Suggestions on where to shift entire finances to

[arcticvolcano]

I am self employed - Freelance work. My annual revenue coming into my account is around 10 to 13 LPA.

Currently my main account is with FED BANK. I have been using this for 4yrs now because I knew the BM and asst BM very well, but they have both shifted now.
I usually maintain 3 to 5L in SB and have around 10L worth of Total FDs. My MF portfolio is around 18L also through Fed Bank. They provide me with a wealth manager as long as I have any account with Fed Bank.

I am however looking to move because there are no major advantages to Fed Bank in terms of better FD rates or better discounts on processing fees etc.

I can move almost all the funds above to one or more banks.

Any suggestions on how I can split this?

• I already have IndusInd LEGEND so I think I can open the Select account and then make it 0 MAB and use it for a few FDs? I can also try to upgrade to Pinnacle
• I thought about HDFC (I have millenia CC) and IDFC (I have Select CC) especially because they are good for paying credit card bills I believe? One of my friends works for IDFC near my house so I can ask for something specific if you guys suggest
• Maybe RBL, ICICI, or something else too?

I would ideally not want to move my Mutual Funds, but I am okay moving the 10L FD and also maintain 4 to 5L savings account if it helps.

I am just looking at some benefits in terms of preferential rates or discounted lockers or good debit cards (with rewards on CC bill payments. My spends are around 5to7LPA)

 

[Anindya98]

IDFC Select/Wealth SB Account
ICICI Wealth Management Account

 

[Shin-Chan]

My 2 cents:
Irrespective of Final Bank selection use Auto Sweep that will help you big time in long run.

 

[arcticvolcano]

IDFC Select/Wealth SB Account
ICICI Wealth Management Account

I think ICICI Wealth management needs a TRV of 25L, right?
My FDs and SB right now will add up to 15L.

What is the criteria for IDFC Select and Wealth? I cannot find the TRV or MAB online

 

[arcticvolcano]

My 2 cents:
Irrespective of Final Bank selection use Auto Sweep that will help you big time in long run.

I think HDFC Savings Max has this by default, right?
I loved this feature! especially when I usually have 3 to 4L in SB

 

[varun__goel_]

I am self employed - Freelance work. My annual revenue coming into my account is around 10 to 13 LPA.

Currently my main account is with FED BANK. I have been using this for 4yrs now because I knew the BM and asst BM very well, but they have both shifted now.
I usually maintain 3 to 5L in SB and have around 10L worth of Total FDs. My MF portfolio is around 18L also through Fed Bank. They provide me with a wealth manager as long as I have any account with Fed Bank.

I am however looking to move because there are no major advantages to Fed Bank in terms of better FD rates or better discounts on processing fees etc.

I can move almost all the funds above to one or more banks.

Any suggestions on how I can split this?

• I already have IndusInd LEGEND so I think I can open the Select account and then make it 0 MAB and use it for a few FDs? I can also try to upgrade to Pinnacle
• I thought about HDFC (I have millenia CC) and IDFC (I have Select CC) especially because they are good for paying credit card bills I believe? One of my friends works for IDFC near my house so I can ask for something specific if you guys suggest
• Maybe RBL, ICICI, or something else too?

I would ideally not want to move my Mutual Funds, but I am okay moving the 10L FD and also maintain 4 to 5L savings account if it helps.

I am just looking at some benefits in terms of preferential rates or discounted lockers or good debit cards (with rewards on CC bill payments. My spends are around 5to7LPA)

If you are looking for rewards:- HDFC, IDFC, INDUSIND

For interest:- AU, IDFC, INDUSIND, RBL

For Service/customer support:- Check which bank's branch has better reviews in your area. Because in account they are the one's who pretty much handle everything. Ask your friends/relatives for the same

If you want also want locker check HDFC Imperia and have a talk with BM for free locker facility and if locker is available

And for peace of mind blindly go with HDFC/ICICI

 

[_amit_]

I am self employed - Freelance work. My annual revenue coming into my account is around 10 to 13 LPA.

Currently my main account is with FED BANK. I have been using this for 4yrs now because I knew the BM and asst BM very well, but they have both shifted now.
I usually maintain 3 to 5L in SB and have around 10L worth of Total FDs. My MF portfolio is around 18L also through Fed Bank. They provide me with a wealth manager as long as I have any account with Fed Bank.

I am however looking to move because there are no major advantages to Fed Bank in terms of better FD rates or better discounts on processing fees etc.

I can move almost all the funds above to one or more banks.

Any suggestions on how I can split this?

