How to open a bank account without an introducer :Banking n00b here

Status
Not open for further replies.
bmwfanboy

bmwfanboy

Contributor
I already have a Bank of baroda savings bank account which i use for bill payment, e-commerce sites etc. I want to open a new Savings account which will be used only to save money. I talked to Bank of baroda people at local branch and they said opening another account in the same bank isn't possible.
I have to open a new savings account in any bank that meets my below mentioned requirements:

1. Can i open a savings bank account without the requirement of an introducer? Everyone i know uses bank of baroda only.

2. I was reading about charges and fees at different banks and found that most private banks have a minimum balance requirement of Rs.10k while most gov. banks have min. bal. req. of zero (SBI) or 1k only.
Is there any bank out there which doesn't ask for an introducer and has a minimum balance requirement of Rs.1k or lesser ?

3. Is there any upper limit for cheque payment? I mean, can i issue a cheque for huge amount of money?(say, Rs. 2 lakh)

I already have all the required documents like address proof and identity proof, KYC, PAN card etc.
 
But minimum balance is 10k, I don't like wasting my money :-/

And secondly HDFC has become worst in terms of customer service. Search for Sunny Leone Birthday thread, you will know how good HDFC is.

I use HDFC and SBI, except international payments, SBI >>> HDFC in all terms.
 
  • Like
Reactions: vivek.krishnan and bmwfanboy
avi said:
I use HDFC and SBI, except international payments, SBI >>> HDFC in all terms.
Click to expand...
No, SBI>>>>>>>HDFC for international transactions too. SBI clears international wire transfers next day but HDFC takes 7 days for the same. Plus RM keeps calling trying to sell every HDFC product to you. I have stopped using HDFC for banking, currently using HDFC credit cards only.
 
  • Like
Reactions: bmwfanboy
IF you want to do some serious savings without withdrawing and all, i will suggest to invest in a PPF account of SBI or PNB. The interest rates are highest and you will get tax benefit of upto 1.5 lkh per year + after 15yr of maturity (though money can be withdrawn aftr 7), all the money will be non taxable.

Its like if u save a lakh per year in PPF, at the time of full maturity of 15yrs (means 15 lakhs) you will get about 40 lakhs! Interest rates are higher than fixed deposit as well.

Tax benefits like upto 1.5 lakh shown in PPF per year will be deducted from your yearly income. Like you pay tax on 7.5 lakh per year, you will have to pay tax on 6 lkh only.
 
Last edited:
I have an account with SBI for the past 8 years, am satisfied with their service and quality (though had a few problems but people are good co-operative). ICICI too is OK, earlier I had an account with citibank well still no Indian bank can provide service like Citibank that I experienced almost 15-18 years ago.

Makes me realize we are still behind.
 
Status
Not open for further replies.
Top Bottom