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Old 3rd September 2013, 18:56   #286
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Default Re: What Bank for commercial operations?

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I agree. SVC is in the top three when it comes to cooperative banks. Good governance, good profits and an extremely good customer service.
+1. My Dad is a happy customer. I recently got a demo of their internet banking and for a home-grown solution it is quite sophisticated! Probably not a patch on ICICI which offers virtually perfect integration if you are into share trading etc. but very good functionality-wise for most simple transactions including most importantly funds transfers.

Don't know if I have mentioned this before but avoid Axis Bank. I started a relationship with them when ICICI inexplicably refused to issue me a credit card a few years ago (reason cited was "Chanda Kocchar ma'am has said not to issue" ). They do seemingly senseless things like adding levels of security to your internet banking and then not allowing you to login despite password correctly being entered on second try (this is quite common in internet banking since you often recycle passwords and don't always remember at first shot). I have an account with one branch and asked them to transfer it to another closer to my new home but they refuse since I have a locker facility at the old branch and they are using that as a leverage . My so-called Relationship Manager hardly recognises me when I call her and usually fobs me off saying come to the branch (unthinkable in any other bank including ICICI). I had a very good RM earlier but in a remarkable twist of irony she got fired for poor performance and I was stuck with the current one. Their alerts are not fool-proof, the "Net Secure" second level of security for funds transfers often doesn't work and their phone banking is virtually useless. I have a couple of ECS instructions on that account which should expire soon and need to find a bank willing to offer me a locker closer home but that is about the only thing stopping me from terminating this sad relationship.
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Old 3rd September 2013, 19:54   #287
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Default Re: What Bank for commercial operations?

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... need to find a bank willing to offer me a locker closer home but that is about the only thing stopping me from terminating this sad relationship.
I'd recommend to try Saraswat Bank for locker facility if you have a branch closer to your home and the lockers are available. Very less crowd and much better branch timings compared to other banks.
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Old 4th September 2013, 00:48   #288
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Default Re: Which bank to open an account in?

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I tried PMing you, however it says that your inbox is full.

Devansh
Hi Devansh

Apologies for a late reply. Have sent you a PM.
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Old 4th September 2013, 16:57   #289
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Default Re: Which bank to open an account in?

Some private banks have started to charge for the SMS notifications.

I have a ICICI bank SB account. They have debited Rs 10 for July-August.

IMHO, this is a very wrong trend and needs to be nipped in the bud by RBI.

Rohan
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Old 4th September 2013, 17:19   #290
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Default Re: Which bank to open an account in?

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Originally Posted by rohan_iitr View Post
Some private banks have started to charge for the SMS notifications.

I have a ICICI bank SB account. They have debited Rs 10 for July-August.

IMHO, this is a very wrong trend and needs to be nipped in the bud by RBI.

Rohan
I have a HDFC Salary account, and I got a notification that all sms alerts will be chargeable. As you pointed out, this has to nipped in the bud by RBI.
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Old 7th January 2014, 02:44   #291
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Default Re: Which bank to open an account in?

Hi folks

I am looking at opening my first demat account, and am considering the following

1. SBI
2. Geojit BNP Paribas ( they seem to have good reviews on this thread )
3. Deutsche Bank
4. Standard Chartared

Which one would you recommend, considering I would be transferring funds from my SBI account often to my demat account ? What are the monthly investment information booklets offered by the above like ?

Deutsche bank also claims the following as benefits
  • No stamp duty on transfer of securities
  • Faster settlements of buy or sell orders, direct credit or allotment from public / rights / bonus issue

Can I expect to get the same benefits with the other banks ?

Thanks in advance

Last edited by revvedup : 7th January 2014 at 02:46.
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Old 7th January 2014, 05:55   #292
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Default Re: Which bank to open an account in?

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My daughter was 2 years when I opened her PPF account in SBI. No PAN was required. But it is possible to get PAN card for anybody of any age.
Whats the benefit of opening a PPF account so early in life?
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Old 7th January 2014, 06:18   #293
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Default Re: Which bank to open an account in?

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Whats the benefit of opening a PPF account so early in life?
Could be used for funding education/higher education or the kids marriage itself.
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Old 7th January 2014, 07:10   #294
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Default Re: Which bank to open an account in?

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Whats the benefit of opening a PPF account so early in life?
It's one of the few tax free savings instruments in India. I would open one in the name of every member of my family and put the maximum I can afford upto 1 lakh per account every year.
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Old 7th January 2014, 10:38   #295
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Originally Posted by carboy View Post
It's one of the few tax free savings instruments in India. I would open one in the name of every member of my family and put the maximum I can afford upto 1 lakh per account every year.
I was of the impression it is 1 lakh/ earning member/ year. Can I put 1 lakh each in my minor son's and my PPF account every year?
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Old 7th January 2014, 11:26   #296
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Default Re: Which bank to open an account in?

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I was of the impression it is 1 lakh/ earning member/ year. Can I put 1 lakh each in my minor son's and my PPF account every year?
I think you can open one for non-working adults and deposit a separate 1 lakh. You cannot claim exemption for it though the interest is still tax free. I am not sure about minors, though.

http://taxguru.in/income-tax/public-...-features.html
As per the above, it seems like it's OK for minors also - but best to check with some expert.

Last edited by carboy : 7th January 2014 at 11:29.
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Old 7th January 2014, 11:58   #297
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Default Re: Which bank to open an account in?

To add some inputs:

Suggestion would be SBI. It has all the normal facilities and also nominal NRE/NRO surcharges should one want to avail of that.

- The AQB per quarter in a manageable Rs. 1000/-.

- The Branches are even located in the remotest of locations and accessibility is not an issue any where.

My Accounts:

I have been using Standard Charatered Bank for some time. It is a good bank with all the facilities like online banking, door to door cheque collection facility, Personalised ATM cards etc.

One major disadvantage though is the prohibitively high AQB maintenance amount of Rs. 25,000/- per quarter per month.

Since I have a salary account, it is manageable as AQB rule doesnt apply.

2) ICICI Bank

Good for normal transactions and accessibility and accepgtance is much more wide spread than SCB.

3) Indian Overseas Bank

Fringe player. Hardly use the account. Just for name sake and dont even have a debit card. Transactions are done through the old and primitive pay in slips and withdrawl slips.
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Old 7th January 2014, 12:03   #298
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Default Re: Which bank to open an account in?

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I was of the impression it is 1 lakh/ earning member/ year. Can I put 1 lakh each in my minor son's and my PPF account every year?
You can certainly open PPF in your kids name. But the catch is you cannot claim exemptions. Any investment on a minor will be accounted along with the parent. So you can invest 50K on PPF in your account and another 50K on your child's name and get the exemption under 80C.
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Old 7th January 2014, 12:16   #299
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Default Re: Which bank to open an account in?

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Originally Posted by snorting bull View Post
You can certainly open PPF in your kids name. But the catch is you cannot claim exemptions. Any investment on a minor will be accounted along with the parent. So you can invest 50K on PPF in your account and another 50K on your child's name and get the exemption under 80C.
I think the question is whether you can put 1 L in your childs name & 1 L in your name as long as you only claim exemption for the first 1 L.
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Old 7th January 2014, 12:37   #300
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Default Re: Which bank to open an account in?

The 1 lakh/FY limit applies both to deposit and tax-exemption claims. Further, the limit is per earning individual, not per account, age of account holder notwithstanding.


There are further restrictions as to how many deposit transactions are allowed per year (if I remember right, one can deposit no more than 12 times/yr, totaling no more than the prescribed limit).
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