• I already have IndusInd LEGEND so I think I can open the Select account and then make it 0 MAB and use it for a few FDs? I can also try to upgrade to Pinnacle
• I thought about HDFC (I have millenia CC) and IDFC (I have Select CC) especially because they are good for paying credit card bills I believe? One of my friends works for IDFC near my house so I can ask for something specific if you guys suggest
• Maybe RBL, ICICI, or something else too?

I would ideally not want to move my Mutual Funds, but I am okay moving the 10L FD and also maintain 4 to 5L savings account if it helps.

I am just looking at some benefits in terms of preferential rates or discounted lockers or good debit cards (with rewards on CC bill payments. My spends are around 5to7LPA)

• IDFC - You have a friend and branch is close so assuming your friend would be responsive, upgrade to wealth account. I hope it would be 0MAB as IDFC is currently not downgrading + your friend.
• Try to convert Legend to Pinnacle and get 0MAB Exclusive from IndusInd. This makes 2 0MAB account along with IDFC.
• There was a thread mentioning ICICI offering Wealth if CC Limit is above a certain limit. I am not sure about details and didn;t search for the thread yet. Maybe someone will shed light on it. So one more probability.
• It would be good if you have one HDFC account, even classic would be good to have. Free DC and offers time to time.

All big banks usually offers same services. Branch is the key. If RM/bM are good and competent, you will be good.
And another thing is your needs for offers and CC which might also decide where you can shuffle your funds with time.


Investment strategy depend on a lot of factors so would not comment much. But if possible convert to direct MF assuming the ones you have would probably be regular.

 

[arcticvolcano]

If you are looking for rewards:- HDFC, IDFC, INDUSIND

For interest:- AU, IDFC, INDUSIND, RBL

For Service/customer support:- Check which bank's branch has better reviews in your area. Because in account they are the one's who pretty much handle everything. Ask your friends/relatives for the same

If you want also want locker check HDFC Imperia and have a talk with BM for free locker facility and if locker is available

And for peace of mind blindly go with HDFC/ICICI

Thank you!

Will surely keep this in mind and choose one.

I am thinking maybe I can split it into 2 or 3 banks. 1 mainly just as my income and business related stuff. the other 2 for FDs, SB (regular transactions, paying CC bills, Lockers etc).

 

[arcticvolcano]

• IDFC - You have a friend and branch is close so assuming your friend would be responsive, upgrade to wealth account. I hope it would be 0MAB as IDFC is currently not downgrading + your friend.
• Try to convert Legend to Pinnacle and get 0MAB Exclusive from IndusInd. This makes 2 0MAB account along with IDFC.
• There was a thread mentioning ICICI offering Wealth if CC Limit is above a certain limit. I am not sure about details and didn;t search for the thread yet. Maybe someone will shed light on it. So one more probability.
• It would be good if you have one HDFC account, even classic would be good to have. Free DC and offers time to time.

All big banks usually offers same services. Branch is the key. If RM/bM are good and competent, you will be good.
And another thing is your needs for offers and CC which might also decide where you can shuffle your funds with time.


Investment strategy depend on a lot of factors so would not comment much. But if possible convert to direct MF assuming the ones you have would probably be regular.

• Sure will definitely talk to him regd the Wealth account.
• Trying to see how to upgrade Legend to Pinnacle. Currently I got a call saying it is 15k but there was no spend based reversal offer, so trying to see how I can get Pinnacle
• Just read the threads regd Wealth management on ICICI with cards above 5L. Looks like its an automated thing since some people with limits of upto 12L do not have any offers for this.
• Will look into the HDFC Savings Max or Preferred then.

As for CC, Right not I do not have anything great. HDFC Millenia (1.5L), Fed Bank Celesta (3L), IndusInd Legend (5L), ICICI Plat and APay (5L), IDFC Select, RBL World Safari and some other bleh cards.

 

[_amit_]

• Sure will definitely talk to him regd the Wealth account.
• Trying to see how to upgrade Legend to Pinnacle. Currently I got a call saying it is 15k but there was no spend based reversal offer, so trying to see how I can get Pinnacle
• Just read the threads regd Wealth management on ICICI with cards above 5L. Looks like its an automated thing since some people with limits of upto 12L do not have any offers for this.
• Will look into the HDFC Savings Max or Preferred then.

As for CC, Right not I do not have anything great. HDFC Millenia (1.5L), Fed Bank Celesta (3L), IndusInd Legend (5L), ICICI Plat and APay (5L), IDFC Select, RBL World Safari and some other bleh cards.

