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Old 21st January 2016, 12:56   #406
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^You must have a fancier card. Otherwise the private banks also charge Rs 100 plus tax, for their basic cards, when I last checked. No way I'll pay 500.

The tardiest service I've experienced was at a bank of Baroda branch. Service level could of course vary depending on branch. I've always experienced better service levels overall at private banks.
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Old 21st January 2016, 13:04   #407
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Re: Which bank to open an account in?

I am referring to the Visa CHIP card. HDFC charges 500 or 750. Yes normal magnetic strip by HDFC is lesser.
Yes, I agree service levels depends on branch/Manager etc. Touch wood, I never faced issues at Bank of Baroda.
I would agree IDBI is the best among the PSU banks.
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Old 21st January 2016, 13:54   #408
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Re: Which bank to open an account in?

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Originally Posted by manduvindupondu View Post
I would agree IDBI is the best among the PSU banks.
But IDBI has now hiked up their penalty on Monthly Average Balance from ZERO to 4% of the difference per month!

IDBI was great when they essentially allowed a zero balance account, but no way am I going to keep Rs. 5,000 lying around in an account in a PSU bank when nationalized banks offer the same service for a minimum balance of Rs. 500.

In the past, I have found IDBI's staff to be the most helpful among all the banks I have visited including private banks. Sadly their website is not up to par with private banks.
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Old 22nd January 2016, 15:43   #409
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Re: Which bank to open an account in?

Yes, nowwhat? the sheen has waned off IDBI bank. Thanks for pointing out the minimum balance requirement and 4% charge in IDBI. All those services which were a highlight during 2010-2011 and was a talking point in various business dailies, are charged now.
Still, I would say it is one of the best PSU banks for their professionalism, transparency, features.
I got an SMS alerting me on non-maintenance of min bal 1 month in adavance, as per RBI norm (transparency)
Visa Card to card feature was first introduced in IDBI among PSU banks.

The bottom worst slot among PSU banks has so much competition :-)
I would say Syndicate, Allahabad bank, Canara, Vijaya bank, United Bank compete for the coveted worst banks slot :-)
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Old 22nd January 2016, 17:32   #410
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Re: Which bank to open an account in?

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Originally Posted by Lalvaz View Post
No, they have a no frills account which allows zero balance without any salary credit. Ask them for that. Account number remains the same.
Do they provide online access for this account?
I have a loan account with Citi and would like to open an account with them so that whenever I want to do a prepayment, i can simply send money to this account and then from there, pay the Home Loan.

Right now there is no provision to make a prepayment online from a different bank. Either a DD/Cheque to be sent to their HQ or cash at the branch.

PS: I checked some features of this no frills zero balance account.
Aggregate annual credits cannot exceed 1L
Aggregate withdrawals & transfers cannot exceed 10k a month
Max balance cannot exceed 50k

IMO, this defeats the purpose of having an account in the first place
https://www.online.citibank.co.in/pr...gs-account.htm

Or do they have anything different than this?
Their normal savings account requires a relationship of minimum 2L.

Last edited by vinit.merchant : 22nd January 2016 at 17:36.
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Old 22nd January 2016, 17:52   #411
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Re: Which bank to open an account in?

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Originally Posted by vinit.merchant View Post
I have a loan account with Citi and would like to open an account with them so that whenever I want to do a prepayment, i can simply send money to this account and then from there, pay the Home Loan. Right now there is no provision to make a prepayment online from a different bank. Either a DD/Cheque to be sent to their HQ or cash at the branch.
Someone at the bank is feeding you a line of utter nonsense.

They are taking a standing instruction / ECS mandate from you for the loan EMIs right? Or did they insist only on post dated cheques?

If your existing bank can send money to your citi loan account over ECS, you can definitely send that loan account prepayment money through NEFT / RTGS transfers.
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Old 22nd January 2016, 18:00   #412
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Re: Which bank to open an account in?

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Originally Posted by hserus View Post
Someone at the bank is feeding you a line of utter nonsense.

They are taking a standing instruction / ECS mandate from you for the loan EMIs right? Or did they insist only on post dated cheques?

If your existing bank can send money to your citi loan account over ECS, you can definitely send that loan account prepayment money through NEFT / RTGS transfers.
I have raised this few times.
Unfortunately, for a prepayment, from a different bank, it has to be DD/Cheque to the HQ or cash at branch.
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Old 22nd January 2016, 18:05   #413
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Re: Which bank to open an account in?

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Originally Posted by vinit.merchant View Post
I have raised this few times.
Unfortunately, for a prepayment, from a different bank, it has to be DD/Cheque to the HQ or cash at branch.
Did you try to make some token payment say Rs. 1000/- by NEFT to that account? If it goes through and then shows up in your statement, then go and ask them again.

