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Old 19th December 2014, 18:54   #361
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Default Re: Which bank to open an account in?

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Overall among the nationalized banks, I prefer SBI, SBM.
Among private sector banks:

Citibank- Good if interested in modern banking. Internet banking is good. Branch banking is almost impossible. Min balance is Rs. 1 L which is sheer stupidity.
Among nationalized banks, I prefer IDBI Bank. My local branch is very friendly. Also IDBI despite being a nationalized bank behaves more like a private bank. They have modern branches unlike most other nationalized banks with 20 year old furniture.

Citibank Suvidha salary savings account is zero balance and has perhaps the most modern portal around. Transfer can be done by IMPS which is instantaneous unlike NEFT. Some bills can be paid automatically up to a limit you set yourself, so these days I don't pay my phone or electricity bill. Linkages with mutual funds, insurance, etc. is good. Demand drafts are free, but may take a few days for the courier. One can also invest in mutual funds, etc. from their portal, of course all into regular plans.
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Old 27th December 2014, 10:14   #362
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Default Re: Which bank to open an account in?

IDBI is not a nationalised bank but it comes pretty close to it - http://www.idbi.com/new-geeration-gov-bank.asp
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Old 5th January 2015, 14:50   #363
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Angry Re: Which bank to open an account in?

I just received the shock of my life when dealing with State Bank of India. Wanted an account statement for the period 1st April 2011 to 31st march 2012 for IT returns purposes. Tried pulling it out from internet banking but statement available is post April 2012. Called bank and was shocked to know that I will have to pay Rs 112/- per page of printing coz they would only give hard copy of the statement since they don't provide the statement in pdf format. If there are 10 pages of printing, I end up paying around 1k just for a print.

Is this the case with all national banks coz I got the same period statement from Citibank within 15 min of generating online request. There is no option in SBI for generating any information request.

Customer care toll free nos of SBI are as usual PIA.
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Old 6th January 2015, 17:51   #364
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Default Re: Which bank to open an account in?

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was shocked to know that I will have to pay Rs 112/- per page of printing.
For the first 10 pages or so, it is 112 Rs there after there is some minimal charge per page. It is more unlikely to be 112 Rs per page. Please check once again with your branch.

For me also it is getting difficult to interact with these sbi guys. Very lazy they have become these days. Most of the time their network has some problems.

Last edited by rki2007 : 6th January 2015 at 17:56.
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Old 6th January 2015, 18:44   #365
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Default Re: Which bank to open an account in?

You can download your statement from the SBI netbanking website in pdf format.

https://retail.onlinesbi.com/retail/...tstatement.htm


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Originally Posted by ghodlur View Post
I just received the shock of my life when dealing with State Bank of India. Wanted an account statement for the period 1st April 2011 to 31st march 2012 for IT returns purposes. Tried pulling it out from internet banking but statement available is post April 2012. Called bank and was shocked to know that I will have to pay Rs 112/- per page of printing coz they would only give hard copy of the statement since they don't provide the statement in pdf format. If there are 10 pages of printing, I end up paying around 1k just for a print.

Is this the case with all national banks coz I got the same period statement from Citibank within 15 min of generating online request. There is no option in SBI for generating any information request.

Customer care toll free nos of SBI are as usual PIA.
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Old 6th January 2015, 18:50   #366
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Default Re: Which bank to open an account in?

within Nationalized or Govt backed banks, IDBI is good, have good experience in Bangalore and even in tier 3 towns like Nashik, I would rank them better than ICICI.
Have tired Yes Bank, Indus Ind and they are not much to talk about.
most of the services charged by Private banks are free with IDBI, Internet site is also good and mails are responded and closed quickly.
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Old 7th January 2015, 08:11   #367
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Red face Re: Which bank to open an account in?

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For the first 10 pages or so, it is 112 Rs there after there is some minimal charge per page. It is more unlikely to be 112 Rs per page. Please check once again with your branch.
Thats not the case my friend. Its first 40 transactions which cost Rs. 100/- per page plus 12.36% service tax which makes the toal amount to Rs 112. Every subsequent 40 transactions is 112/-.

I checked on RBI website for the authenticity of these service charges and guess what RBI has neatly allowed the banks to decide the service charges. Hello Canara Bank charges RS 200/- per page printing. Daylight robbery.

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You can download your statement from the SBI netbanking website in pdf format.
Cant do that my friend. Tried it but online system allows statement for the past two years i.e since April 2012 and not before that.