• 15K for Pinnacle does not make sense. There are few possibilities you can look into:
  • If someone in your family does not have IndusInd relationship and maybe eligible for pinnacle, get them the card (5K joining with reversal on 50K spends in 90 days current offer) and get the 0MAB account and link under family which makes your account 0MAB too.
  • They may offer pinnacle upgrade without fees in future.
  • Or simply mail the PNO. Nothing wrong in trying.
• Yes, ICICI Wealth is an automatic thing. Maybe you can ask them for LE and maybe it might trigger that? Worth a shot.
• Sounds good. HDFC is good to have atleast for Millennia cashback/wallet load and Platinum cashback

CC is different game altogether. When you say you dont have anything great, does that mean you are not able to get what you want?

If you have not understood your spends, you will not be able to optimise. Do a small task of understanding your spends and get the cards that will help you.

Like HSBC Cashback is good for grocery and dining/delivery if these spends are around ~10K/mon. Similarly get SBI Cashback for online spends.
Its all upto you to find out/ask, which would be good for your use case.

Like you may get a PNB Select CC simply for Select benefits. Or maybe get the Select DC if its offerings help your with your spends on Amazon prime and other complimentary things.

 

[Vasuki]

If you are looking for rewards:- HDFC, IDFC, INDUSIND

For interest:- AU, IDFC, INDUSIND, RBL

For Service/customer support:- Check which bank's branch has better reviews in your area. Because in account they are the one's who pretty much handle everything. Ask your friends/relatives for the same

If you want also want locker check HDFC Imperia and have a talk with BM for free locker facility and if locker is available

And for peace of mind blindly go with HDFC/ICICI

Khud hdfc ko gaaliya de rhe hote ho
For peace of mind hdfc & icici 😆

 

[iampqq]

Do fd of 5l via wint wealth in unity small finance Bank

 

[newinnov]

Always split your funds at least into 2 parts.
Not a good idea to move to single a/c only. Your a/c may face technical glitch at any moment (Murphy's law)

 

[varun__goel_]

Khud hdfc ko gaaliya de rhe hote ho

Only for credit card....
Bhot tang kar rakha unki cc team ne😔

SB A/c mai aaj tak koi dikkat nhi

 

[varun__goel_]

Just read the threads regd Wealth management on ICICI with cards above 5L. Looks like its an automated thing since some people with limits of upto 12L do not have any offers for this.

ICICI wealth with 5L CL is not a thing AFAIK. Even not mentioned on their site

You can look for ICICI Privilege. It requires 4L CL on CC and 0 MAB and almost nil charges

 

[arcticvolcano]

15K for Pinnacle does not make sense. There are few possibilities you can look into:

• If someone in your family does not have IndusInd relationship and maybe eligible for pinnacle, get them the card (5K joining with reversal on 50K spends in 90 days current offer) and get the 0MAB account and link under family which makes your account 0MAB too.
• They may offer pinnacle upgrade without fees in future.
• Or simply mail the PNO. Nothing wrong in trying.

Yes will try emailing the PNO and see regd this!

Yes, ICICI Wealth is an automatic thing. Maybe you can ask them for LE and maybe it might trigger that? Worth a shot.

Okay this is definitely worth a shot. I recently got a LE about 2 months back. So will wait 4 months and ask again.

CC is different game altogether. When you say you dont have anything great, does that mean you are not able to get what you want?

I am in the process of optimising my portfolio. Just today I checked regd that as well here-

Overhaul existing portfolio. Procure ATLAS or AMEX Plat Trav etc?

I think its time to completely overhaul my portfolio since I do not hold any decent cards except one or two. I would appreciate any and all suggestions for this. Quick summary of my finances - Self employed freelance type work. Revenue into bank account of around 12 to 14 LPA, post expenses...

www.technofino.in

The issue is that being self employed freelance, I haven't been able to get most cards (HSBC and AU outright said they do not entertain self employed for cards). Only in the last 1.5 years have I gotten almost all my current cards using C2C. Using ITR and non registered business, it has been quite tough.

Plus initially I was all about cashbacks and instant rewards. Now I want to work towards 2 or 3 good cards and shift my spends there.

 

[KLB@96]

check IDFC, AU accounts

 

[Anindya98]

I think ICICI Wealth management needs a TRV of 25L, right?
My FDs and SB right now will add up to 15L.

No, you can get it by IF of 1L+ up to 10L depending on the branch. After that it is 0 MAB.

 

[Anindya98]

• There was a thread mentioning ICICI offering Wealth if CC Limit is above a certain limit. I am not sure about details and didn;t search for the thread yet. Maybe someone will shed light on it. So one more probability.

Existing ICICI CC Limit more than 4Lks

 

[arcticvolcano]

Existing ICICI CC Limit more than 4Lks

Have been following up on this. I have 5L on my ICICI PLat card. There seem to be others in the forum who have not gotten the email.
I guess its not a mandatory process and has a luck factor involved