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Old 9th September 2016, 21:29   #481
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Default Re: Which bank to open an account in?

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Originally Posted by manduvindupondu View Post
@klassics45, I am really keen on DBS Digibank "App-only" bank account. Is it 1) Open the Digi wallet 2) Go to any Coffee Day and give finger print, Aadhar card photocopy 3) Deposit some amount online 4) Your Savings account is open.
Is that it? Are there any surprises, hidden rules , clauses , restrictions?
I am fine without cheque book.
Yes. Thats it. You dont have to go either. They will come and collect the document and your finger print.

Good thing about digibank is their default transaction is IMPS which is free and unlimited withdrawal from any ATMs. Add to that, its a zero balance account.
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Old 11th September 2016, 14:27   #482
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Default Re: Which bank to open an account in?

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Correction from my previous post - IDFC mandates Rs.25K for opening account only but does not has any penalty for non maintenance of minimum balance.
I did open an Deposit with IDFC bank, Nungambakkam branch last week and it was done seamlessly.
You are actually assigned an advisor from the branch once you walk-in and he takes care of you account end to end. Account opening is via Tablet with fingerprint authentication based on Aadhar details and additionally PAN number needs to be provided. No form filling or need for Photos. Cheque book and Debit card landed at my home in 3 days flat and PIN can be chosen based on Online authentication+OTP technique.

I have been able to transfer amount and do some deposit booking till now. To summarize, it has been a good experience and will keep the thread updated with future experiences.
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Old 11th September 2016, 18:27   #483
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Default Re: Which bank to open an account in?

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You are actually assigned an advisor from the branch once you walk-in and he takes care of you account end to end.
And once he has a nice and friendly relationship with you, watch for when he smoothly shifts gear into "Sir, would you like to avail a NCD / Insurance Policy / Mutual Fund / Personal Loan" mode.

Sooner rather than later depending on how pushy / experienced the advisor is.

When I open an account with a bank and have someone come over and introduce him / herself as a relationship manager, advisor etc, once the formalities are done I politely tell them that my insurance and investments are handled elsewhere and I am not in the market for any such thing. That usually works fine though you do get hopeful and enquiring calls once in a while rather than all the time.
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Old 12th September 2016, 10:24   #484
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Default Re: Which bank to open an account in?

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And once he has a nice and friendly relationship with you, watch for when he smoothly shifts gear into "Sir, would you like to avail a NCD / Insurance Policy / Mutual Fund / Personal Loan" mode.

.
hserus, this happened exactly to me on the first day itself with the relationship manager pushing for Mutual fund/Equity etc.

I told him politely that I am presently looking for FD only as the rates are good with respect to other banks and not interested in any other product and not to bother me like other banks.
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Old 15th September 2016, 16:30   #485
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Default Re: Which bank to open an account in?

Update on my experience with KVB:

Still top-notch. Doesn't push any product at all. Had to buy some foreign currency and I got the best price from the Forex partner they're tied up with.
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Old 17th September 2016, 19:01   #486
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Default Re: Which bank to open an account in?

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And once he has a nice and friendly relationship with you, watch for when he smoothly shifts gear into "Sir, would you like to avail a NCD / Insurance Policy / Mutual Fund / Personal Loan" mode.

Sooner rather than later depending on how pushy / experienced the advisor is.
Ha ha. Well Said!

This is absolutely true, though they have become much more polished. I get calls from HDFC, Kotak, Yesbank (which was earlier my salary account), and they introduce themselves as my RelationShip manager and request for a face-to-face meeting. Initially I used to invite them over and most likely they will try to sell some of the banks "products". Considering that the attrition rate in these private Banks also is high, some times I get mails/calls from multiple relation ship managers saying that they have been newly assigned to "help me". Nowadays, I also politely give the standard reply that I WILL call them if anything is required and don't require ANY of the products at the moment. Works well with most of them, but some of the persistent ones will keep pestering and I will be forced to give a harder reply!
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Old 17th September 2016, 22:03   #487
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Default Re: Which bank to open an account in?

