Originally Posted by unknown

Best bank for NEFT/RTGS ?

Nothing to beat SBI when it comes to NEFT/RTGS. I have two SBI saving accounts with NEFT/RTGS facility with maximum limit of Rs 5 lakh for each transaction. The limit can be set by ourselves using the Internet banking log in. I have a Priority account with Axis Bank with NEFT facility only with the maximum limit of Rs 2 lakh only, that too, I got it enhanced from Rs 50 k after escalating the matter. I got a written reply stating that RTGS facility is given for corporate clients only and not for individual account-holders including Priority accounts!:(

[unknown]

Seems like SBI is doing good in every way

[faustus77]

J.Ravi
Hi
I am surprised that the banker told you RTGS is for corporates.The criteria is the amount.Nowadays above 200000 is RTGS and below that NEFT.
I have been transferring for quite a long time now.In fact in one of HDFC branches the teller was not aware of NEFT and I had to explain the difference between NEFT and RTGS

Regards

[five46]

Originally Posted by J.Ravi

I got a written reply stating that RTGS facility is given for corporate clients only and not for individual account-holders including Priority accounts!:(

Firstly, we, the customers are at discretion to select RTGS/NEFT mode.
(Refer circular number RBI/2011-12/ 152; DPSS (CO) EPPD No. / 274 / 04.03.01 / 2011-12; dated August 12, 2011)

Further, write a request to enhance it justifying its need. Some banks put limitations in the interest of security reasons and their experiences with fraudulent cases.

Thanks a lot to this thread, I am kept abreast of the latest developments in the retail banking sector for individual account holders.

Originally Posted by five46

Firstly, we, the customers are at discretion to select RTGS/NEFT mode.

Just now, I checked my Axis Bank account. Only NEFT is given to me. No RTGS.

Further, write a request to enhance it justifying its need.

Thanks, five46. Now, there is a drop-down menu available for enhancement of limit upto Rs 5 lakh in Axis Bank Internet banking website. I successfully enhanced my limit to the maximum Rs 5 lakh.

Originally Posted by faustus77

Nowadays above 200000 is RTGS and below that NEFT.

This is the information I got from SBI website: for RTGS, the minimum amount is Rs 2 lakh [earlier, it was Rs 1 lakh] and the maximum being Rs 5 lakh. For NEFT, no minimum amount is mentioned, but the maximum amount is Rs 5 lakh. So, that means, if I want to transfer, say, Rs 3 lakh, I have the option of either RTGS [which SBI has extended, and unfortunately, Axis Bank has not] or NEFT [both SBI and Axis Bank has given this].

[shipnil]

Originally Posted by J.Ravi

Nothing to beat SBI when it comes to NEFT/RTGS. I have two SBI saving accounts with NEFT/RTGS facility with maximum limit of Rs 5 lakh for each transaction.

Let me give my views on NEFT and RTGS.

While some of you are pointing it out that it is customers right to choose what method to use, you are ignoring the restrictions put in by the different banks.

I have used 4 banks so far. Below is my take on their services.

ICICI Bank: Does not allow online RTGS transfer. You have to visit the branch to do the RTGS. Even their NEFT facility allows one to transfer amount only till 1 lakh rupees. For me worst of all.

HDFC Bank: Allows RTGS transfer online. Limit is 10 lakhs. NEFT limit 2 lakhs. My rating Good.

SBI: Allows NEFT / RTGS transfer online. Limit is 5 lakhs for both. My rating Good.

Citibank: Allows NEFT / RTGS transfer online. Limit is 2 lakhs for NEFT and 15 lakhs for RTGS.

This was for NEFT / RTGS.
Having used online facility of all, I am more inclined towards SBI. Each had their own niggles. ICICI Bank used to send OTP even for login when you use a new PC. I did not like that. Site was bit slow too. Also, for online transfers, you had to carry debit card so that you could put number from the grid. Since I had too many accounts, I used to carry only 1 or 2 debit cards at a time. Unfortunately ICICI was not one of them so it used to become difficult if I have to do any transfer while in office.

With HDFC, you have to change password every few months. With so many different bank / non bank accounts, remembering passwords was a nightmare. Also, it asks security questions while doing any fund transfer. Again remembering them is an exercise in itself.

Citibank was good. But again, you had to carry the card all the time as your login was the debit card no. Yes, you could create a separate login name but I think it used to work only on one machine. The moment you try to login from another machine, you have to pull out the card, and again it was not one of my regular cards. Another problem with Citi was, if you want some manual touch/intervention you had to connect to call center which had its own issues.

Having used three famous banks, the expectations were not very high from SBI. But it was a pleasant surprise that it has one of the best online facilities AFAIK. The site loads very fast. In fact all the above banks are coming up with their mobile versions but I find the navigating desktop site of SBI equally fast on my mobile. SBI sends your passwords on registered mobile for fund transfers, so no need to change them frequently or carry card for grids. You could set transfers on a future date, which HDFC lacked. For personal touch branch is always there. The sarkari attitude is still there but I usually go at afternoon hrs when there are less people. It has helped me in getting things done in 5/10 minutes.

