Which bank to open an account in?

Nikhilb2008 · 15th July 2008, 15:57

I'll be starting work soon and need to open a bank account.

I have an account in Syndicate bank but I dont like it.

I want to open a savings account in any of the big banks. ICICI, Citi, anything.

I want to know which is the best right now.

I'll want internet transactions, etc... I guess ATMs are not a problem now as you can draw money from any ATM without any fee. Am I right?

What are your opinions on this? I am looking for opinions from you guys as most of you use such accounts on a daily basis.

Personally, I have something against ICICI so I would prefer Citi. But if ICICI's service is way better, I would choose that.

Spitfire · 15th July 2008, 16:04

Why not State Bank Of India? They have some of the best facilities.

Nikhilb2008 · 15th July 2008, 16:06

Including online transfers?

Eddy · 15th July 2008, 16:10

ICICI for very good online transaction facilities.

Except ICICI doesn't have transfer agreements with Citi Bank

lambuhere1 · 15th July 2008, 16:11

For online transactions, I believe personally Citi is the best, for third party transfers. I havent tried HDFC, even i heard thats good.

suvi · 15th July 2008, 16:12

Quote:

Originally Posted by Nikhilb2008

Including online transfers?

Yes. Public Sector Banks provide most of the facilities nowadays. In ICICI Bank you have to maintain an average balance of Rs 10000. whereas in SBI you need only a min balance of Rs 1000. Corporation Bank and Canara Bank are also good.

supremeBaleno · 15th July 2008, 16:14

And they also have some of the worst employees, who are yet to know what customer service is all about. Ofcourse, excluded from this are the SBI branches in IT parks where the employees are actually courteous and helpful. I wonder how they train just these folks differently in handling customers.

IMO, today's banking is all about banking from anywhere and ATM network. You won't really be going to the bank for almost 95% of your banking requirements, if not all. So, research on who has the best Netbanking and extensive ATM coverage and you get the bank you need.

I have banked with various banks and tried netbanking with HDFC, ICICI, ABN-AMRO, SBI, UTI bank and GlobalTrust bank. And, while I rate the first three as the best, I prefer to rely on ABN-AMRO, though it has a serious disadvantage as far as ATMs go, due to having only like 20-30 ATMs in India. Ofcourse they do have an arrangement with other banks to be able to use their ATMs.

I would think that HDFC or ICICI would be the best bet for you.

hemanthisgreat · 15th July 2008, 16:15

Quote:

Originally Posted by Nikhilb2008

Including online transfers?

Yeah they have online transfers also Welcome to OnlineSBI, and they have the largest ATM network in INDIA. Even their online transfer is quite secure (during transfers a generated pin is sent to your desingated mobile number, and the transfer takes place only after you input the number ). SBI even has any branch banking facility. But if you do not want to go for nationalized banks go for HDFC.

tsk1979 · 15th July 2008, 16:16

I prefer HDFC and Kotak.
Are you going to work in a corporation?
In that case they will open up a salary account for you.
There will be no hassles of minimum balance etc., with that.
If you are not going to get a salary account, get a 5000rs minimum balance account from HDFC or Kotak.
I have not had very good experiences with ICICI and Citibank, and avoid these companies as much as I can

Technocrat · 15th July 2008, 16:16

Quote:

Except ICICI doesn't have transfer agreements with Citi Bank

I dont agree I do transfers between Citi & ICICI & no problems whatsoever.

I have accounts with ICICI Citi & SBI & ICICI(New Job new bank account

) has best protection for online transfer misuse & is also the most convenient to operate for online transactions.

@nikhil: Wouldnt your employer open an account for you?

Nikhilb2008 · 15th July 2008, 16:22

No. My employer wont open it for me.

I dont want to open it only for my salary. I need a bank account anyway. For online trades, etc.

Basically I guess I cant go wrong with either Citi or ICICI.

How is ING Vysya?

tsk1979 · 15th July 2008, 16:30

Online trades...? You mean stock trading?
In that case try Kotak. They give you a zero balance account if you have a DEMAT account with them.
As for online transfers, they are through RBI NEFT, and almost all major banks offer them.

