a balance of 2-4 lac, and I prefer not to be bound by a high Monthly Average Balance (MAB) and cumulative family balance of 1 - 2 lac only.

I've read mixed reviews about IndusInd, with concerns about their staff and servers/net banking. Despite this, the option of a Lifetime Free Legend Credit Card (i recently got called for the same) and a zero MAB account for the family is tempting.

Considering these factors, should I go with HDFC, IndusInd, or explore other options like IDFC, AU Royale, etc.?
 
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jpshah97 said:
Easy to use with friendly staff
Click to expand...
This is highly location specific
jpshah97 said:
Minimal Debit/Credit card usage for daily transactions, but need a card for domestic/international lounge access around 3-4 times a year.
Click to expand...
Au, idfc wealth
jpshah97 said:
Preferably high saving interest rates and an auto sweep in/out FD feature (similar to Kotak's Active Money or IndusInd Indie).
Click to expand...
idfc, AU
jpshah97 said:
Conveniently located in a metro area (AU Small, IndusInd, IDFC, Kotak are nearby options).
Click to expand...
Au, idfc
 
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If you are already preffered customer of HDFC, linking their account would be easiest option. Plus their accounts would effectively become 0mab. And dc would be free anyway. it works for casa balance based preferred But I am not sure for salary based preffered.

Even if you dont link with yourself, with total sa balance of 1 L or casa+ fd balance of 5L in group id would make it classic . It has same features except for some useless features like locker. Even same priority while calling customer care.

If your family members want new cc in their name it's good opportunity for you to negotiate. Give them initial cheque of 1L to open a speciale gold/ senior citizen account. It also gives 1k coupon. Once you get the coupon link them and you have to maintain only 1 account. It needs 1L in ca or 4L in fd. As your dad already maintains more, it shouldn't be a problem. In future you can also downgrade the account if you can't maintain.

Even better give them initial cheque of 5 lakh and you can get account no of your choice. You can take out the amount on the same day it gets credited. They get good commission here. You should be able to negotiate for ltf dcb. But negotiate 1st, get the upgrade confirmation and give them post dated cheque. Remember they ask for cheque from different bank. You will lose out on interest upto 1week. Still you can get back more value if you negotiate right. Smaller the branch , better chance you have.
 
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sidp said:
If you are already preffered customer of HDFC, linking their account would be easiest option. Plus their accounts would effectively become 0mab. And dc would be free anyway. it works for casa balance based preferred But I am not sure for salary based preffered.

Even if you dont link with yourself, with total sa balance of 1 L or casa+ fd balance of 5L in group id would make it classic . It has same features except for some useless features like locker. Even same priority while calling customer care.

If your family members want new cc in their name it's good opportunity for you to negotiate. Give them initial cheque of 1L to open a speciale gold/ senior citizen account. It also gives 1k coupon. Once you get the coupon link them and you have to maintain only 1 account. It needs 1L in ca or 4L in fd. As your dad already maintains more, it shouldn't be a problem. In future you can also downgrade the account if you can't maintain.

Even better give them initial cheque of 5 lakh and you can get account no of your choice. You can take out the amount on the same day it gets credited. They get good commission here. You should be able to negotiate for ltf dcb. But negotiate 1st, get the upgrade confirmation and give them post dated cheque. Remember they ask for cheque from different bank. You will lose out on interest upto 1week. Still you can get back more value if you negotiate right. Smaller the branch , better chance you have.
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Hi Thanks for details explanations. Few points i wish to highlight here is its my preferred salary account, and family accounts can be clubbed with the same. I already started a discussion on this with RM.

All the accounts are savings only, and parents are not senior citizens.

I asked for DCB but they refused considering my current in hand salary of 1.2 LPM. For DCB 1.75 LPM> is criteria, as per RM. only providing marriot bonvoy, which i am not interested. 🙁

Thus, yearly 14400 (1200*12) is the only lucrative benefit for me in HDFC. Hope the offer never shut down. That's the only reason I looked for other banks in the case, if there are better options. otherwise HDFC would be easy choice in the last for me.
 
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With 1 speciale senior citizen ( which is same as speciale gold with few extra features) I got ltf regalia gold for my mother with out any itr or past relationship( though i maintian preffered in my account). Even the 4L fd isn't on lien.( sa balance 0). They just need cluster head permission for this. Frankly Your rm just want the commission but don't want to work for you.

I would suggest you to visit a smaller branch. Say I will open 3 high value account( speciale gold) and in return I want dcb ltf. I am sure you will get it.

Else escalate through customer care, do some drama like. Hdfc doesn't value my business then I ll take it to icici. They are offering me emeralde for wealth account . One problem is when you reach customer care through mail, most likely your rm/bm will be assigned to deal with you. So may be calling preffered cc would be better option.
 
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I think I missed something here.
Get upgrade confirmation for what?
How does it help to give post dated cheque? Do you mean we should give money only after DCB LTF is handed to us??

sidp said:
You should be able to negotiate for ltf dcb. But negotiate 1st, get the upgrade confirmation and give them post dated cheque.
Click to expand...
 
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What I mean is through official mail you can pledge additional business. And as a gesture of good will you provide the cheque from the beginning. put the date may be1 month in to the future; a duration reasonable enough for them to get all the required clearance from senior to issue a premium card like dcb as ltf.
But put the condition that this additional business is subject to attaining your goal I.e. ltf dcb.

