[KL01toKA03]

I have 2 savings accounts. My primary account which is also my salary account is a Citibank account (which has now become an Axis bank account). The second account is an IDFC bank account.

I am looking to open an account with a stable bank and close the Axis account. Here are the main requirements:

1. Interest returns are not my primary concern. I am going to get an amount from the sale of a property, which I will invest in another property in 2025. I'm looking for a safe place to park the money. I will also use this account as my salary account.

2. It would be good if I can do all banking services online (issuing chequebooks, DDs, account statements etc)

[UPS_Guru]

If your primary income is from salary, as a best practice, your salary account should only receive credits from your employer. You should debit your salary account for your expenses by transferring funds to a specific savings account (this account can also be in the same branch and bank, if required, for quick fund transfer and to reap other benefits such as privileged banking, premier credit cards, and personalized loans).

Do not use your salary account's ATM/debit card, cheque book, or linked UPI ID. Do not link the account for auto deduction for investments (trading account), EMIs (loan account) or other payments (utilities/maintenance) either. Similarly, do not use the account to receive other funds (government subsidies, one-time payments, etc.). Instead, create only one payee for transferring funds to your specific savings account.

Such best practices ensure your primary income is safe and secure. Further, if you consistently transfer less than what gets credited to your salary account, you inculcate a habit of saving. If you can also refrain from transferring your corporate reimbursements, monetary rewards, and annual/festival bonus, soon you will have significant funds that can be invested elsewhere.

[Engine_Roars]

Does anyone here uses IDFC First Bank saving account? Is it worth maintaining one as a third saving account?

I already have accounts in ICICI and HDFC.

[DigitalOne]

Originally Posted by Engine_Roars

Does anyone here uses IDFC First Bank saving account? Is it worth maintaining one as a third saving account?

I use an IDFC First Bank savings account. My primary purpose was to have a joint account, independent of either of our salary (both ICICI) accounts, from where we would make all the expenses. It serves the purpose. I went with IDFC because they opened a branch very close to my home .

For some strange technical reason, the UPI pin keeps getting expired frequently; probably because it is a joint account, and both are using two different UPI apps with different pins. So my wife has switched back to her ICICI Bank to make UPI payments. Other than this minor irritant, the account is fine. Their debit card gives lounge access which is a bonus.

[115]

Originally Posted by DigitalOne

I use an IDFC First Bank savings account. ...

Any feedback on the higher interest rate they claim to give on savings account? Is this enabled by default?

[inder]

Ever since SEBI barred third party ASBA ,I am unable to apply for IPO's in my minor son's name. Want to open a savings account for my minor son which allows internet banking and ASBA for minor's. Any pointers ?

[Engine_Roars]

Originally Posted by DigitalOne

I use an IDFC First Bank savings account. My primary purpose was to have a joint account, independent of either of our salary (both ICICI) accounts, from where we would make all the expenses. It serves the purpose. I went with IDFC because they opened a branch very close to my home .

For some strange technical reason, the UPI pin keeps getting expired frequently; probably because it is a joint account, and both are using two different UPI apps with different pins. So my wife has switched back to her ICICI Bank to make UPI payments. Other than this minor irritant, the account is fine. Their debit card gives lounge access which is a bonus.

Appreciate the feedback, any feedback on the interest rates that they claim to be giving?

[DigitalOne]

Originally Posted by 115

Any feedback on the higher interest rate they claim to give on savings account? Is this enabled by default?

Originally Posted by Engine_Roars

Appreciate the feedback, any feedback on the interest rates that they claim to be giving?

IDFC Savings bank offers what they call as 'progressive' interest rates on their savings bank accounts.

To illustrate with an example, if you have a balance of 1,25,000 in the account, the first 1 Lakh earns 3%, and the rest 25k earns 4%. As I use it as an expense account with balances ~1 Lakh, it is not a big advantage for me. Could be a plus for people who keep high saving account balances and don't move it into other avenues(FDs, MFs etc).

[Eddy]

Does any bank allow a joint account with 4 account holders? I want to get one with spouse and parents.

[montsa007]

Originally Posted by Eddy

Does any bank allow a joint account with 4 account holders? I want to get one with spouse and parents.

I think you can, do define the signature authority,

-Jointly (Will require all 4 signatures for cheques)
-Any one or survivor (Any holder can sign cheques)
-Any 2 Holders (Any 2 holders can sign cheques)
-Any 3 (Any of the 3 holders can sign)

The above is true for cheques, I'm not sure what it'll be like in net banking, also 1 holder has to be primary. Also note that in case of some signature mismatch it can be painful process to do fresh signatures.

Happy banking

[comfortablynumb]

Originally Posted by Eddy

Does any bank allow a joint account with 4 account holders? I want to get one with spouse and parents.

In theory, Yes. Practically, it's anyone's guess how easy or difficult it would be, when you actually go to the branch for account opening.

This link has some good details on Joint Account rules & regulations:

https://www.dbs.com/digibank/in/arti...-account-rules

[montsa007]

Originally Posted by comfortablynumb

In theory, Yes. Practically, it's anyone's guess how easy or difficult it would be, when you actually go to the branch for account opening.

This link has some good details on Joint Account rules & regulations:

https://www.dbs.com/digibank/in/arti...-account-rules

Do note that though RBI has not laid down any rules, maximum number of people holding 1 account can vary bank to bank as per their policies.

[sunilch]

Originally Posted by Eddy

Does any bank allow a joint account with 4 account holders? I want to get one with spouse and parents.

All banks will allow it. There is no limit specified and it is not only possible, but also used by many. So multiple account holders for 1 bank account is a pretty routine affair.

[condor]

Originally Posted by DigitalOne

IDFC Savings bank offers what they call as 'progressive' interest rates on their savings bank accounts.

Kotak offers much better interest - based on the type of account, anything above a minimum amount gets a higher interest. Check it out.

[NPV]

Anyone here holding on to their old Citibank account? Have you received a new cheque book from Axis Bank?

Key thing to note is that while the account number itself will remain the same, IFSC will change.