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Old 26th October 2015, 22:51   #391
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Default Re: Which bank to open an account in?

What if I ask them to send me a cheque when these FDs mature?
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Old 27th October 2015, 09:36   #392
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Default Re: Which bank to open an account in?

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What if I ask them to send me a cheque when these FDs mature?
Hi. hellmet. I don't think all banks allow you to close the account while having FDs linked to it. Because they directly credit the maturity proceeds to the account instead of issuing cheques. You could check with your RM but AFAIK, HDFC, CITI, BOI, YES, don't allow that.
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Old 27th October 2015, 14:29   #393
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Default Re: Which bank to open an account in?

Oh crap. I guess I'm stuck with CHICHI bank for the next 4 years :(

Thanks guys..
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Old 27th October 2015, 17:26   #394
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Default Re: Which bank to open an account in?

On another note, how long should one retain their salary account before safely closing it? I recently left a company and want to close the account that was required by the company for salary transfers. I've got all my dues from them already (gratuity, and other settlement funds).
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Old 28th October 2015, 23:30   #395
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Default Re: Which bank to open an account in?

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On another note, how long should one retain their salary account before safely closing it? I recently left a company and want to close the account that was required by the company for salary transfers. I've got all my dues from them already (gratuity, and other settlement funds).
Hellmet
Hi
AFAIK it is about six months before they send you a letter that as there is no salary crdeited please close the account or maintain the minimum balance.
But again in your case as you have FDs with them they might waive the minimum balance requirement.
Email to the branch concerned and save the reply.
Hope this helps
Regards
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Old 10th November 2015, 14:57   #396
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Default Re: Which bank to open an account in?

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Hellmet
Hi
AFAIK it is about six months before they send you a letter that as there is no salary crdeited please close the account or maintain the minimum balance.
But again in your case as you have FDs with them they might waive the minimum balance requirement.
Email to the branch concerned and save the reply.
Hope this helps
Regards
OK. Just called Citibank. They wait 3 months before they convert a salary account to a regular savings account. The minimum balance, like you said, is waived if you maintain an FD or any other investment above 1Lakh rupees.

Citi has such fantastic customer service, I was able to close my account over phone. Not needing to step out of the house is so fantastic! I guess the saying "What you pay is what you get" holds true in this case.

It took us an hour to close a PNB account - so many questions and so much paperwork!
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Old 10th November 2015, 19:48   #397
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Default Re: Which bank to open an account in?

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OK. Just called Citibank. They wait 3 months before they convert a salary account to a regular savings account. The minimum balance, like you said, is waived if you maintain an FD or any other investment above 1Lakh rupees.
I sent Citibank's Account Closure form by mail and was able to close the account in a few days.

As a Citibank customer for over 20 years, it was good while it lasted. But ₹1 lakh in a savings account or in their low interest FDs is a waste of money.

Most banks guilt you into not closing an account. It has taken me sporadic attempts over the past 3 years to close my ICICI Bank Current Account and it is still not closed.
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Old 10th November 2015, 20:25   #398
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Default Re: Which bank to open an account in?

My mom is trying to close her Kotak Bank account for a few months now. Complained to ombudsman last month and still it is not closed. Even today one guy called from customer care asking if the complaint is closed but no action on the closing front.
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Old 13th November 2015, 00:07   #399
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Default Re: Which bank to open an account in?

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I sent Citibank's Account Closure form by mail and was able to close the account in a few days.

As a Citibank customer for over 20 years, it was good while it lasted. But ₹1 lakh in a savings account or in their low interest FDs is a waste of money.

