Suggestions on a safe savings account

[S D S]

I am looking at opening a savings account and wondering how ICICI fares in service. I have an Imperia with HDFC and Axis Burgundy, my main accounts and a couple of cooperative banks for miscellaneous stuff, have had those accounts for two decades close to my place.
The way things are headed, how does one ensure robustness of their systems security?
I am planning to move out of Axis and phasing out my investments in it. Would be great if the bank gave a decent sized locker, enough for A4 size doc folders. Lockers in Mumbai are scarce 🥲
An alarming trend I have increasingly seen in all banks now is that the moment you get big ticket credits in your account, they start badgering you with calls to invest in some random schemes!
My use for this account will be investments in equity so a good three in one account will be desirable.

 

[sidp]

My use for this account will be investments in equity so a good three in one account will be desirable.

If no of transactions will be high, then hdfc/icici/axis are safe bets.
Smaller banks tend to debit freeze account faster.

As hdfc is expanding fast, I would suggest you to look out for new mid size hdfc branch preferably with a bm who has been with hdfc for some time. They will be most helpful. Plus being a imperia customer you can get a locker for free if you negotiate before transferring account. Try to get biggest locker available, it is a hassle to upgrade later. Established branch won't give you locker without additional ulip/insurance purchase. If you disagree, they'll keep in wait list for months if not years.

If you are in immediate need of locker, you should look at smaller bank like idfc/yes/bandhan or even sfb (utkarsh/au/equitas etc). You can get all this at pretty reasonable rate with much lesser effort. 50% off for equitas/bandhan elite (0mab ,but requires 4/5L ip), idfc select( requires casa/fd bal) 100% off for idfc wealth /yes grandeur/first. (Requires casa/fd) but no additional cost

In terms of safety, you can never be sure. Few months back Icici, which is considered to have robust digital infra, showed other people cards with all details in app itself. Similar case happen with another bank recently.

 

[S D S]

Axis staff has been clueless so I moved to Hdfc but they are becoming a nightmare too 😞
I have lockers, just that a bigger locker will be convenient to store documents. A bank close to my residence will be needed, where will I locate a mid size one

 

[Riya Sharma]

Over the years, I have realised that the Bank’s Branch matters as much and sometimes even more than the particular Bank. A person’s HDFC/ICICI/Axis can vary wildly depending on the Branch he holds that account with.

I currently hold HDFC Imperia, ICICI Wealth and IndusInd Pioneer.

And IndusInd Pioneer has been the best to me, simply because the staff are extremely professional, they have taken a liking to me and it actually seems that they enjoy helping me out. All I had to do for a free Medium Sized Locker was give the Bank Representative a 5 minute call. They come down to my house at a moment’s notice whenever I need cash or want to deposit cash. The BM clears out his office just to talk to me. They do the same for my father and mother and are quick and reliable. The Customer care number also connects quickly and Pioneer email support responds fairly fast too.

The only downsides I have with IndusInd Pioneer is the Application and the Netbanking.

I would recommend going to the IndusInd and IDFC Branches near you and talking to them. See which one has people that you think will work for you. And choose them.

 

[sidp]

Over the years, I have realised that the Bank’s Branch matters as much and sometimes even more than the particular Bank.

100% true.
After citi only idfc seems to be systematically working to provide good experience. ( they still have miles to go.) Sad thing is that indians acknowledge but dont value customer experience/ better products.

 

[amitkssolanki]

Over the years, I have realised that the Bank’s Branch matters as much and sometimes even more than the particular Bank. A person’s HDFC/ICICI/Axis can vary wildly depending on the Branch he holds that account with.

I currently hold HDFC Imperia, ICICI Wealth and IndusInd Pioneer.

And IndusInd Pioneer has been the best to me, simply because the staff are extremely professional, they have taken a liking to me and it actually seems that they enjoy helping me out. All I had to do for a free Medium Sized Locker was give the Bank Representative a 5 minute call. They come down to my house at a moment’s notice whenever I need cash or want to deposit cash. The BM clears out his office just to talk to me. They do the same for my father and mother and are quick and reliable. The Customer care number also connects quickly and Pioneer email support responds fairly fast too.

The only downsides I have with IndusInd Pioneer is the Application and the Netbanking.

I would recommend going to the IndusInd and IDFC Branches near you and talking to them. See which one has people that you think will work for you. And choose them.

You are one lucky fellow to get a good IndusInd branch. All the people I have heard from and know of; not a single soul had a good experience with IndusInd including myself. Whenever I have to do deal with IndusInd I end up praying to God for current BM to get transferred soon.

 

[coolguy1]

Every big bank is pretty much safe as it runs on RBI's back.

If you're truly looking for something premium, HSBC and DBS are some good options but you would need to maintain that sort of money.

 

[Vasuki]

I am looking at opening a savings account and wondering how ICICI fares in service. I have an Imperia with HDFC and Axis Burgundy, my main accounts and a couple of cooperative banks for miscellaneous stuff, have had those accounts for two decades close to my place.
The way things are headed, how does one ensure robustness of their systems security?
I am planning to move out of Axis and phasing out my investments in it. Would be great if the bank gave a decent sized locker, enough for A4 size doc folders. Lockers in Mumbai are scarce 🥲
An alarming trend I have increasingly seen in all banks now is that the moment you get big ticket credits in your account, they start badgering you with calls to invest in some random schemes!
My use for this account will be investments in equity so a good three in one account will be desirable.

Don't leave your locker unless u get another from bank
Also
Even if you downgrade account
Just maintain enough as fd for cushion 25 times the locker fees for annual locker charges for common account holder ..

 

[sidp]

Don't leave your locker unless u get another from bank
Also
Even if you downgrade account
Just maintain enough as fd for cushion 25 times the locker fees for annual locker charges for common account holder ..

You mean for fd>25x annual charges, locker becomes free?
Is This for hdfc? Axis?

 

[Vasuki]

You mean for fd>25x annual charges, locker becomes free?
Is This for hdfc? Axis?

No see for hni account locker is free
They give you locker even without making you do fd as
Fd is lien for Locker charges

So if you say downgrade hdfc imperia
Locker will be paid
So if you have fd
They can never tell you to free the locker

They ask 20x-25x locker amount fd

This is true for all bank unless bm makes it for less or u r hni account holder with free locker

 

[sidp]

They ask 20x-25x locker amount fd

Oh you were talking about that. what I have observed is that normally they ask around 25k-50k fd lien. Any fd/investment above it is just for their targets.

Its tough to get any locker in established hdfc /icici branch without additional investment ( not even fd, mostly insurance/ulip/endowment which has high commission).

If you have preffered/imperia banking/wealth relationship you can directly mail respective cc to assign you one locker or put you in wait list. Then you need to periodically ask for any update in wait list. After few months you can get a locker without any additional investment. this works for small or medium locker. But For l/xl locker, Some investment is required.

That's why smaller banks are preffered for locker. Most give lockers at discounted rate and some don't even require any lien fd.( my joint locker is at 50% discount with no lien fd, and 0mab savings account in a sfb whereas indusind was asking for 2lpa investment and hdfc 1lpa to skip waitlist.)