[virgopal]

Originally Posted by kannan666

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

Thanks for information.I have sent an email to the Customer care requesting for opting out of the Classic Banking program.
Hope the bank will respond soon

[nowwhat?]

Which would be a good bank to have a permanent savings account in for the rest of your life?

I went ahead and closed our Suvidha account in a huff when Citibank demanded an onerous Average Quarterly Balance (AQB) to convert our salary account to a regular savings account. At that time I didn't fully realize all the linkages this 20 year old account had, so one by one I have been going around in person or mailing forms to my mutual funds, bank (for EMI), 5 year old Infrastructure Bonds, etc. and setting up bill pay and NEFT payees all over again.

It's been a year since then and all these linkages have by now been recreated in the new Axis Bank Burgundy salary account that I really don't like and just as Citibank won't be able to afford as a regular customer.

I therefore want to maintain a permanent savings account in some bank so I don't have to keep recreating everything all over again and would like to hear your suggestions. In my mind, such a bank should be:

• Stable: I know all banks in India are more or less stable, but a bank that has stable policies would be a plus. Case in point, IDBI Bank which had zero or low fees for a very long time, then suddenly started to nickel and dime customers, which brings me to my next point...
• No nickel and diming: No hidden fees, possibly no or low NEFT charges, ATM card fee, DD commission, etc.
• Low AQB: Inflows post retirement may not be much, so this needs to be low.
• Decent online platform: I know by now all of you are thinking of PSU banks, but visiting a bank for me is akin to pulling my tooth, so online banking platform is a must. Unfortunately the ones from PSU Banks I have seen suck at it.

Since I don't plan to keep a whole lot of money in this account, interest rates on savings or fixed deposits don't matter much to me.

I already have a few accounts that I intend to keep as they are linked to other services, I can easily convert one of these into my permanent account:

• Indian Bank (linked to lockers): Seems decent, but I am not sure why I don't use it much. Perhaps it is because they require me to visit the branch for everything. Low AQB of ₹500.
• HDFC (linked to trading account): Lower than usual AQB of ₹2,500, again not sure why I never found it comfortable.
• SBI (linked to car loan): AQB of ₹2,500, but the branch I have resembles a market on weekends. Tried to move the account closer to home a few times, but it seems they lost the paperwork. Heard their online banking isn't too bad, but the login and password I got didn't work and I haven't been able to get a replacement.

Opening a new account is not a problem either, so which bank would work out best?

[vrprabhu]

Originally Posted by nowwhat?

Which would be a good bank to have a permanent savings account in for the rest of your life?

In my mind, such a bank should be:

Stable: I know all banks in India are more or less stable, but a bank that has stable policies would be a plus.

No nickel and diming: No hidden fees, possibly no or low NEFT charges, ATM card fee, DD commission, etc.

Low AQB: Inflows post retirement may not be much, so this needs to be low.

Decent online platform: I know by now all of you are thinking of PSU banks, but visiting a bank for me is akin to pulling my tooth, so online banking platform is a must. Unfortunately the ones from PSU Banks I have seen suck at it.

Good question. It depends on a few factors, other than ones listed out. Mainly locker facility - won't it be convenient if you have a locker with a bank that is as close to your home as possible? And the other being a decent credit card facility, with a tolerable limit.

One bank, which ticks three of the four boxes, appears to be Karur Vysya Bank Ltd. It has been around a long time and is likely to continue to do so, in my estimate (you can refer to my profile, in case you have any doubts ). Check it out if you have a branch close by.

I was in the same boat (retirement is not far away and one step which I took long back is to pre-pay all loans and not avail any more...) and went ahead & chose Federal Bank Ltd. Initially, opened the account in the name of my wife and am linking that account to other areas one by one... Yet to opt for their credit card, but other facilities activated (Locker, Fixed Deposits, ATM Card, Net Banking, and shortly mobile banking app also). Charges are as stated, and but what the heck, it is a source of income for the Bank and covers a part of their employee expenses. So as an employee myself, I don't begrudge fees and charges which I have to pay as a consumer.

