Which bank to choose for Savings account?

Need to open a savings account. Already have a salary account with HDFC. Love their net banking UI.
Have a SBI account also.

Now need to open another bank account for use with investment portals like FundsIndia, CAMS, Zerodha etc. Do not need 3-in-1 account. Need a simple savings account.
But bank should be popular enough to be supported by most portals. Also net banking interface should be good and should allow me to do most of the work without vising branch physically.

Yes Bank is present nearby. Axis bank branch is also present nearby.
Hate the ICICI Netbanking interface (already have an ICICI B2 account).

If some account has minimum quarterly balance requirement, do I need to keep the money directly in account? If I keep the money in FD which I will open via net banking, will it be counted towards the MAB?
 
hotshot05 said:
If some account has minimum quarterly balance requirement, do I need to keep the money directly in account? If I keep the money in FD which I will open via net banking, will it be counted towards the MAB?
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No it won't.
A FD is treated as a separate account in itself and hence won't count towards MAB/QAB for your savings account.

Personally, I have found the HDFC Netbanking UI and options to be one of the best but my experience is limited to HDFC, SBI and IDBI only. For my usage I never had to visit the branch apart from depositing cash, as I could complete nearly everything else through netbanking alone.

So my vote goes to HDFC. Since you already have an account with them, you won't have to create new passwords etc and continue using the same Customer ID if you open another account with them.
 
rdst_1 said:
No it won't.
A FD is treated as a separate account in itself and hence won't count towards MAB/QAB for your savings account.

Personally, I have found the HDFC Netbanking UI and options to be one of the best but my experience is limited to HDFC, SBI and IDBI only. For my usage I never had to visit the branch apart from depositing cash, as I could complete nearly everything else through netbanking alone.

So my vote goes to HDFC. Since you already have an account with them, you won't have to create new passwords etc and continue using the same Customer ID if you open another account with them.
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That is the one thing I don't want to do. Want to keep accounts totally separate. If one of my accounts is compromised, I don't want them to get access to my other accounts. So want to keep accounts separate as much as possible.
 
I have an account with SBI, their services and Internet banking is good. But if you visit the branch they treat you like dogs. Some of their staff is very arrogant.

Also another problem is that the ATM next to the Bank Branch is not functioning most of the time. When ever I go to remove money from the ATM 5-10 times it is not working, Complaining to the bank authorities is useless, cuz instead to listening to our problems they give out useless reasons or abuses. And like other government departments no one is responsible (including the branch manager).

Also I have an account with ICICI bank, there the treatment I get is really good. People are very helpful and co-operative and most importantly they treat you like humans.
 
hotshot05 said:
Need to open a savings account. Already have a salary account with HDFC. Love their net banking UI.
Have a SBI account also.

Now need to open another bank account for use with investment portals like FundsIndia, CAMS, Zerodha etc. Do not need 3-in-1 account. Need a simple savings account.
But bank should be popular enough to be supported by most portals. Also net banking interface should be good and should allow me to do most of the work without vising branch physically.

Yes Bank is present nearby. Axis bank branch is also present nearby.
Hate the ICICI Netbanking interface (already have an ICICI B2 account).

If some account has minimum quarterly balance requirement, do I need to keep the money directly in account? If I keep the money in FD which I will open via net banking, will it be counted towards the MAB?
Click to expand...


You might want to look at YES Bank. I have had pretty good experience with them. Although they have lesser branches but have some good features in their accounts, like true any branch banking (no restrictions on any transactions through any branch), unlimited usage of their own as well as any other banks ATM. NEFT/IMPS is free. They also have an option of keeping an FD of Rs. 50,000 and as long as that FD is maintained you have Zero Balance savings account. Their netbanking UI is average, nothing great, but I get most of my stuff done through that. I dont need to visit the branch unless I am depositing cash. So go ahead and have a look!
 
Decius said:
You might want to look at YES Bank. I have had pretty good experience with them. Although they have lesser branches but have some good features in their accounts, like true any branch banking (no restrictions on any transactions through any branch), unlimited usage of their own as well as any other banks ATM. NEFT/IMPS is free. They also have an option of keeping an FD of Rs. 50,000 and as long as that FD is maintained you have Zero Balance savings account. Their netbanking UI is average, nothing great, but I get most of my stuff done through that. I dont need to visit the branch unless I am depositing cash. So go ahead and have a look!
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What is the name of your savings account type? There are quite a few options with varying Monthly/quarterly account balance requirement.
 
