[prabhu789]

Originally Posted by Aroy

Do you really need a current account? You can always recieve money in a savings account.

Yes, Its a private limited company.

[Aroy]

Originally Posted by prabhu789

Yes, Its a private limited company.

The FE commisions vary bank to bank, starting at 0% all the way to 2.5%.

Most probably HDFC bank gives the best FE rates. Check the FE rates for incoming remittance at various banks and the open the current account in the one that gives best rates.

https://www.icicibank.com/nri-bankin...transfer-rates

https://www.hdfcbank.com/personal/pa...es-and-charges

[rjainv]

Originally Posted by Aroy

The FE commisions vary bank to bank, starting at 0% all the way to 2.5%.

Most probably HDFC bank gives the best FE rates. Check the FE rates for incoming remittance at various banks and the open the current account in the one that gives best rates.

https://www.icicibank.com/nri-bankin...transfer-rates

https://www.hdfcbank.com/personal/pa...es-and-charges

In my experience public sector banks give much better rates.

You may want to checkout SBI for example.
But it carries it's own headache in terms of speed and paper work

With private banks like HDFC, we can get better rates by talking to RM and asking for rate improvement on card rate or live IBR rate ( if amount is above a threshold)

[null]

Originally Posted by prabhu789

Yes, Its a private limited company.

Your bank should provide a Foreign inward Remittance Certificate with each transfer. Many banks dont or will claim to provide only one consolidated certifcate for the whole year. Make sure you go with a bank which gives you FIRC for each remittance.

Also HDFC will not give the best rates. SBI is the best, but they dont give you FIRC each time. You can bargain with HDFC for better rates (+x paisa over the current day rate.. it is usually -x paisa / rupees on the current rate if you don't negotiate) as mentioned in the comment above. Do check with other banks.

[JithinR]

Originally Posted by Ananthang

Might have happened during ATM withdrawal, the last screen would be a RD question. Since you got the money you might have come out and the person next in line, might have consented because the timeout takes some time.

Sorry, completely missed your response till today. Unfortunately, no. I never used the HDFC card till I had to make some online transactions (to make use of those HDFC bank discounts). The card has never made it out of the house after I received it .

[binand]

Earlier this week I got a call from Citibank saying that today (31/10) is the last date for recording our consent for transfer of Citi accounts to Axis.

I had opened a fresh account with Axis and was always planning to not giving this consent, but a call with my relationship manager has forced a rethink. What she said is that if I need to access my past banking history at a later date for whatever reason, then it will help if I provided the consent, because all that data will be available with Axis even when Citi is long gone from India.

Given that I have held this account for 20 years now, I now think it is prudent to transfer - thoughts?

[vrprabhu]

By past banking history, does she mean the entire banking transaction history? (which would be required, in case, say, there is a notice re-opening your old income tax assessment).

From credit (loan) perspective, I think CIBIL score is the yardstick these days - and anyway your entire credit history has been already shared by Citi with them.

From deposit (investment) perspective, I don't think your transaction history will help you negotiate a better deal with Axis!

[binand]

Originally Posted by vrprabhu

By past banking history, does she mean the entire banking transaction history? (which would be required, in case, say, there is a notice re-opening your old income tax assessment).

Yes, that is exactly the scenario I was thinking about. What I understood is that if I don't opt for the transfer, then the history will be retained only for a short-ish duration (2 years?) and even in that case, getting access to it could be a challenge.

Still, I have statements/correspondence in my mailbox and that should be more than sufficient in my opinion.

Originally Posted by vrprabhu

From deposit (investment) perspective, I don't think your transaction history will help you negotiate a better deal with Axis!

I'm not sure what "negotiate a deal" in the context of investments could mean. Anyway I opened a Burgundy account with Axis and so far, I have had no reason to complain.

[thanixravindran]

Originally Posted by binand

Earlier this week I got a call from Citibank saying that today (31/10) is the last date for recording our consent for transfer of Citi accounts to Axis.

I see the emails have become more frequent in the last week but didn't know that 31 Oct is the last day. Do you know what happens if I don't give the consent? Will my account be closed with immediate effect? Or it is just the default consent is taken as 'No' and will be closed in due course of time? I hope it is the latter.

[binand]

Originally Posted by thanixravindran

Or it is just the default consent is taken as 'No' and will be closed in due course of time? I hope it is the latter.

What I understood is that they will record your choice now, and take the corresponding action over the next several months. The lights-out date is 31/3/23 I think.

[Jaguar]

Originally Posted by binand

What I understood is that they will record your choice now, and take the corresponding action over the next several months. The lights-out date is 31/3/23 I think.

Of late, I am seeing ads for Citi Debit cards, and even got a call for a new Credit card. Wonder what is happening? I even asked the lady on the phone whether she is trying to scam me

PS: This is after I didn't give consent to port my CC to Axis

[binand]

Originally Posted by binand

Earlier this week I got a call from Citibank saying that today (31/10) is the last date for recording our consent for transfer of Citi accounts to Axis.

Ah well - this morning (1/11) they are still showing the consent screen so of course this person who spoke to me on phone was talking through their hat.

[thanixravindran]

Originally Posted by Jaguar

Of late, I am seeing ads for Citi Debit cards, and even got a call for a new Credit card. Wonder what is happening? I even asked the lady on the phone whether she is trying to scam me

PS: This is after I didn't give consent to port my CC to Axis

Yes, Citi is even offering 6.75% interest rate for 1 year FD which Axis itself is not offering

[Oxy]

Weird experience with HDFC Bank.

I had a salary account with them back in 2005, which is now dormant as I haven't used it for several years. I thought of getting that reactivated because I had a few thousands invested in some Reliance (now Nippon) mutual fund many years ago, and I have unclaimed dividend on it. The process of changing the account details on the Nippon website includes uploading proof of the current account (my HDFC account in this case) registered with them.

I called customer care and gave them the account number. They said this account didn't exist and asked me to visit the nearest branch. I went to the branch, and the bank rep searched the records with everything - my Customer ID, Account number, registered mobile number. Says my Customer ID only has my mobile number and my mother's name mentioned against it, and there's no account number.

I then asked him to check with the branch manager. After talking to the manager, he tells me that all dormant accounts before 2013 were wiped out of their records! And now there is nothing they can do to retrieve it, and I would need to open a fresh account with them.

Is this normal? How can my account just vanish even if it was unused?

[Fx14]

Originally Posted by Oxy

Is this normal? How can my account just vanish even if it was unused?

You haven't mentioned if there was a credit balance in your account or not. Basis that, there are 2 possible scenarios that may have been applicable.

1. If there was a credit balance in the account :

In this case, after 10 years of the account being unused, the amount is transferred to RBI DEAF. Details of the scheme are provided in the following link

https://m.rbi.org.in//scripts/Notifi...Id=8907&Mode=0


2. If there was no balance in the account :

In such a case and if there were no salary credits coming in, the account would have been converted to a regular savings account. Post the conversion, charges for non-maintenance of the minimum balance would apply. Since, there was no balance to recover the amount of charges due, the account may have been force closed.