[DigitalOne]

Originally Posted by comfortablynumb

Do you want to keep deposits only in a bank? If not, then fixed deposit schemes by HDFC [not HDFC Bank] are also a good option. Their interest rates are quite competitive, and they offer .25% extra [or .50%, not sure which] to HDFC share holders.

http://www.hdfc.com/deposits/deposites_individuals.asp

Cheers,
Vikram

The link does not talk about anything extra for HDFC shareholders. Are you sure of this?

[comfortablynumb]

Originally Posted by DigitalOne

The link does not talk about anything extra for HDFC shareholders. Are you sure of this?

Yes, because I have availed of this scheme myself a couple of years ago. However, for all I know, if it's not mentioned on their website now, it may have been a limited period offer.

EDIT: Found a link Re: the above. Looks like it was a limited period offer: http://www.mydigitalfc.com/banking/h...lose-today-613

Anyway, if anyone is interested, it won't hurt to ask the staff in their office/call centre if this scheme has been resurrected and is still valid or not.

Cheers,
Vikram

[murugaveln]

Originally Posted by Ragul

That looks. good! I am not financially smart, so a couple of questions -
What does the "Maximum Deposit without TDS " mean? Is it the total value I can save per FD or max I can sweep into that FD account every month?

And what does the cumulative scheme do over and above the others?

Thanks

For company deposits, if the interest earned is more than 5,000 per year, then TDS will be deducted from the interest payment. The maximum desposit amount for which interest is less than 5,000 is called "Maximum Deposit without TDS".

In Fixed/Non-cumulative deposit, interest is paid periodically. In cumulative, it is accrued and paid at maturity. Since this accrued interest will also earn interest, the effective yield will be slightly higher than the specified interest rate.

[S_U_N]

I hope this is the right thread to find out about the 6-7% interest on savings account banks.

What is the catch?

I like Yes bank's account features - I think they are not missing anything important.
They have some 'standing instruction' feature which I miss in HDFC, ICICI and ING.
Here I can schedule monthly funds transfer to any account -e.g. paying monthly rent.
(I hope that is exactly what they mean).

Any one with first hand experience with Yes bank?
How is the net banking compared to HDFC/ ICICI/ ING?

[Recompose]

Originally Posted by S_U_N

I hope this is the right thread to find out about the 6-7% interest on savings account banks.

What is the catch?

I like Yes bank's account features - I think they are not missing anything important.
They have some 'standing instruction' feature which I miss in HDFC, ICICI and ING.
Here I can schedule monthly funds transfer to any account -e.g. paying monthly rent.
(I hope that is exactly what they mean).

Any one with first hand experience with Yes bank?
How is the net banking compared to HDFC/ ICICI/ ING?

The catch is maintaining a minimum balance of at least 6 digits at all times.

This 'standing instruction' that you speak of - isn't that just ECS?

[S_U_N]

Originally Posted by Recompose

The catch is maintaining a minimum balance of at least 6 digits at all times.

As per the site, Savings Advantage type of account needs a AQB of 10K. If we have an FD of 50K, then we don't even need that. I don't see this a problem at all since the basic purpose of this account for me is to store money till I find some opportunity to invest. So, I prefer to get 6% interest on that money instead of 4%.

This 'standing instruction' that you speak of - isn't that just ECS?

Well, I am looking for a way to transfer money to various people (within family, friends) every month. The date and amount is fixed. The accounts may belong to any bank. Once I setup the transaction it should repeat x number of times.
At the moment, I use recurring reminder and then make payment manually.

[prateekm]

Even Kotak Bank offers 6% interest rate on balance over 1L. Their netbanking is one of the best in the industry, you can even generate VCC's which I don't think is available in Yes Bank. If you keep a minimum balance of 20k, they provide various other benefits like free cash delivery to home, etc. Another good thing is that if you open a demat a/c with them, it gets integrated with your bank a/c.

[S_U_N]

^Thank you Prateek for these inputs.
While VCC is a good feature, I have that with HDFC.
I do not plan to get another credit card, so perhaps this VCC is not applicable in that case.

So, at the moment, Yes Bank looks better to me.
What about financial health of these banks?
The Rupee Bank case keeps flashing in front of my eyes these days.