It gives assurance to both parties. You won't run away with a premium card without additional business. They won't be able to deny promised upgradation. This would basically act as a legal contract. a post dated cheque is a pretty effective negotiation tool. Just be very specific in what you are offering and what you want in return.
You can't say I want a premium card for opening a premium account.
Rather put
I am a preffered banking customer of this duration, currently maintain this portfolio ( casa+fd+mf+ulip whatever). I want to open 2 premium accounts ( specify variant - speciale senior citizen/gold/platinum) and in return I want you to upgrade my regalia gold cc to dcb ltf. As a gesture of goodwill I am submitting this postdated cheque of this amount to act as a initial funding for this account but you can encash it subject to successful upgradation to dcb ltf. Please acknowledge if you accept it as a fair agreement.

Give cheque after they acknowledge. If they don't provide the confirmation within specified time you can cancel it. Once you cancel you should let them know as a reply to the same mail.
 
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sidp said:
What I mean is through official mail you can pledge additional business. And as a gesture of good will you provide the cheque from the beginning. put the date may be1 month in to the future; a duration reasonable enough for them to get all the required clearance from senior to issue a premium card like dcb as ltf.
But put the condition that this additional business is subject to attaining your goal I.e. ltf dcb.

It gives assurance to both parties. You won't run away with a premium card without additional business. They won't be able to deny promised upgradation. This would basically act as a legal contract. a post dated cheque is a pretty effective negotiation tool. Just be very specific in what you are offering and what you want in return.
You can't say I want a premium card for opening a premium account.
Rather put
I am a preffered banking customer of this duration, currently maintain this portfolio ( casa+fd+mf+ulip whatever). I want to open 2 premium accounts ( specify variant - speciale senior citizen/gold/platinum) and in return I want you to upgrade my regalia gold cc to dcb ltf. As a gesture of goodwill I am submitting this postdated cheque of this amount to act as a initial funding for this account but you can encash it subject to successful upgradation to dcb ltf. Please acknowledge if you accept it as a fair agreement.

Give cheque after they acknowledge. If they don't provide the confirmation within specified time you can cancel it.
Click to expand...
Wow a very good approach I will try this for sure
 
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sidp said:
What I mean is through official mail you can pledge additional business. And as a gesture of good will you provide the cheque from the beginning. put the date may be1 month in to the future; a duration reasonable enough for them to get all the required clearance from senior to issue a premium card like dcb as ltf.
But put the condition that this additional business is subject to attaining your goal I.e. ltf dcb.

It gives assurance to both parties. You won't run away with a premium card without additional business. They won't be able to deny promised upgradation. This would basically act as a legal contract. a post dated cheque is a pretty effective negotiation tool. Just be very specific in what you are offering and what you want in return.
You can't say I want a premium card for opening a premium account.
Rather put
I am a preffered banking customer of this duration, currently maintain this portfolio ( casa+fd+mf+ulip whatever). I want to open 2 premium accounts ( specify variant - speciale senior citizen/gold/platinum) and in return I want you to upgrade my regalia gold cc to dcb ltf. As a gesture of goodwill I am submitting this postdated cheque of this amount to act as a initial funding for this account but you can encash it subject to successful upgradation to dcb ltf. Please acknowledge if you accept it as a fair agreement.

Give cheque after they acknowledge. If they don't provide the confirmation within specified time you can cancel it.
Click to expand...
Got it now.
I will be totally new customer to HDFC, am ok with IP of 5-7L, (another 7L in PPF) , but I understood your points. Only thing is I don't want to have a lien.
I heard DCB plastic is no longer being issued. in this case, do you think this will work for DCB metal ?
 
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vine said:
I heard DCB plastic is no longer being issued. in this case, do you think this will work for DCB metal ?
Click to expand...
Of course it will. But depends on your negotiation skill and situation. Every branch not only have a transactions/fd /casa target . They also have a profitability target. Someone is paying for it. But show that you are smart enough to know how much money they are making from you and you want something in return.

Ps. I am not talking about secured cc. Secured card is different. For that they don't need any additional clearance.
 
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I see.
So, just a quick calculation,
if I make a sb account with 10L , they give sb interest (deferred) at 3% and usually loans are at, 7-8%. So they make about 4-5%, i.e 40k to 50k a year (ignoring other costs, salaries, etc).
 
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vine said:
, i.e 40k to 50k a year (ignoring other costs, salaries, etc).
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Personal loan, business loan much higher rates. Processing charge, foreclosure fees, etc. But Let's not open that can of worms. There are so many cost/risk factors for them including bribery.

They have put a lot of resources in the business. They deserve to make money. But there are 2 points
1. If you are making more money on me than your average customer, You must treat me better than average customer. ( & it's okay if you treat more profitable customers better than me).
2. Why would I choose you?
a. All other banks are giving the same service. Smaller banks even give me better return and better service quality & not necessarily at higher risk. So why your bank?
B. Why even a bank? A simple index based fund would give me much better irr especially when I factor in tax, liquidity, inflation etc.
 
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sidp said:
They have put a lot of resources in the business. They deserve to make money. But there are 2 points
1. If you are making more money on me than your average customer, You must treat me better than average customer. ( & it's okay if you treat more profitable customers better than me).
2. Why would I choose you?
Click to expand...
Totally agree.
Banks are one of the most regulated businesses and always in high focus. The fact that any bank is making profits AND keeping NPAs/other risks down is commendable.
 
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