After using all these banks, I have finally decided to close some of them. So ICICI and Citi have been closed.

My wife has Axis bank account. But I think it too has some login and transaction passwords. And if you don't use it for few months, I think it expires and you have to reset it again.

[sgiitk]

I am with StanChart and SBI (salary account). SCB allows an online transfer of up to Rs.4 lacs and it selects NEFT/RTGS automatically. It is transparent to you.

But NEFT/RTGS should not be the only criterion for choosing a bank. See your needs (what additional services you need), the general ambience of the branch (gives you a fair idea of what it is like), etc. and then decide.

[unknown]

Which bank to approach to get credit card against fixed deposit ? anyone using one ?

[faustus77]

Unknown
Hi any bank will give a credit card against FDs.
Approach the bank that you have an account with.Bargain with them to waive the initial as well as the yearly fee.Most of the banks have master or visa and both are widely accepted.
I casually asked IDBI if they had a credit card division and surprisingly they didnt.
Regards

[unknown]

faustus77
Thanks mate.

How's AXIS bank - in terms of service ?

[Raccoon]

I have a query about HDFC Bank, in case anybody knows. Sent them 2 emails, but the dame sounds brain dead and all I got are irrelavant answers. Not able to reach their Phone Banking rep. either. Seems their otherwise good service is going for a toss now?

HDFC has recently upped their Average Monthly Balance requirement to Rs. 10k. Also, delinked FDs from Savings account; which means even if you have any amount of FD, you still need to maintain 10k in Savings a/c.

Now my question is, if one avails of a Sweep In FD account, then when will the amount get swept in? Will the deficit get swept in when Balance touches zero or when it touches 10k? Ie. what is the trigger point for the sweep-in to occur? In case it is zero, then balance in Savings A/c will obviously go below 10k and you would be fined handsomely for it.

Anybody knows?

[gururaj r]

These days there is no necessity to visit any of the Bank Branches. Cheque books are rarely required and online one can make any purchases. Use debit or credit card for all your purchases and for funds transfer use online - either RTGS or NEFT. NEFT gets settled every hour there are 11 settlements every day from 9 am to 7 pm. NO MInimum or maximum amount. Sat 9 am to 1 pm.(five settlements)

RTGS is like online. Amount flows in automatically without any time limit. Unless you have any large value transactions to be made NEFT would be sufficient. Min amt Rs2 lacs.

Most of the public sector banks have very good internet and mobile banking facility. Getting it for the first time would only be difficult. Most of the customers of PSB like to visit their branches and hence traffic, access is not an issue.

[faustus77]

Unknown
Hi
You are welcome.

Raccoon
Hi
Afew months back I changed my savings account to a sweep in account.As I was a classic customer and I did not have to maitain 10k minimum balance.In spite of that if you opt for sweepin facility you have to maintain minimum 10k balance.Another point the my personal banker told me that in case I withdrew and then deposited I will have to go again and sign fresh form.Her contention was that the account was sweepin and not sweep out.To avoid the hassle I asked the amount to be put in fixed deposits.This was some time back if it has changed to auto sweepin/out I wouldnt know.
I am not too enthused about their call center and top of that it is not toll free.You have to hold on for the entire options to play through and then after some trials and errors and some more calls you get to speak to somebody.I found easier to deal directly with the branch.
Regards

[Raccoon]

What exactly is a Classic Customer?

Thats right, its sweep-in, so it works in one direction only. Thats ok by me, as one can always open a new FD online in few mins (no signing and filing forms), when money comes into the SB account again.

But my question remains - what is the trigger point for the sweep-in to get activated. Emails to HDFC are getting me garbage answers.

If you want amounts deposited into SB to get conerted to FDs, you should consider Super Saver A/c. I don't find it worthwhile though.

Yes, they don't have a toll free number when even PSU banks have toll free numbers. I'v called their Phone Banking no after quite sometime and I'm yet unable to get till their representative. You have to wait ages to wade thru their menus and the normally used 0 or 9 keys are not taking me to the rep. Really sad show by HDFC. It takes 2 keypresses to get to a rep in case of IDBI phonebanking.

Overall, quite pissed with HDFC. In process of slowly moving my funds to IDBI.

Dealing with branch is not an option for me. Whats more, they close at 3 pm. Just no time... and even if I have time, I can think of 10k better uses for it than visiting a bank.

[sgiitk]

sweep is a pain in the ar#$. When you sit down to calculate your income tax then you will know. You never know what is the interest, since an FD can be partly cashed, and you will find it difficult to figure out the interest (and hence the tax). Also, I doubt whether the 10k exemption on tax free interest will apply to Sweep FDs. My son had sweep in his ICICI account and I had to ask him to deactivate it. When SBI converted my salary account to a corporate account they wanted some point for the sweep to operate. Since I did not want it and did not feel like getting into an argument I specified an amount of a crore for the sweep to trigger.