BTW, not all PSB net banking platforms suck. In fact what I had seen of foreign banks were below par.... it all depends on our familiarity and adaption, I guess.

Finally, one more point to consider is to have a permanent mobile number - attach this number to all your financial instruments (banks, share trading, MF, demat etc.) as well as gas connection, reward points etc. Changing the number is a pain, if it is linked to various areas like these...

[hserus]

I have used the SBI net banking platform (and the same is deployed on other SBI group banks such as SBH, which I also use) for a long time and it doesn't suck as such.

Works flawlessly. OK it looks a bit ugly and basic but who cares as long as it works?

[shipnil]

Originally Posted by nowwhat?

[*]SBI (linked to car loan): AQB of ₹2,500, but the branch I have resembles a market on weekends. Tried to move the account closer to home a few times, but it seems they lost the paperwork. Heard their online banking isn't too bad, but the login and password I got didn't work and I haven't been able to get a replacement.[/list]Opening a new account is not a problem either, so which bank would work out best?

Originally Posted by hserus

Works flawlessly. OK it looks a bit ugly and basic but who cares as long as it works?

I too was looking at an account that I can maintain without worrying about AQBs and has good netbanking. And as hserus has said, I found SBI to be good. In fact SBI account does not have any minimum AQB. The netbanking works flawlessly, although in terms of looks, it looks basic. But then because of this reason it loads quite fast. I use both HDFC and SBI and when it comes to netbanking I always prefer SBI over HDFC due to speed.

As far as branch visits are concerned, yes, they resemble weekly market. So I try to avoid branch as much as possible. If you can live without branch visits, I'd recommend SBI. But it does not offer free DDs or NEFT. Everything is chargeable. Even the check books, once you exhaust first one.

[hserus]

If you have a personal banking branch (PBB) of SBI near your home then go ahead and use that. Far less crowded and with more staff because of a slightly higher AQB requirement.

I use one such and for ten ++ years I hardly ever step into the branch but whenever I do there is no crowd. A bigger SBI branch nearby resembles a market every day.

As for chargeable NEFT is a very cheap charge - under 5 rupees for most transactions. And cheque books? I have one that I received a very long time back but hardly use it, mostly use NEFT. One chequebook issued some two or more years back still has a few leaves left.

[nowwhat?]

Thank you @vrprabhu, @hserus and @shipnil for your replies!

Originally Posted by vrprabhu

Good question. It depends on a few factors, other than ones listed out. Mainly locker facility - won't it be convenient if you have a locker with a bank that is as close to your home as possible?

I already have lockers at a couple of Indian Banks nearby (<2 kms and <5 kms). Lockers in my area are really hard to get, so I intend to keep these for as long as I can.

Indian Bank recently increased the annual rent on their smallest locker from ₹1,140 to ₹2,300. Is it the same in other PSU banks?

Minimum balance at Indian Bank is low (₹500), website is OK I guess, services are not too competitive, banking staff are quite friendly but it depends on how swamped they are at that time.

Originally Posted by vrprabhu

And the other being a decent credit card facility, with a tolerable limit.

Credit card, I thought we can keep the credit cards (mine are all zero annual fee) we already have well past retirement with roughly the same credit limit?

Originally Posted by vrprabhu

One bank, which ticks three of the four boxes, appears to be Karur Vysya Bank Ltd.

Shall consider KVB.

Originally Posted by vrprabhu

Finally, one more point to consider is to have a permanent mobile number - attach this number to all your financial instruments (banks, share trading, MF, demat etc.) as well as gas connection, reward points etc. Changing the number is a pain, if it is linked to various areas like these...