Most banks guilt you into not closing an account. It has taken me sporadic attempts over the past 3 years to close my ICICI Bank Current Account and it is still not closed.
Nowwhat/Hellmet/Jaguar
Hi.
A few years back received a letter from ICICI bank about no salary crdited in my daughters account and if I wanted to continue had to maintain minimum balance.
I knew the exact balance and took a bearer cheque and presented it over the counter and withdrew the cash. Subsequently sent an email to them and that was it.
When I wanted to close my son's ordinary saving account with Maharashtra State Co-Op Bank I gave them a letter from my son and presented a bearer cheque for the balance. Their request was that I accept their banker's cheque rather than cash and that was it.
I wanted to close my Canara Bank savings account. Withdrew all money at the cash counter and kept just rs 10 as balance. Later wrote a post card to the branch and requested closure.
Touch wood I have never had any difficulty in closing even when it was Citibank.
Regards

Last edited by faustus77 : 13th November 2015 at 00:10.
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Old 13th November 2015, 01:41   #400
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Default Re: Which bank to open an account in?

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Originally Posted by nowwhat? View Post
I sent Citibank's Account Closure form by mail and was able to close the account in a few days.

As a Citibank customer for over 20 years, it was good while it lasted. But ₹1 lakh in a savings account or in their low interest FDs is a waste of money.

Most banks guilt you into not closing an account. It has taken me sporadic attempts over the past 3 years to close my ICICI Bank Current Account and it is still not closed.
You could have just converted the Citibank account to a zero balance account. They could do it for you over the phone or at any of their branches. I did the same. Citi is pretty good in service, although they are prone to some weird issues sometimes.
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Old 13th November 2015, 02:55   #401
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Default Re: Which bank to open an account in?

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You could have just converted the Citibank account to a zero balance account.
Citibank zero balance account requires monthly salary credit, doesn't it? Citibank was quite insistent that we need to maintain ₹1 lakh otherwise. They tried to convince us to hold ₹1 lakh in the account especially considering some of our recent deposits, but we decided otherwise.
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Old 13th November 2015, 21:19   #402
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Default Re: Which bank to open an account in?

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Citibank zero balance account requires monthly salary credit, doesn't it? Citibank was quite insistent that we need to maintain ₹1 lakh otherwise. They tried to convince us to hold ₹1 lakh in the account especially considering some of our recent deposits, but we decided otherwise.
No, they have a no frills account which allows zero balance without any salary credit. Ask them for that. Account number remains the same.
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Old 2nd December 2015, 04:39   #403
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Hi guys

I need your help. I am in a big problem. I have joined a new organisation last month. There was a new account which was opened and I was supposed to update the account number in the HR tool. The debit card issued to me had a 16 digit number which I thought was the account number as I have been a Citi bank customers for 8 years and they have the account number on the card. Now my employer have deposited the salary along with the notice period amount which they bought from my previous employer. I know it's a stupid mistake at my part buy what's done is done. Could any one guide me how to go further from here.
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Old 2nd December 2015, 08:27   #404
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Default Re: Which bank to open an account in?

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Hi guys

I need your help. I am in a big problem.
Contact your bank and they will tell you the procedure. If the account number does not exist they will be able to reverse the payment. Then your employer will need to check that the amount has been reversed.
If the account number actually exists, then the procedure mah be more complicated.
You may need to get a letter from your employer stating the error.
My employer always asks for a copy of the account opening letter or passbook before any salary can be disbursed to an account. You can ask your employer to follow that procedure to avoid any typos or errors.
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Old 20th January 2016, 17:46   #405
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Default Re: Which bank to open an account in?

Among the Sarkari banks, I find the below as top ones (in no particular order)
1) Bank of Baroda
2) Union Bank of India
3) SBI
4) IDBI Bank
5) OBC
6) IOB

I maintain salary a/c with HDFC and use IOB (Rupay)/ Bank of Baroda (Mastercard) for day to day transactions.
IOB Rupay card comes with inbuilt chip at just 114 Rs per annum. In Visa (issued by HDFC, ICICI etc) they charge 500 to 750 for chip based card.
Non-acceptance of Rupay at all places is a blessing as my card is protected. I use it mainly as ATM card (Rupay accepted at almost all ATMs) and for shopping at physical stores.
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