My experience with SBI has been the worst. Long lines and misbehaving staff. They write that the ETA for DD issuance is 20 minutes. Have never got a DD issued in less than 2 hours. Plus for every other thing you have to visit the home branch- be it changing your mobile number or getting a new ATM card pin. They charge ₹15 quarterly for SMS, ₹150+taxes per year for the s*itty debit card that does not work on Google Play, Steam or Paypal, and ₹2.5/5 per NEFT/IMPS. Their OTP generating app is broken since iOS 10 update 2 months ago.

Thank goodness those days of standing in queues are gone now. I have a Standard Chartered salary account and they have not charged a single paisa for any service until now be it debit card, credit card or funds transfer via NEFT/IMPS. Their iOS app has one of the best UI and lets me login using fingerprint. There are no charges or limits on withdrawal from any bank's ATM all over the world.
 
I used to have SBI a/c which does not work in Google Play, Steam or Paypal but right now am using ICICI a/c which supports everything.

It has both internet banking & mobile app which is very much convinient than SBI.

Go with ICICI Savings A/c buddy.
 
swatkats said:
Any inputs on standard Chartered savings account? Seems to be zero balance. Obviously less branches.
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Nope. They do offer the basic savings account as per RBI rule but as with any private bank, they mostly would refuse to open such account.
Also given the dearth of branches & ATMs, its useless to open such account as only 5 transactions are free in other bank's ATMs.

If you can migrate your salary account to SC, I bet you won't regret. They offer unlimited withdrawals from other bank's ATMs and a zero AMB. Same features will require AMB of ₹3,00,000 for non salary account.
Also take a look at Kotak & Yes bank. They also seem to provide free ATM withdrawals for 10k AMB.
 
Yes bank is better among what you've suggested. At this moment its better you avoid banks for any small transactions, They're treating customers as beggars!

Terrible incident:
I know a uncle from my area who has account at ICICI local branch, he went to withdraw just 8k for payments. Branch refused to pay the exact amount and asked him to adjust with 3k, Apparently he had 34L in his account, he showed others his balance and behavior of banks towards such high end customers. He promised to close accounts within a week and shift to HDFC. Don't know the whats the scene over there but ICICI branches in Hyderabad have been behaving arrogantly.




BTW has anyone noticed an New Bank "IDFC" ??
 
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ICICI is/was a good bank since its inception.

One of my niece works for that bank in Chennai.

Even my wife salary account in Infosys is from ICICI. She never had any problem what so ever.

Maybe because of the limits imposed on withdrawing the amounts is the cause of any banks refusal nowadays.
 
swatkats said:
Yes bank is better among what you've suggested. At this moment its better you avoid banks for any small transactions, They're treating customers as beggars!

Terrible incident:
I know a uncle from my area who has account at ICICI local branch, he went to withdraw just 8k for payments. Branch refused to pay the exact amount and asked him to adjust with 3k, Apparently he had 34L in his account, he showed others his balance and behavior of banks towards such high end customers. He promised to close accounts within a week and shift to HDFC. Don't know the whats the scene over there but ICICI branches in Hyderabad have been behaving arrogantly.




BTW has anyone noticed an New Bank "IDFC" ??
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I don't think it is a terrible incident. Bankers are just being realistic and rationing whatever money they have. Rather than facing the ire of 20 angry people who have been waiting in line for 2-3 hrs, they chose to appease as many number of people as possible.

Even ICICI guys know that to open a new account in a new bank will take some time. And in whichever bank you go right now, the same thing will happen.

BTW did your uncle try talking with the manager? Heard that it is quite effective. You will have to wait for sometime. Once the number of people inside the branch decreases, you get the extra cash.

But quite a few branches are facing cash shortage. Especially branches near wholesale markets, garages of vehicles used for long distance transportation etc.
 
^ After doing such ruckus in a bank, Don't you think the manager would have done something about it? He took to his cabin and gave him 10k. :p

You seem to know much. Two weeks back I opened a ICICI Saving account online and my account was activated after e-kyc within 24 hours and i received card, Cheque book in 3 days FLAT.
 
swatkats said:
^ After doing such ruckus in a bank, Don't you think the manager would have done something about it? He took to his cabin and gave him 10k. [emoji14]

You seem to know much. Two weeks back I opened a ICICI Saving account online and my account was activated after e-kyc within 24 hours and i received card, Cheque book in 3 days FLAT.
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Did not know that we can now open bank accounts via eKYC! Thanks for the info. (Only knew about Mobile SIM and Mutual Fund account opening via eKYC)

You did not have to visit the ICICI branch even once?
 
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