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Old 11th November 2012, 23:50   #226
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Default Re: Which bank to open an account in?

I have experience with HDFC and ICICI. Both are equally good. But ICICI has privileged banking and I kinda like it.
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Old 12th November 2012, 06:34   #227
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Originally Posted by F150
I have experience with HDFC and ICICI. Both are equally good. But ICICI has privileged banking and I kinda like it.
HDFC has Preferred Banking which gives the same benefits as ICICI and its Privilege Banking.
Worth checking both these as they are probably the best in India overall.
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Old 12th November 2012, 16:01   #228
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Default Re: Which bank to open an account in?

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IDBI and excellent web support? I beg to differ vehemently about both online and offline matters. For starters you can book an FD online but you cannot break it online (with HDFC and many other banks you can). .
Ok..maybe pune service is bad, I cant really comment as I stay in NCR region.

I have a sweep in/out facility attached to my saving account, thus both making and breaking FD is a breeze. Never had any issue with FD hard copies, as they give a call, ask me the option, and if chosen post, send it across to me. Passbook and other requisites, got it in a week by post after opening the account!!!...Thus my views remain the same.
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Old 4th March 2013, 01:01   #229
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Default move out of citibank account

Citibank is forcefully migrating all Suvidha account customers to a new citibanking account from March 1st which requires a minimum net relationship average of 1 lakh / month holding (total of savings+fixed deposits+mutual funds+...) from the original 25K limit.

Upon asking, the feedback is that they no longer support suvidha & every has to migrate to this new account. If you analyse, there is no real benefit for committing to 1 lakh holding in Citibank. Their attitude is soo callous. They call & say, you anyways hold sufficient funds in your account, what is your problem in maintaining the limit prescribed (of course indirectly). I believe, they would not bother, even if I say, I will move out of Citibank. I think a mass exodus of accounts would teach them a lesson not to try out these kind of tricks on their customers.

Anyways, I am not happy with this forced migration and making us accept the new 1lakh holding rule and intend to move out of Citibank once my deposits matures in May'13.

People with Suvidha accounts (non-salary): Pl. take note of this new account migration applicable from 1st March 2013. You will be penalised with Rs 500+tax/month penalty if you do not maintain min of 1 lakh in relationship value (sum of the total savings, FD holdings, mutual funds etc).
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Old 4th March 2013, 01:21   #230
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Originally Posted by tanwaramit View Post

If you still want an option try Kotak.

Have used Citi, ICICI, HSBC, SBI, HDFC and Kotak.

The best is Kotak.

My verdict - Kotak is the best
Here is my experience with Kotak, 2004 or 05 they were after me to open a zero balance account with them. I did and was using that account to get my dividends from mutual funds, one day I checked and I had much lesser money so called them. They pretty rudely tell me that my account isn't a zero balance now and they are cutting charges for not maintaining a minimum balance. No emails nothing sent to me as a heads up, on threatening them with closure I was told that I was welcome to close my account. Have been an icici cust since 2001, citi since 2001(not a fan but not as bad as Kotak) sbi , oriental and pnb since I was a kid so over 30 years and deutsche for last 5 years and never ever faced any issues. Also have other accounts but something like this has never ever happened to me. Maybe I am a minority but I have had a horrible experience regarding banking with them. Will recommend any other bank but them.

Last edited by sammyboy : 4th March 2013 at 01:23.
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Old 4th March 2013, 09:50   #231
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Default Re: Which bank to open an account in?

Have used SBI, HSBC, ICICI, VijayaBank.

For me HSBC comes top of the list followed by ICICI.

SBI is really good if you like banking in old fashioned way - no matter what advanced they are, you still need to give that "written application at your branch" - [gosh! how many times I have had that with SBI.]

nevertheless gives a kind of satisfaction for people with such affection to physically handling documents
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Old 4th March 2013, 10:23   #232
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Default Re: Which bank to open an account in?

I quite enjoy the Citi-Banking Account, which works on a Net Relationship Value of over Rs. 2L, gives you a dedicated relationship manager, and a consolidated mechanism to invest in various funds and instruments, and a single portal to manage the same.
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Old 4th March 2013, 10:32   #233
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Default Re: Which bank to open an account in?

Greetings
I dont feel safe keeping all my FDs in SBI. And I am thinking I can get better returns from other banks maybe.

What bank do you recommend for parking FDs?

Thanks
--R
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Old 4th March 2013, 12:18   #234
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Default Re: Which bank to open an account in?