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Update on my experience with KVB:

Still top-notch. Doesn't push any product at all. Had to buy some foreign currency and I got the best price from the Forex partner they're tied up with.
SBI too - at least their personal banking branches - don't seem to sell you all that often. Once in a while yes - and I politely tell them no, but I guess my local branch knows me from the past 12+ years so they don't bug me till some new staffer comes in.

Luckily staff turnover at SBI is far lower than at other banks.
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Old 20th October 2016, 15:20   #488
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Default Re: Which bank to open an account in?

There seems to have been a major security breach which has impacted lot of the leading banks across the country.

Some customers have got SMS asking them to change their debit card PIN immediately (Axis Bank & SBI).

Details available @ 3.2 million debit cards compromised; SBI, HDFC Bank, ICICI, YES Bank and Axis worst hit & Security breach: SBI blocks over 6 lakh debit cards.

As a precautionary measure have changed by debit card PIN online and most of my colleagues have done the same too.

Given the ease with which contactless credit card information could be stolen and now this debit card breach, at times I wonder how safe plastic money really is? Or are we as consumers not doing our part (for example we have seen multiple instances wherein folks have shared OTP, password etc. and suffered).
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Old 20th October 2016, 17:55   #489
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Default Re: Which bank to open an account in?

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There seems to have been a major security breach which has impacted lot of the leading banks across the country.....
I know it's not fool-proof, but we've been mitigating some of the risk by reducing debit card usage to bare minimum in the family. Only withdraw cash from our bank's ATMs and NEVER use debit cards at POS terminals or isolated ATMs under any circumstances. All transactions are done on credit cards as much as possible, settled monthly as/when they fall due.

Easier to dispute a credit card transaction than an actual money debit from a bank account.
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Old 20th October 2016, 18:48   #490
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Default Re: Which bank to open an account in?

HDFC Bank has charged "Programmme Management Fee" of Rs115 for July-Sep 2016 from my S,B A/C.
Has anybody else been charged this way? What exactly is this charge?
Are other banks following this?
Thanks
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Old 20th October 2016, 19:24   #491
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Default Re: Which bank to open an account in?

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Originally Posted by virgopal View Post
HDFC Bank has charged "Programmme Management Fee" of Rs115 for July-Sep 2016 from my S,B A/C.
Has anybody else been charged this way? What exactly is this charge?
Are other banks following this?
Thanks
Its a quarterly fee you pay to be a part of the classic, preferred or imperia programme.
This is absolutely absurd that you have to pay for this in spite of maintaining a good balance. First of all, you are auto enrolled into one of these programmes basis your average balance. And then you are levied a fee. This is however waived if you have a salary account.
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Old 20th October 2016, 19:40   #492
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Default Re: Which bank to open an account in?

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There seems to have been a major security breach which has impacted lot of the leading banks across the country...
I was watching NDTV and one of the bank's head was of the opinion that the number of complaints received is very very low Vs the number cards affected and hence this may not even be a problem.

But the banks seem will issue new cards to all the affected customers.
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Old 20th October 2016, 19:44   #493
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Default Re: Which bank to open an account in?

Guys, looking to open a current account for a business with monthly turnover of ~10L. My present one is with HDFC but I found their charges to be higher. Anyone knows out of BOI/Corporation/SBI/Indian Overseas Bank who gives best options for current accounts?
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Old 21st October 2016, 12:18   #494
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Default Re: Which bank to open an account in?

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Originally Posted by virgopal View Post
HDFC Bank has charged "Programmme Management Fee" of Rs115 for July-Sep 2016 from my S,B A/C.
Has anybody else been charged this way? What exactly is this charge?
Are other banks following this?
Thanks
I wrote to them (email) and got it waived telling them that I had not asked to be enrolled into the programme in the first place ! Suggest that you do the same, I had got a detailed email about the programme earlier by email from the bank but I had not responded to it
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Old 21st October 2016, 13:18   #495
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Default Re: Which bank to open an account in?

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Originally Posted by akshay380 View Post
Guys, looking to open a current account for a business with monthly turnover of ~10L. My present one is with HDFC but I found their charges to be higher. Anyone knows out of BOI/Corporation/SBI/Indian Overseas Bank who gives best options for current accounts?
sbi is quite good and has good integration with payroll systems for direct debit

Also - but much costlier - deutsche bank and citi
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