[comfortablynumb]

Originally Posted by Fx14

This is not a Bank FD, rather it is more like a company FD, where there are agents also appointed to source such FD's against a commission.

Originally Posted by vrprabhu

From the image, the logo is that of HDFC and not HDFC Bank.

Thank you both for enlightening me. But you could have spared yourself the trouble if you had first read my reply (post # 683) to member "sukhoi" above, in which I have clearly mentioned that this is separate from HDFC Bank. I know that this is not a bank FD, and nowhere have I claimed that this is a bank FD. I just made the OP aware of the option and it is up to him to decide whether he wants to use it or not.

[vharihar]

Does HDFC Bank levy any charges for "Preferred Banking"?

3 years ago I recall my father had an argument with his HDFC RM (Relationship Mgr) about this, as they sprung on him a "Programme Mgmt Fee" or something like that of Rs 100 per quarter per customer ID. Eventually upon my suggestion my father opted out of it :-)

Recently when I took my dad to the bank they again asked him to upgrade his a/c to "Preferred Banking". But they weren't able to show us anything in writing as regards whether there is or there is not, any charges for this feature. I suspect verbally stated assurances unless written!

HDFC Bank Customer Care isn't able to help either.

Any idea if there are any charges for "HDFC Preferred Banking"?

I also googled a bit and I see that some customers have complained about this a few years ago, for example: https://www.moneylife.in/article/hdf...ure/49700.html

[rjainv]

I suspect it could be based on NRV (net relationship value), which is based on how much money they see in your account with them across all channels.

Beyond a certain NRV, they might upgrade you to preferred banking as complimentary service. But if you are not eligible per that criteria and still go for it, they may charge you.

[kavensri]

I recently opened a savings account with HDFC Bank. And last week I noticed that I have been charged Rs590 as ‘Debit Card Issuance Charges’.
I have savings account with other banks (both nationalized and others), but I have never been charged for issuing a Debit Card. I do get charged for maintaining Debit Cards though.
So, I would like to know, is this a common charge these days? If so, isn’t it on the higher side?

[Cessna182]

I have an account in ICICI since the last 7 years, and I am happy with it. The only issue has been that they deduct a yearly charge of 1k INR for a coral card,which I have time and again requested them to cancel and issue me a regular card. The coral card comes with benefits like free movie tickets, which I don't use.

In these times when banks can go bust and impose charges without intimation, I am grateful to ICICI for not being like HDFC, which put over 5k charges on a credit card with 0 spending (for my friend). HDFC is the worst in terms of customer service in my experience, and this can differ between branches.

I would also say that it is better to avoid the new banks like RBL, DBS etc because they are known to impose fake charges all the time. Consumer forums are filled with complaints against them.

[vharihar]

Originally Posted by rjainv

I suspect it could be based on NRV (net relationship value), which is based on how much money they see in your account with them across all channels.

Beyond a certain NRV, they might upgrade you to preferred banking as complimentary service. But if you are not eligible per that criteria and still go for it, they may charge you.

Googled some more. According to a forumer at the below link, there used to be fees for HDFC Preferred Banking but not anymore:

https://www.desidime.com/discussions...1#post_6023902

Originally Posted by Cessna182

I have an account in ICICI since the last 7 years, and I am happy with it. The only issue has been that they deduct a yearly charge of 1k INR for a coral card,which I have time and again requested them to cancel and issue me a regular card. The coral card comes with benefits like free movie tickets, which I don't use.

In these times when banks can go bust and impose charges without intimation, I am grateful to ICICI for not being like HDFC, which put over 5k charges on a credit card with 0 spending (for my friend). HDFC is the worst in terms of customer service in my experience, and this can differ between branches.

I would also say that it is better to avoid the new banks like RBL, DBS etc because they are known to impose fake charges all the time. Consumer forums are filled with complaints against them.

ICICI is much better than HDFC Bank. The only thing that sucks about ICICI is their iMobile app (UI, usability and reliability).

