Team-BHP - Which bank to open an account in?

Quote:

Originally Posted by Doge (Post 5846000)

I want to open another account for daily transactions and UPI usage. My main bank is indus ind and I'm frankly tired of their mid to bad service, frequent UPI server issues and no UPI lite service available. Which bank should I look at ? HDFC?

Are you using IndusInd's own UPI app? I've never used that, so can't comment.

I use my IndusInd account for all UPI transactions, but through third party apps (Amazon Pay UPI, GPay). I have done countless UPI transactions from this account over the years. I'm yet to see a single failure. No UPI server issues, nor any other issues! I'm very much satisfied.

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Is it alright to let your bank account go dormant?

I have a savings account with a private bank, which used to be the salary account for my previous job. After switching jobs, I switched to an account with another bank and money stopped flowing into the older account. After this, the first bank started charging me every month for low monthly balance and the balance in that account soon became negative. I have now started receiving messages from that bank saying that if I do not make any transactions from my account, it will get classified as dormant.

Should I let that happen? Are there any implications? Or should I maintain some nominal balance just to keep the account active?

Quote:

Originally Posted by TheGearBox (Post 5916525)

Should I let that happen? Are there any implications? Or should I maintain some nominal balance just to keep the account active?

It is better to close the account if you don't intend to use it all. It ensures that it never gets misused.

Quote:

Originally Posted by TheGearBox (Post 5916525)

I have a savings account with a private bank, which used to be the salary account for my previous job.

After this, the first bank started charging me every month for low monthly balance and the balance in that account soon became negative.

I have now started receiving messages from that bank saying that if I do not make any transactions from my account, it will get classified as dormant.

Should I let that happen? Are there any implications? Or should I maintain some nominal balance just to keep the account active?

Check if you had ever shared / linked that account's details for any past investments. If so, first arrange to change the linkage to your new account. Post that, you'd be better off closing the account considering you are not using it to avoid further charges.

In case you want to keep it active, note that you would have to deposit funds to cover the negative balance as well as maintain the prescribed minimum balance in future and not just a nominal balance, else you will keep losing your money to various charges.

Do meet the Branch Manager to request for waiver of the charges contributing to the negative balance (since it was an erstwhile salary account converted to Savings account thus attracting the charges), else you would have to fund the account to facilitate closure.

Quote:

Originally Posted by TheGearBox (Post 5916525)

Should I let that happen? Are there any implications? Or should I maintain some nominal balance just to keep the account active?

I suggest to close it if no plans to use it.

In investment linkages side, SGB is a pain if investment is done via bank account without opting for demat because interest is credited to the bank account from which SGB is purchased.

Apart from investment linkages, please check PF linkage as well. EPFO is notorious on KYC and bank account update. Change it first in EPFO, if needed.

Quote:

Originally Posted by NPV (Post 5836561)

I had a decade old ICICI bank account which was opened during an earlier job with another company that insisted on ICICI Bank accounts for salary deposits. Though I had changed jobs few years ago, I had continued with the account as it was easy to set limits on my ICICI credit cards and make the payments.

Cut to a month ago, I was being reminded to complete a KYC update (needs regular yearly updates). The options were to upload documents or take the “online video KYC” which I preferred. Went through the process and received an email confirmation with a pdf document with all details submitted.

A week later, it’s time to pay a Credit Card and I login only to see a message saying KYC has not been updated and I can’t do any transactions. I was totally fed up, so went over to a nearby branch and closed the account after a lot of drama from the staff giving silly reasons why online KYC didn’t work!

YES KYC is now mandatory by the Government, nothing the bank can do about it. I faced the same issue and had to go to the branch and get my KYC updated. It is simple. They scan your finger and check it with ADHAR site.

Quote:

Originally Posted by Aroy (Post 5916695)

In my case, I went through the online EKYC process, received an email confirmation that it is complete and then the account was not accessible, apparently since KYC wasn’t done!

I decided not to continue with the banking relationship, visited the branch and closed the account but not before getting the kyc done with the fingerprint scan :Frustrati