[Jaguar]

Originally Posted by S_U_N

I like Yes bank's account features - I think they are not missing anything important.
They have some 'standing instruction' feature which I miss in HDFC, ICICI and ING.
Here I can schedule monthly funds transfer to any account -e.g. paying monthly rent.
(I hope that is exactly what they mean).

Any one with first hand experience with Yes bank?
How is the net banking compared to HDFC/ ICICI/ ING?

Originally Posted by S_U_N

Well, I am looking for a way to transfer money to various people (within family, friends) every month. The date and amount is fixed. The accounts may belong to any bank. Once I setup the transaction it should repeat x number of times.
At the moment, I use recurring reminder and then make payment manually.

Both ICICI and Standard Chartered offers this facility. I am pretty sure other banks also do so. At the time of making a transfer, you can select if you want to repeat this transfer and once you click "yes" or "the check box", you are asked to enter the remaining details like the end date etc.

[S_U_N]

Originally Posted by Jaguar

Both ICICI and Standard Chartered offers this facility. I am pretty sure other banks also do so. At the time of making a transfer, you can select if you want to repeat this transfer and once you click "yes" or "the check box", you are asked to enter the remaining details like the end date etc.

Thank you for pointing out about this feature with ICICI.
I just checked and I could find the same. Perhaps it has been added in the last year or so?

I will use ICICI for the recurring expenses at least from now on.

Any comments on the financial health of Yes and Kotak bank?

[Raccoon]

Couple of months ago, HDFC simply pulled the plug on its Netsafe (VCC) service. I had extensively used it, and was hoping they would bring it back online very soon. But it seems they have no such intentions. Their representatives don't even reply to queries about it. No time frame is given about when it will come online again, if at all.

Height of professionalism.

Due to being adversely affected by this abrupt move, and for other reasons like high charges, lower interest, having to maintain AMB despite FDs, etc., I'm forced to look elsewhere for solutions. Does anybody know about any alternatives to the Netsafe service that works even on international sites?

Already in the process of gradually shifting out of HDFC, as FDs mature, etc. Sudden shift is not feasible due to this and also because of warrants getting directly credited to the account. Its a pain to change accounts. But the abrupt termination of Netsafe is going to finally make me do it.

Any ideas anybody?

[prateekm]

Originally Posted by Raccoon

Couple of months ago, HDFC simply pulled the plug on its Netsafe (VCC) service. I had extensively used it, and was hoping they would bring it back online very soon. But it seems they have no such intentions. Their representatives don't even reply to queries about it. No time frame is given about when it will come online again, if at all.

Height of professionalism.

Due to being adversely affected by this abrupt move, and for other reasons like high charges, lower interest, having to maintain AMB despite FDs, etc., I'm forced to look elsewhere for solutions. Does anybody know about any alternatives to the Netsafe service that works even on international sites?

Already in the process of gradually shifting out of HDFC, as FDs mature, etc. Sudden shift is not feasible due to this and also because of warrants getting directly credited to the account. Its a pain to change accounts. But the abrupt termination of Netsafe is going to finally make me do it.

Any ideas anybody?

I use Kotak for VCC and it's pretty good, almost accepted everywhere. They give a good interest rate, 6% for balance over 1 lac.

[Raccoon]

Right, I'm considering them for the VCC option. But the 1 lac at 6% does not make sense to me at least. Would rather keep that in an FD at higher rate.

Maybe I should get a real CC. Though the CC horror stories on tbhp and elsewhere make me very wary. Then of course real CC is not a substitute for VCC in all cases.

[prateekm]

Originally Posted by Raccoon

Right, I'm considering them for the VCC option. But the 1 lac at 6% does not make sense to me at least. Would rather keep that in an FD at higher rate.

Maybe I should get a real CC. Though the CC horror stories on tbhp and elsewhere make me very wary. Then of course real CC is not a substitute for VCC in all cases.

Yes, but they offer 5.5% below 1l which I guess is pretty good too. They also provide free cash pick-up/delivery. Axis also provides VCC, but their VCC's don't work on international sites.

[Raccoon]

^^^Then it (Axis) will be a half solution for me. :( I need it to work everywhere. That way, HDFC Netsafe was really good. But they have exhibited highest level of professionalism by just pulling the plug and maintaining stony silence since.

Don't really need cash pick up/delivery and stuff. Just need highest possible int rates.