[BaCkSeAtDrIVeR]

Originally Posted by vharihar

The only thing that sucks about ICICI is their iMobile app (UI, usability and reliability).

Hmmm. I'll give you some benefit there and wont disagree.

Originally Posted by Cessna182

I have an account in ICICI since the last 7 years, and I am happy with it. The only issue has been that they deduct a yearly charge of 1k INR for a coral card,which I have time and again requested them to cancel and issue me a regular card. The coral card comes with benefits like free movie tickets, which I don't use.

... charges on a credit card with 0 spending (for my friend).
.

Most ICICI credit cards have zero annual fee if you spend a specified minimum in previous year. Regarding credit card cancellation process, we have a thread for credit cards, and there is a post in there about how to do it. Please use the "search this thread" feature from a desktop / browser.

Originally Posted by kavensri

I recently opened a savings account with HDFC Bank. And last week I noticed that I have been charged Rs590 as 'Debit Card Issuance Charges'.
I have savings account with other banks (both nationalized and others), but I have never been charged for issuing a Debit Card. I do get charged for maintaining Debit Cards though.

I get charged for SMS and debit cards. New card? I guess it happens, and Indeed i was charged by the two PSU banks where i have an account. Some day I may stop asking g for debit cards since SBI, ICICI and I'm not sure - Canara bank offer careless OTP based cash withdrawal. The down side is you cant use another bank's ATM for that.

[jkrishnakj]

I finally managed to open an account for my wife and I at a nearby IcICi branch.

The coming week is interesting. I’ll be closing my almost 2 decades relation with HDFC bank. I’ll have to pay them a visit for closure.

Not just that , I’m also transferring my Demat from HDFC securities to ICICI and my home loan transfer ( a full 1% lower ) from HDFC to ICICI.

I know that HDFC securities and HDFC are entities that aren’t related to the bank , but I’m so frustrated with HDFC bank that I don’t want anything HDFC in my life anymore. And all thanks to HDFC bank credit cards division who messed up the whole relationship. And to think that the bank had someone called as a relationship manager who, I’m now convinced was someone who had zero empowerment , that whole RM model of their bank is a huge farce.

[kavensri]

Originally Posted by BaCkSeAtDrIVeR

I get charged for SMS and debit cards. New card? I guess it happens, and Indeed i was charged by the two PSU banks where i have an account. Some day I may stop asking g for debit cards since SBI, ICICI and I'm not sure - Canara bank offer careless OTP based cash withdrawal. The down side is you cant use another bank's ATM for that.

The latest savings account that I opened (before HDFC) was last year with ICICI. But i do not remember getting charged for issuing a debit card.
Anyway, even I am planning to get rid of debit cards of some of my savings accounts. I hardly use them and most of my transactions are through online. And even if i have to withdraw some money, i can always transfer the amount from that account to another account where i am still keeping my debit card.

[Oxy]

Unpleasant experience with Yes Bank.

I had opened a zero balance account with them, but after the scam I had withdrawn all my money from there and made the balance zero. I was not fussed as it was a zero balance account.

Now a couple of weeks ago during a purchase I was making from Amazon, there was some offer on the Rupay debit card, and the only Rupay I had was the Yes Bank one, so I decided to put some money there and make the payment using the Yes Bank debit card.

Now as soon as I put the money in the account, they deducted debit card charges (which I was never told about while opening the account) and some SMS alert charges (which I never requested).

I called the customer care and asked them to guide me with the procedure to close the account, for which I was told to go to the nearest branch with my cheque book and debit card and some ID proof. It cannot be done over the phone.

The debit card charges will be levied again in April 2021. Need to get this closed before that somehow.

Why cannot we just close the account online? Is there a way out of this mess?


Also, I have a salary account with Citibank and have been offered a Citi Priority Wealth Management account. Is that any good? I am looking for some good guidance on investing as I am in my 40s and have no significant investment for my retirement.

Any guidance on the above would be of immense help.

[grazd]

Originally Posted by Oxy

...

