[condor]

I have two credit cards (both non-ICICI), and my one account with ICICI. Last week I had scheduled payment to both my cards. Though the statement on my account shows payment being done to respective cards, ICICI goes and credits both payments to one of the cards. Now the other credit card will charge me late fees :( ..

[Pancham]

Originally Posted by condor

I have two credit cards, and my one account with ICICI. Last week I had scheduled payment to both my cards. Though the statement on my account shows payment being done to respective cards, ICICI goes and credits both payments to one of the cards. Now the other credit card will charge me late fees :( ..

I have had this issue with Standard Chartered to the extent that it affected my credit score. Very frustrating. Since then I closely monitor if the amount if credited in the correct account or not.

[V.Narayan]

Just sharing my experience on this thread. The objective is not to influence any member's decision on his/her bank. For 26 years my main accounts, credit cards et al were with HSBC. I am a conservative single bank person - no multiple banks and credit cards for me - like to keep the hassle low. Literally today I closed my last account with HSBC after they had been my primary and almost only banker for a quarter of a century. This primarily due to a steadily deteriorating service level, an increasingly bureaucratic attitude and a significant attrition in their customer facing staff. I believe the problems HSBC has had globally of being caught with the knickers down has led to an over reaction on compliance in letter at the cost of the customer and service. This is a sad end. In the 1990s and the previous decade their service was genuinely top class. From around 2013-14 the rot set in. I chose to be patient because shifting banks is a laborious process with so many things linked up to the accounts and standing instructions. But nevertheless the shift became inevitable.

[bansal.sushant]

I'll be joining my first job in a few days and hence need to create a new salary account. Which bank account from the below would be recommended:
1. HDFC Bank
2. CITI Bank
3. Axis Bank
4. SBI Bank

Looking forward to gaining some insight from the experienced people here.

[aadya]

Originally Posted by bansal.sushant

I'll be joining my first job in a few days and hence need to create a new salary account. Which bank account from the below would be recommended:
1. HDFC Bank
2. CITI Bank
3. Axis Bank
4. SBI Bank

Looking forward to gaining some insight from the experienced people here.

If you would be living in metros only, then go for HDFC. If you have to travel to hinterlands then SBI would be better. Though having an account with SBI might make you life easier with regards to loans in the future. Kotak also has presence and services at par with HDFC.

[Aroy]

Originally Posted by bansal.sushant

I'll be joining my first job in a few days and hence need to create a new salary account. Which bank account from the below would be recommended:
1. HDFC Bank
2. CITI Bank
3. Axis Bank
4. SBI Bank

Looking forward to gaining some insight from the experienced people here.

Various banks have different minimum balance requirements. Some have Rs.5,000, while some have Rs.10,000, others even more. Find out which bank has zero balance salary account. Preferably choose a bank that that has a branch either near your office or near your home (preferably permanent residence).

As others have commented SBI is a good option. Of the rest - HDFC, AXIS, Kotak, ICICI are all large private banks and each offer more or less the same facilities.

Of the three - HDFC, Kotak and ICICI banks that I have accounts in, I prefer ICICI for a clean Online Banking interface and reasonable (at times free) money transfer charges.

[neofromcapone]

Originally Posted by bansal.sushant

I'll be joining my first job in a few days and hence need to create a new salary account. Which bank account from the below would be recommended:
1. HDFC Bank
2. CITI Bank
3. Axis Bank
4. SBI Bank

Looking forward to gaining some insight from the experienced people here.

If your employer is not opening a salary account for you, then open an account with the same bank - from which your employer which issue you your salary cheque.

[bansal.sushant]

Originally Posted by aadya

If you would be living in metros only, then go for HDFC.

I am moving from Delhi to Bangalore.

Originally Posted by Aroy

Preferably choose a bank that that has a branch either near your office or near your home (preferably permanent residence).

As others have commented SBI is a good option. Of the rest - HDFC, AXIS, Kotak, ICICI are all large private banks and each offer more or less the same facilities.

Most of the above banks have a presence in the same complex. I have heard lots of scams wrt SBI, so a bit apprehensive. Of the privates, any particular difference?

Originally Posted by neofromcapone

If your employer is not opening a salary account for you, then open an account with the same bank - from which your employer which issue you your salary cheque.

I have been provided with an option to open in any of the 4 listed above. Salary will be credited online, no cheque.

[cs_rajesh]

Originally Posted by bansal.sushant

?

I have been provided with an option to open in any of the 4 listed above. Salary will be credited online, no cheque.

For salary credit I would vouch for Citibank, especially if you would tend to use online banking for most of your transactions. I have seen that so far Citibank has not introduced charges on its Suvidha Salary account holders on actions like ATM withdrawal, cheque leaves issue, NEFT or wire transfers.

Alternatively I would suggest HDFC seems to be having quite a lot of ATMs in and around the city, but then these days withdrawing money from other bank ATMs especially salaried accounts do not incur charges.

If you would avail of home loans, you could benefit by having salary account on the same bank, especially SBI or HDFC.

[tj123]

Is is mandatory to have Aadhaar ID to open a new bank account in India?

[Ford5]

Originally Posted by tj123

Is is mandatory to have Aadhaar ID to open a new bank account in India?

Not by law. Not even mentioned by RBI. It's just banks who fear Aadhar will become inevitable in the future who force us to submit the same. Our Pan cards give out more financial info than any aadhar card can.

[sdp1975]

I have some Kisan Vikas Patras maturing and the Post Office tells me that they will credit the amount to my PO savings bank account. I wanted a cheque from them so that I could transfer the amount to my bank but they don't want to give me a cheque. They used to give SBI cheques earlier but apparently they've stopped it.

Has anyone used PO cheques ? I don't have a cheque book from the PO but I'm planning to apply for one and then use it to transfer the amount to my bank. Does India Post participate in the clearance/CTS process like ordinary banks ?

[am1m]

I've always wondered why an employer cannot just deposit the salary into any bank account of the employee's choice? Why does each employer insist on you opening an account with the bank of their choice?

[Aroy]

Originally Posted by am1m

I've always wondered why an employer cannot just deposit the salary into any bank account of the employee's choice? Why does each employer insist on you opening an account with the bank of their choice?

The reasons are ease of transfer. When (quite long ago) I was generating bank transfer statements, the company had one bank for salary deposits. We used to print a long list ledger wise, get it signed by authorised signatories and send it to the bank. That was it. If there were multiple banks then multiple statement would be needed.

I guess that for a large corporation with an ERP making automated transfer to an employees bank would be feasible, but every one tries to reduce their own work hence corporations have a few banks tied up for direct transfer of salaries. That way in case of any goof up; being a large customer; they can rectify the matter easily, without taking recourse to formal procedures.

[lambuhere1]

Originally Posted by sdp1975

I have some Kisan Vikas Patras maturing and the Post Office tells me that they will credit the amount to my PO savings bank account. I wanted a cheque from them so that I could transfer the amount to my bank but they don't want to give me a cheque. They used to give SBI cheques earlier but apparently they've stopped it.

Has anyone used PO cheques ? I don't have a cheque book from the PO but I'm planning to apply for one and then use it to transfer the amount to my bank. Does India Post participate in the clearance/CTS process like ordinary banks ?

They do give nationalised bank cheque when you let them know you don't own a PO S/B account. Have used this method last time, approx a year ago.

Else, as you stated, they will push to transfer to your PO Savings account.