Which Bank To Prefer For Online Money Transfer ?

divyesh2129

divyesh2129

Adept
Hey

I want to make New Account in Bank for Only Online Money Transfer.

Which BANK to prefer for Online Money Transfer ???

So I Need
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If you are looking for a bank account only for Online Transactions then ICICI B2 Banking is excellent option, completely hassle free & no worries of Min AQB.

https://b2.icicibank.co.in/

While for Savings account in ICICI or HDFC bank, you need to maintain Rs.10000 as AQB (Avg. Quaterly Balance) else they charge you Rs.750 per month & that too you are never notified about it.
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HDFC takes a day to add a beneficiary. Rest its good also it does does not charge any NEFT transaction fee

Iam using Bank of Maharashtra it charges rs 5/- per NEFT transaction also its interface is crap

only plus point is that it has only 100/- min balance
 
HDFC is the worst. Avoid them. Lazy morons, and technically challenged. You would be required to visit their branch for almost everything. Even trivial things like changing email address, phone number or address. Their customer care is available only till 8 PM in the evening. Jokers.

For online transfers, best account today is ICICI B2. Zero balance, FD interest rates, and unlimited free NEFT transfers. Downside is that this is a branch free account, and there are some weird pin code based restrictions on which addresses are supported for opening an account - God knows why they would put such a restriction on an online only account. You also do not get a branch access, or an ATM card for that matter.
 
devilinearth said:
Nothing can match Citibank when it comes to online banking.
Click to expand...
Agree about Citibank. By far the best I have ever had. However, opening (and maintaining) an account there comes at a premium so if someone is getting an account there (through company may be), definitely go for it.
 
Need to add that while all banks have online transfer facility, what matters IMO is turnaround time and charges to do the same. There are very few options available in the market today where NEFT isn't charged. You might want to go for them. Also avoid banks which do not add a new payee immediately. In this regard I have found Citi the fastest - I can add a new payee and send him a payment in 10 minutes at the most (less than 5 minutes in most cases). ICICI is second at around 15 minutes. HDFC is the laziest at close to 24 hours.
 
citi is very good. if it is a salary account, no minimum balance and no neft charges. otherwise you have to keep 25k minimum balance and neft charges are also there.

Also i pay my mobile,internet,electricity bills thru citibank Bill Pay and it is free.
 
Are there any banks out there apart from ICICI which charge 0.00 on EFT outwards, and are non-salary accounts. That would be the best combination.

I had an HDFC account, and found them to be highly moronic and lazy. Had to visit the branch for most things, and payee addition took ages. SBI payee addition also takes a while, but they charge money. CITIBANK is excellent for me, but it is salaried.
 
If you want to be able to transfer money instantly to a new payee then look no further than ICICI. Both HDFC and SBI take a while to first add and then verify a new payee. SBI was not like that until around a year back. Since that time, on average, it takes around half-a-working day for a new payee to be authorized. The EFT fee is nominal in case of banks who do charge it so i don't really think this is a decisive factor. Only downside with ICICI is minimum AQB of Rs. 10,000 for a normal savings account. Same is the case with HDFC. SBI is a relief in that respect.
 
I prefer HSBC. No BS of registering account numbers and waiting for 24 hours before being able to make a transfer. Security is also pretty good. You have your own username/password + OTP generated by a security dongle.
 
Hi I'm using ICICI ,ABN AMRO (now RBS), Citibank and Axis.

I find ICICI to be easy, hassle free, fast, stable, reliable and secured.

Though for NEFT Rs.5 per transaction will be applied while transferring to SBI and most of govt. or govt. aided banks, but it's free for some banks like Citibank and some of the other private banks.
In all online shopping sites (even govt. Electricity Board) ICICI will be listed for payment option whereas Citibank or ABN will not be.

Next to ICICI I find Axis bank to be most useful.
 
Folks claiming zero NEFT fees on ICICI, do you have a non-salary account? I have two high value accounts, but don't get even a single NEFT free in a month. I asked them and they said B2 and Salary are the only accounts they have without NEFT charges.
 
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