You bring up a very good point. I learnt the utility of a permanent phone number from Indane which is linked to my landline that was lying unused for a long time. A year or so ago I tried booking a gas refill from my mobile as usual, but their IVR disconnected me every single time I tried to enter my consumer ID. Finally in frustration I rigged up an old phone, called the IVR and it went through in a few seconds. So I pay ₹250-₹300 each month on a landline that hisses and crackles every time I pick it up, all so that I can book 6 refills a year. Maybe I should register my mobile and lose the landline.

Originally Posted by vrprabhu

BTW, not all PSB net banking platforms suck. In fact what I had seen of foreign banks were below par.... it all depends on our familiarity and adaption, I guess.

Originally Posted by hserus

I have used the SBI net banking platform (and the same is deployed on other SBI group banks such as SBH, which I also use) for a long time and it doesn't suck as such.

Works flawlessly. OK it looks a bit ugly and basic but who cares as long as it works?

Originally Posted by shipnil

I too was looking at an account that I can maintain without worrying about AQBs and has good netbanking. And as hserus has said, I found SBI to be good. In fact SBI account does not have any minimum AQB. The netbanking works flawlessly, although in terms of looks, it looks basic. But then because of this reason it loads quite fast. I use both HDFC and SBI and when it comes to netbanking I always prefer SBI over HDFC due to speed.

I am beginning to think that I have been pampered by Citibank, their online platform, their zero NEFT/IMPS charges and free DD, being used to them for as long as I have. I seem to be still suffering from withdrawal even though its been over a year since I left Citibank.

Perhaps I should tone down my expectations. HDFC's Netbanking platform isn't too shabby at all, Indian Bank's could have been more intuitive, however I haven't experienced SBI's at all

I did hear that SBI's online platform is decent, so thank you @hserus and @shipnil for validating! From your posts, what I can definitely gather is that I need to get my SBI Netbanking activated ASAP and use it for some time before I make up my mind.

Originally Posted by hserus

If you have a personal banking branch (PBB) of SBI near your home then go ahead and use that. Far less crowded and with more staff because of a slightly higher AQB requirement.

I use one such and for ten ++ years I hardly ever step into the branch but whenever I do there is no crowd. A bigger SBI branch nearby resembles a market every day.

Now this explains a few things. When we took a car loan from SBI a few years ago, SBI pushed a free zero-balance account on us which eventually worked out quite handy after I closed the Citibank account as all I had to do was to give them a simple instruction to dip into the SBI account, the alternative was to provide a letter from Axis Bank and some other formalities that would have required considerable time and more bank visits.

However this branch which is chaotic and resembles a market is quite far away and in a busy residential locality with hardly any parking, so I tried to shift it close to home. On visiting my home branch, I was astonished to find that it in no way resembled the other branch, furniture was more modern, it was much better organized and there were hardly any customers there.

When I inquired about moving the account, they said it would be the same AQB as before of ₹2,500 which was a bit of a surprise for me. Now I understand what happened, the branch I currently have an account in is a regular SBI branch and the one I went to is a PPB branch.

Personally I have nothing against keeping ₹2,500 in an account, I think it is only reasonable that they make at least ₹100 from me every year for the services they provide. I am just wary about banks that would increase AQB indiscriminately and eventually make it unaffordable for me.

Originally Posted by hserus

As for chargeable NEFT is a very cheap charge - under 5 rupees for most transactions. And cheque books? I have one that I received a very long time back but hardly use it, mostly use NEFT. One chequebook issued some two or more years back still has a few leaves left.

Don't use cheque books either, except for the odd one for starting an SIP and the like.

BTW, I don't think you will be able to use any old non-CTS cheque books.

[hserus]

Of course I have cts 2010 cheque books but they have been in widespread use for some years now

[comfortablynumb]

My employer has given an option to move our salary a/c from Kotak to either ICICI or HDFC. I already have an ICICI savings a/c (only for SIP debits, nothing else, not even ATM withdrawals or net banking), and am thinking of converting that to my salary a/c.