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Greetings
I dont feel safe keeping all my FDs in SBI. And I am thinking I can get better returns from other banks maybe.

What bank do you recommend for parking FDs?

Thanks
--R
Would you feel safer lending your money to a private bank rather than a govt owned public sector (like SBI)???
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Old 4th March 2013, 12:41   #235
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Default Re: Which bank to open an account in?

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Would you feel safer lending your money to a private bank rather than a govt owned public sector (like SBI)???
Well no. I was thinking IDBI or some other nationalized bank.
In the event of an economic catastrophe and closure, a bank is legally obliged to only return 1 lac, you lose everything else, so that's the thinking.

--R
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Old 4th March 2013, 13:33   #236
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Default Re: Which bank to open an account in?

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Originally Posted by Ragul View Post
What bank do you recommend for parking FDs?
Do you want to keep deposits only in a bank? If not, then fixed deposit schemes by HDFC [not HDFC Bank] are also a good option. Their interest rates are quite competitive, and they offer .25% extra [or .50%, not sure which] to HDFC share holders.

http://www.hdfc.com/deposits/deposites_individuals.asp

Cheers,
Vikram

Last edited by comfortablynumb : 4th March 2013 at 13:36.
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Old 4th March 2013, 14:51   #237
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Default Re: move out of citibank account

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Originally Posted by null View Post
Citibank is forcefully migrating all Suvidha account customers to a new citibanking account from March 1st which requires a minimum net relationship average of 1 lakh / month holding (total of savings+fixed deposits+mutual funds+...) from the original 25K limit.

Upon asking, the feedback is that they no longer support suvidha & every has to migrate to this new account. If you analyse, there is no real benefit for committing to 1 lakh holding in Citibank. Their attitude is soo callous. They call & say, you anyways hold sufficient funds in your account, what is your problem in maintaining the limit prescribed (of course indirectly). I believe, they would not bother, even if I say, I will move out of Citibank. I think a mass exodus of accounts would teach them a lesson not to try out these kind of tricks on their customers.

Anyways, I am not happy with this forced migration and making us accept the new 1lakh holding rule and intend to move out of Citibank once my deposits matures in May'13.

People with Suvidha accounts (non-salary): Pl. take note of this new account migration applicable from 1st March 2013. You will be penalised with Rs 500+tax/month penalty if you do not maintain min of 1 lakh in relationship value (sum of the total savings, FD holdings, mutual funds etc).
HSBC did the same thing a year ago but they also offered a 'no frills' account instead with a zero balance with most of the conveniences of the earlier savings account.

Have a Citibank Suvidha account too and even after telling them that I was a customer with them since 1998, they only offered a minimum 1L relationship instead of the 2L that they charge new customers. Have informed them through secure mail of closure, they asked me to send that to them in writing which I did on 20th Feb. However, on the 1st of this month, they have debited me for non maintenance of minimum balance but in anticipation of that, I had already migrated my funds to another bank account.
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Old 4th March 2013, 15:52   #238
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Default Re: Which bank to open an account in?

Quote:
Originally Posted by alpha1 View Post
Would you feel safer lending your money to a private bank rather than a govt owned public sector (like SBI)???
Quote:
Originally Posted by comfortablynumb View Post
Do you want to keep deposits only in a bank? If not, then fixed deposit schemes by HDFC [not HDFC Bank] are also a good option. Their interest rates are quite competitive, and they offer .25% extra [or .50%, not sure which] to HDFC share holders.

http://www.hdfc.com/deposits/deposites_individuals.asp

Cheers,
Vikram
That looks. good! I am not financially smart, so a couple of questions -
What does the "Maximum Deposit without TDS " mean? Is it the total value I can save per FD or max I can sweep into that FD account every month?

And what does the cumulative scheme do over and above the others?

Thanks
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Old 4th March 2013, 16:44   #239
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Default Re: Which bank to open an account in?

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Originally Posted by Ragul View Post
And what does the cumulative scheme do over and above the others?
Don't know what the "Max deposit without TDS" thing is; maybe some finance whiz kid on the forum can answer that.

I'm not very good at finance either, but in layman's language, cumulative means you will get the entire interest amount at the end of the deposit's tenure. Non-cumulative means the interest will be credited to your account at pre-defined intervals [quarterly, half-yearly etc]. In general, the returns will be more in cumulative schemes than non-cumulative.

Cheers,
Vikram

Last edited by comfortablynumb : 4th March 2013 at 16:46.
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Old 4th March 2013, 18:44   #240
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Personally i am very happy with citibank relationship but this exercise forced me to close my account with them
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