Luckily an old SBI acquaintance came to my help. He suggested to get my passbook updated, SBI cannot charge for the same even if it demands additional passbooks to be provided. Happy with the solution I approached the SBI branch yesterday and asked them to update the passbook (last entry was 2009 April and account was opened in Jan 2008). The lady at the counter smirked at the thought of updating 5 yrs of passbook entries and she started the work. Took 4 additional passbooks to update the 5 yrs transaction list. When completed to my dismay found that the transactions for the period April 2009 to March 2012 weren't updated. What I needed the most wasn't there at all. I complained to the Bank Manager and asked him to get my passbook updated. He came up with a solution and took two snap shots of the account statement for the period Apr 2011 to Sept 2011 and Sept 2011 to Mar 2012, printed the same (using dot matrix printers - I thought these were obsolete, those long kreek kreek sounding ones) and endorsed the print. Finally I had what I wanted without paying a dime but with lot of sweat and the smirkiness, unapologetic attitude of the SBI staff at the branch.

Lesson learnt: Keep taking a pdf copy for 6 monthly account statement or update your passbook regularly. You never know when you may need it.
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Old 9th March 2015, 12:37   #368
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Question Which bank to use for INR->USD transfer?

I need to transfer some $4,500 to a small private bank in the US to vest my stock options.

Since the amount works out to a tidy sum, could someone tell me which bank has the lowest charges and the best exchange rate for this transfer? Thanks!

Last edited by nowwhat? : 9th March 2015 at 12:39.
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Old 9th March 2015, 12:43   #369
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Default Re: Which bank to use for INR->USD transfer?

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I need to transfer some $4,500 to a small private bank in the US to vest my stock options.

Since the amount works out to a tidy sum, could someone tell me which bank has the lowest charges and the best exchange rate for this transfer? Thanks!
SBI has the most bureaucratic process but also the best rates for this, in my experience.
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Old 9th March 2015, 12:54   #370
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Default Re: Which bank to open an account in?

I recently made a similar transaction through SBI's netbanking as on outward wire transfer. Hope you're also aware of the TDS that's going to happen in the subsequent month's salary.
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Old 9th March 2015, 12:57   #371
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Default Re: Which bank to open an account in?

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I recently made a similar transaction through SBI's netbanking as on outward wire transfer. Hope you're also aware of the TDS that's going to happen in the subsequent month's salary.
Your best bet - especially for fat stock options - is to redeem about 33% (or whatever amount less tax deductions you figure to claim) of the vestable amount and use that to pay the tax. You can generally arrange with your finance team to do this instead of deducting TDS out of your salary.

That is unless you have enough liquid cash to bear a huge TDS deduction.
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Old 9th March 2015, 13:08   #372
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Default Re: Which bank to open an account in?

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Your best bet - especially for fat stock options - is to redeem about 33% (or whatever amount less tax deductions you figure to claim) of the vestable amount and use that to pay the tax. You can generally arrange with your finance team to do this instead of deducting TDS out of your salary.

That is unless you have enough liquid cash to bear a huge TDS deduction.
This company is a start-up and only provides two choices: 1) purchase the options, or 2) forfeit the options. They do not have a buy back program, so the only choice I have is to buy the stock options which are worth more and there is every likelihood that it would be gobbled up by one of its listed competitors in the next couple of years.

I would like to ask anyone who has done this before, which bank takes the least fees to do this transaction?

PS: Didn't see the replies above. Thanks for the replies, hserus and nareshov. SBI seems to be the consensus and I am lucky I already have a bank account there.

One thing I am confused about is the TDS mentioned by you. Do I need to pay this even when I am buying the stock options from my salary? One thing I forgot to add is that this is more like a Restricted Stock Grant in the sense that I shall be paying the amount to buy stock in the company.

Last edited by nowwhat? : 9th March 2015 at 13:15.
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Old 9th March 2015, 13:43   #373
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Default Re: Which bank to open an account in?

No - that is only if they award those units to you for free as a joining offer, then you'd have to pay tax on that amount like on any bonus that you get.

If they're offering you an option to BUY those shares then no, you aren't going to be taxed on that. You will be taxed once you unload those shares and have to pay long or short term capital gains tax at applicable rates.
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Old 9th March 2015, 14:33   #374
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Default Re: Which bank to open an account in?

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No - that is only if they award those units to you for free as a joining offer, then you'd have to pay tax on that amount like on any bonus that you get.

If they're offering you an option to BUY those shares then no, you aren't going to be taxed on that. You will be taxed once you unload those shares and have to pay long or short term capital gains tax at applicable rates.
Thanks for the info on tax. No, they weren't given free. I am paying the notional value of the stock to buy them now. In any case, I am not gaining any money now. If anything, I am losing money as I am putting my own funds to buy the stock.

I guess if I hold it for more than a year and sell it, I would be liable to pay long term capitals gains as a house, debt fund, etc. since it is a US company?
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Old 9th March 2015, 15:39   #375
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Default Re: Which bank to open an account in?

It is treated as income from other sources & taxable at the highest slab

http://www.mondaq.com/india/x/231420...oreign+Company
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