Note - what might be happening is they understand it to be "prepayment against the principal entirely" - which, yes, you'd have to do by cheque or DD.

If you NEFT the money over, it is treated like any other EMI and interest from that repayment is also debited from it for the month.

Anyway try to NEFT the money over, see if it gets through and then how it gets treated at the end of the month in your statement.

Last edited by hserus : 22nd January 2016 at 18:07.
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Old 22nd January 2016, 19:03   #414
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Re: Which bank to open an account in?

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Originally Posted by hserus View Post
Did you try to make some token payment say Rs. 1000/- by NEFT to that account? If it goes through and then shows up in your statement, then go and ask them again.

Anyway try to NEFT the money over, see if it gets through and then how it gets treated at the end of the month in your statement.
My loan account is only a 6 digit number and I do not think I can use this for NEFT. This is the only number I have for the loan.
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Old 22nd January 2016, 19:05   #415
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Re: Which bank to open an account in?

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Originally Posted by vinit.merchant View Post
My loan account is only a 6 digit number and I do not think I can use this for NEFT. This is the only number I have for the loan.
How are you making payments to the loan account, by ECS mandate? If so definitely NEFTable regardless of 6 digit, 10 digit etc etc.

As I said try to transfer some token amount like Rs. 10,000.

If the neft transfer fails the cash will eventually land back in your account.
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Old 23rd January 2016, 00:28   #416
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Re: Which bank to open an account in?

Quote:
Originally Posted by vinit.merchant View Post
Do they provide online access for this account?
I have a loan account with Citi and would like to open an account with them so that whenever I want to do a prepayment, i can simply send money to this account and then from there, pay the Home Loan.

Right now there is no provision to make a prepayment online from a different bank. Either a DD/Cheque to be sent to their HQ or cash at the branch.

PS: I checked some features of this no frills zero balance account.
Aggregate annual credits cannot exceed 1L
Aggregate withdrawals & transfers cannot exceed 10k a month
Max balance cannot exceed 50k

IMO, this defeats the purpose of having an account in the first place
https://www.online.citibank.co.in/pr...gs-account.htm

Or do they have anything different than this?
Their normal savings account requires a relationship of minimum 2L.
This is incorrect. They have a No frills account with no limit for credits, debits, with Internet banking etc. I use this account and there are no charges. Please Pm me if you are unable to get assistance from the Citiphone folks.
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Old 23rd January 2016, 07:51   #417
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Re: Which bank to open an account in?

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Originally Posted by Lalvaz View Post
This is incorrect. They have a No frills account with no limit for credits, debits, with Internet banking etc. I use this account and there are no charges. Please Pm me if you are unable to get assistance from the Citiphone folks.
I have the same feedback from Citi. Are you sure you have a no frills account without any other relationship with them (loans, MFs, insurance etc) which could add to you net relationship value (NRV)?

I did some research on this when I had to shift out from Citi salary account due to a job change. The no frills account is basically there for compliance to RBI guidelines and is essentially rendered useless by the constraints that Vinit quoted from the Citi website.
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Old 23rd January 2016, 16:41   #418
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Re: Which bank to open an account in?

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Originally Posted by Kamikaze View Post
I have the same feedback from Citi. Are you sure you have a no frills account without any other relationship with them (loans, MFs, insurance etc) which could add to you net relationship value (NRV)?

I did some research on this when I had to shift out from Citi salary account due to a job change. The no frills account is basically there for compliance to RBI guidelines and is essentially rendered useless by the constraints that Vinit quoted from the Citi website.
I'm a 100% sure, I use this account and I do have debits and credits far exceeding these amounts. Also use net banking and citi phone banking at no extra charges. As I said earlier, if you wish, please pm me and I will guide you.
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Old 23rd January 2016, 18:35   #419
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Quote:
Originally Posted by Lalvaz View Post
As I said earlier, if you wish, please pm me and I will guide you.
Your inbox is full. Cannot pm you.
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Old 23rd January 2016, 19:24   #420
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Re: Which bank to open an account in?

Quote:
Originally Posted by Lalvaz View Post
As I said earlier, if you wish, please pm me and I will guide you.
Quote:
Originally Posted by Kamikaze View Post
I did some research on this when I had to shift out from Citi salary account due to a job change.
Quote:
Originally Posted by vinit.merchant View Post
Your inbox is full. Cannot pm you.
@Lalvaz, I too tried PMing you. Please let me know too about the zero balance Citi account.

It's been 3 months since we closed our 15-year old Citibank account due to a change of job and I do seem to miss them.
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