Also, I have a salary account with Citibank and have been offered a Citi Priority Wealth Management account. Is that any good? I am looking for some good guidance on investing as I am in my 40s and have no significant investment for my retirement.

Any guidance on the above would be of immense help.

There is rampant fraud and misseling going on in the financial services industry.
Please avoid using Citibank or any other bank wealth management services.
I have personally experienced their advisory services, and it was a terrible experience. Bad advise given by non experts with vested interests and conflict of interest. At best you will merely be invested in bad products shelling out high commissions, at worst you can get actively conned out of your money. All banks are guilty of this, especially citi.
For eg

https://www.moneylife.in/article/rel...ion/33892.html

https://www.moneylife.in/article/how...ing/32498.html

If you seek financial advise, one way to begin is to hire a RIA or fee only financial planner. Lookup freefincal for a list or ask around.

https://www.feeonlyindia.com/list-of-fee-only-planners

There is no alternative other than to educate oneself in financial literacy, lot of good resources available online.
Regardless of whose advice you take, get it validated by trusted experienced people, and by your own research.

For more see this thread
https://www.team-bhp.com/forum/shift...titutions.html (Insider's account: Upselling techniques of banks & financial institutions)

[Ithaca]

Originally Posted by Oxy

I called the customer care and asked them to guide me with the procedure to close the account, for which I was told to go to the nearest branch with my cheque book and debit card and some ID proof. It cannot be done over the phone.
The debit card charges will be levied again in April 2021. Need to get this closed before that somehow.
Why cannot we just close the account online? Is there a way out of this mess?

My experience with closing my parent's bank accounts in Axis, HDFC, Andhra Bank & most recently (1st week Oct) IDBI bank.

Make sure your account has zero balance by transferring all amounts before stepping into the bank. Then download all annual statements after you have emptied your account (but before going to the bank) for last financial and this financial till the date of last transaction in excel and pdf (for records and tax purposes). The reason is that once you have closed your account, they may say they will send you the final statement by email but they never will - since we do not matter once we have terminated our relationship with the bank.

[proton]

Originally Posted by spookey

HDFC bank comes up with a new plan to pinch out more from Imperia customers. Interestingly I found this mail in the spam folder and did not receive any SMS regarding the same. Following are the contents :

.....
I will shift to some other bank soon, not because of 100 per quarter charge but indifferent attitude of this bank.

I have savings account where if I go below minimum balance, an alert is given. If I make up the average quarterly balance, the penalty, called account maintenance fee is charged about Rs300. In other words AMF is waived if AQB is maintained.

I opened a Current Account and was told it was a zero balance a/c. Whenever I went below, no fees were charged. Recently, for reasons that can be guessed in these virus times, the fee, Rs2500/- was charged, with no pre warning. I immediately EMPTIED the account and submitted an a/c termination request. Immediately I got an alert saying my balance had gone below the limit.

I have escalated the issue to Branch Manager and will be proceeding to ombudsman and consumer court if no satisfactory reply is give.

I recommend people to close idle accounts to prevent these secret, arbitrary charges from being levied, by changing the terms and conditions of account operating rules.

[fhdowntheline]

For the love of God, please dont deal with Yes Bank in the foreseeable future. They have given me a harrowing time in closing my car loan inspite of doing proper foreclosure payment. I haven't received the confirmation from them nor the NOC as yet. Its been a month. Their call centre has no idea how their systems work, and the grievance cell person pleaded for 7 working days to resolve the issue which should have never arisen in the first place.

[AMG Power]

ICICI Bank have something called Wealth Account (NOT to be confused with Wealth Management Account). It is supposedly a savings account with a lot of benefits.

Has anyone opened such an account - it requires an opening amount of 10 lakhs in the savings account. Talk of RIP OFF's!!

The bank has been after me to open such an account - either they think I'm a fool (probably right) or I have lots of money (they're very wrong).

Does anyone have an experience with this ridiculous account? As a rule I decline most higher level services as they catch you out later - the only feature I like is the access to international airport lounges and that's not worth anything now.