What do you folks think, is ICICI a good institution to bank with (w.r.t frequently used features like net banking, NEFT charges etc.)?

Cheers,
Vikram

[autorahul]

HDFC account owners need to beware of this fraud being done by the bank.
https://officechai.com/news/hdfc-ban....IHhP30rG.dpbs

[hserus]

ICICI and HDFC are both banks that will immediately appoint a "personal representative" for you whose only task is to sell you garbage investment options (ULIP / Highest NAV insurance, NCD, IPOs, various poorly performing equities and mutual funds) that net him or her a high commission. Use it purely as a savings account and say "not interested" for every thing else that their relationship manager, personal representative etc etc offers and you should be ok.

Note - any deposit of more a few lakhs into your account (eg: from selling a car / house / stocks etc) will immediately attract a flood of relationship manager calls when before that they will normally restrict themselves to calling you say once a year max for a routine touch base, especially if you keep refusing all their attempts to sell you stuff.

Originally Posted by comfortablynumb

My employer has given an option to move our salary a/c from Kotak to either ICICI or HDFC. I already have an ICICI savings a/c (only for SIP debits, nothing else, not even ATM withdrawals or net banking), and am thinking of converting that to my salary a/c.

What do you folks think, is ICICI a good institution to bank with (w.r.t frequently used features like net banking, NEFT charges etc.)?

Cheers,
Vikram

[Chetan_Rao]

Originally Posted by comfortablynumb

....is ICICI a good institution to bank with (w.r.t frequently used features like net banking, NEFT charges etc.)?

As long as you're immune to 'value-added products' pitching, ICICI is a great bank to deal with. We have accounts with multiple banks in my family, and most of us agree ICICI is the most convenient to deal with. Online banking is good to the extent I didn't even know where my home branch was for the first few years of holding the account, never needed a visit. Salary accounts also have most regular fees waived, I've never paid a dime for transactions in a decade.

As for pesky calls, I remind my relationship manager on my annual catch-up call that ONE unwanted call will make me move my business away from the bank, so they keep well off me. I mark all promotional emails as spam without exceptions

[comfortablynumb]

Originally Posted by hserus

Use it purely as a savings account and say "not interested" for every thing else that their relationship manager, personal representative etc etc offers and you should be ok..

Originally Posted by Chetan_Rao

As long as you're immune to 'value-added products' pitching, ICICI is a great bank to deal with.

Thanks hserus and Chetan_Rao for your replies. I'll go ahead and submit the paperwork for ICICI now.

Being brusque, bordering on rude to unwanted callers in one of my core competencies, so I think I'll be okay

Cheers,
Vikram

[TheTeacher]

Finally did it. Closed my account in HDFC bank after opening one in KVB. So far the experience at KVB has been good.

[Kratos453]

Originally Posted by hserus

ICICI and HDFC are both banks that will immediately appoint a "personal representative" for you whose only task is to sell you garbage investment options (ULIP / Highest NAV insurance, NCD, IPOs, various poorly performing equities and mutual funds) that net him or her a high commission. Use it purely as a savings account and say "not interested" for every thing else that their relationship manager, personal representative etc etc offers and you should be ok.

Note - any deposit of more a few lakhs into your account (eg: from selling a car / house / stocks etc) will immediately attract a flood of relationship manager calls when before that they will normally restrict themselves to calling you say once a year max for a routine touch base, especially if you keep refusing all their attempts to sell you stuff.

You can include Axis Bank to the list. You will keep getting calls from their credit card division in the name of Exclusive Offer and lifetime free card. And they will claim it's the best thing that's ever happening in your life as it is one time offer and you are that lucky customer (one time offer call every two days till you apply for the card). It doesn't end there. They always claim to understand your need for a personal loan, though you don't have any requirement.

I have had good experience with Standard Chartered Bank, albeit they have very few branches in the entire city.