Which Bank to choose?

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scott1391990

scott1391990

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Gotta open a bank account from these following banks from my workplace. :-)
Kotak Mahindra
Citibank
ICICI
I chose CItibank and filled the form but as they had already given all the kits to other members, I still have 2 days time to submit the form or choose another.
Can someone suggest which one is better? I would be doing online shopping from that account as some sites provide special discounts for certain banks. Which one is best in this regard?
 
Kotak Mahindra have better interest Rate on savings account other services same as other private Banks, You should choose Kotak Mahindra.
 
you have to deposit minimum Rs 10000 if you want to open an account and it is non-refundable if you live in metro.Also they have high processing fees charges as compare to govt banks.
 
int86 said:
these are private banks, have hidden charges.
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That is an absurd generalization. Care to explain? I've been having accounts with ICICI since 10 years, and I have yet to come across these "hidden" charges. Same is the case with my SBI account.

@OP: ICICI has a strong presence throughout India, branch wise and ATM wise. Their customer care is also quite good, as far as my experience goes.
 
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ICICI as even their debit cards work on a lot of international websites and paypal, plus their overall service is good with no extra or hidden charges..
 
future said:
you have to deposit minimum Rs 10000 if you want to open an account and it is non-refundable if you live in metro.Also they have high processing fees charges as compare to govt banks.
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Which bank you talking about?????
And you really sure about that as 10k is a huge amount.
Also, They didnt say any thing like that. Just the Kotak was providing more interest and as I would use it for online shopping, I chose Citibank over it.
Is it right to choose for making online purchases? Would I get discount benefits with it?


prateekS said:
ICICI as even their debit cards work on a lot of international websites and paypal, plus their overall service is good with no extra or hidden charges..
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Even on sites that support CC only?
 
I am not sure if you will receive much benefits for using your bank account or debit card. With credit cards, yes.. but not much with a Citibank account or debit card. Decide the bank account based on the interest rates / deposit options / demat options / ATM presence / branch presence / customer care; don't decide based on discounts for purchases.

About the minimum deposit, clarify with the respective banks. Most banks have zero minimum balance for salary accounts. For normal savings accounts, most private banks require a minimum monthly or quarterly average balance of 5K or 10K. Since this is an average balance, maintaining it is not so difficult as long as you plan.
 
ICICI is most preferred but as it is a Salary account it will be Zero balance mostly confirm with your bank.
If its a General Savings account you know the minimum balance.
ICICI - 10k
Citibank - 15k
Kotak Mahindra - 10k.
I think they will deduct 750 Bucks if you have less monthly balance, this was the case with Friends ICICI account.
 
int86 said:
these are private banks, have hidden charges.
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Last time I heard this was from a dumb friend of mine. Good Lord! How people post nuisance like this? ? ? Been using private banks only from 98, that time it was UTI Bank, which is now Axis, then HDFC, and now Citi and ICICI. I hate PSU banks, will come back when they'll learn how to behave with customers.
Anyway, Citi or ICICI, both will do great, sorry but no idea about KMB.
 
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Go for citibank . Great Service but low number of branch's (under 50 for entire India ) . You won't have to visit a Branch since they have Awesome customer care . They have good discounts like the Flipkart 15% sale etc .

Kotak Mahindra is also a decent bank with ample branches and good internet banking . Don't expect much discounts . I have my savings account only with kotak Mahindra and there were no excessive or random charges .

FYI - Citi Requires a minimum balance of 2.00 L for savings account . Zero Balance for salary accounts as long as there is active credit of salary cheques per month .
 
scott1391990 said:
Which bank you talking about?????
And you really sure about that as 10k is a huge amount.
Also, They didnt say any thing like that. Just the Kotak was providing more interest and as I would use it for online shopping, I chose Citibank over it.
Is it right to choose for making online purchases? Would I get discount benefits with it?



Even on sites that support CC only?
Click to expand...

icici
 
Things to look out for, min balance, random charges, minimum balance penalty charges, Max activity allowed, ac closing charges, credit card, debit charges, atm usage charges,

Get SBI if you can, keep min balance in sal account in whatever bank. SBI doesnt care what you do once you have a functional account. All other banks have a hundred different rules and issues. I checked out basically every major bank when I opened the account, this has been zero headache.
 
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Is this for your salary credit? If yes, then there is no min balance criteria applied. Frankly all of them are equally good. Though I don't find many Kotak Mahindra ATMs - ICICI has the largest network and Citibank has a big network specially in the workplace ATMs.
 
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Yeah I too prefer SBI in case of personal banking solutions.
But my salary A/c is in Axis and it's good equally, provided that it's a Sal A/c and I don't need to keep min 10k.

This Min QAB in case of private bank is 10times to that of Govt. Banks. SBI only requires 1k.
 
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swatkats said:
SBI is Zero balance even for Personal savings account, It's been a year since they've changed that minimum requirement.
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Ohh I didn't knew that. So is it applicable for old A/c too? Or else we need to go to branch to do something? Though keeping 1k is not a problem at all for me.
 
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krishnandu said:
Ohh I didn't knew that. So is it applicable for old A/c too? Or else we need to go to branch to do something? Though keeping 1k is not a problem at all for me.
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mine is an old account and yes i do maintain zero balance most of the time :D
and others do not mistake SBI with SBH, SBH still has 1k min balance req
 
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