Mission_Safari · 15th July 2008, 16:30

Are you talking about salary accounts or savings accounts?

Anyway it depends on which bank your employer will be using to credit your salary.

SB accounts in Citi needs a huge minimum balance so watch out.

Nikhilb2008 · 15th July 2008, 16:33

Quote:

Originally Posted by tsk1979

Online trades...? You mean stock trading?
In that case try Kotak. They give you a zero balance account if you have a DEMAT account with them.
As for online transfers, they are through RBI NEFT, and almost all major banks offer them.

No no. I meant online transfers.

Quote:

Originally Posted by Mission_Safari

Are you talking about salary accounts or savings accounts?

Anyway it depends on which bank your employer will be using to credit your salary.

SB accounts in Citi needs a huge minimum balance so watch out.

What's the difference between Salary account and savings account?

Mission_Safari · 15th July 2008, 16:35

Quote:

Originally Posted by Nikhilb2008

No no. I meant online transfers.

What's the difference between Salary account and savings account?

Salary accounts are SB accounts with zero balance.

15th July 2008, 15:57	#1
Nikhilb2008 Distinguished - BHPian Join Date: Jul 2006 Location: Bangalore Posts: 5,196 Thanked: 10,138 Times	Which bank to open an account in? I'll be starting work soon and need to open a bank account. I have an account in Syndicate bank but I dont like it. I want to open a savings account in any of the big banks. ICICI, Citi, anything. I want to know which is the best right now. I'll want internet transactions, etc... I guess ATMs are not a problem now as you can draw money from any ATM without any fee. Am I right? What are your opinions on this? I am looking for opinions from you guys as most of you use such accounts on a daily basis. Personally, I have something against ICICI so I would prefer Citi. But if ICICI's service is way better, I would choose that.
	() Thanks

15th July 2008, 16:04	#2
Spitfire BANNED Join Date: Jul 2006 Location: Panaji - Goa/Bangalore - Karnataka Posts: 3,312 Thanked: 774 Times	Why not State Bank Of India? They have some of the best facilities.
	(1) Thanks

15th July 2008, 16:06	#3
Nikhilb2008 Distinguished - BHPian Join Date: Jul 2006 Location: Bangalore Posts: 5,196 Thanked: 10,138 Times	Including online transfers?
	() Thanks

15th July 2008, 16:10	#4
Eddy Team-BHP Support Join Date: Apr 2007 Location: Delhi Posts: 9,387 Thanked: 13,301 Times	ICICI for very good online transaction facilities. Except ICICI doesn't have transfer agreements with Citi Bank
	() Thanks

15th July 2008, 16:11	#5
lambuhere1 BHPian Join Date: Oct 2005 Location: @ Driver's Seat @ Posts: 708 Thanked: 106 Times	For online transactions, I believe personally Citi is the best, for third party transfers. I havent tried HDFC, even i heard thats good.
	() Thanks

15th July 2008, 16:14	#7
supremeBaleno Senior - BHPian Join Date: Dec 2005 Location: Chennai / Kochi Posts: 5,546 Thanked: 2,698 Times View My Garage	And they also have some of the worst employees, who are yet to know what customer service is all about. Ofcourse, excluded from this are the SBI branches in IT parks where the employees are actually courteous and helpful. I wonder how they train just these folks differently in handling customers. IMO, today's banking is all about banking from anywhere and ATM network. You won't really be going to the bank for almost 95% of your banking requirements, if not all. So, research on who has the best Netbanking and extensive ATM coverage and you get the bank you need. I have banked with various banks and tried netbanking with HDFC, ICICI, ABN-AMRO, SBI, UTI bank and GlobalTrust bank. And, while I rate the first three as the best, I prefer to rely on ABN-AMRO, though it has a serious disadvantage as far as ATMs go, due to having only like 20-30 ATMs in India. Ofcourse they do have an arrangement with other banks to be able to use their ATMs. I would think that HDFC or ICICI would be the best bet for you.
	() Thanks

15th July 2008, 16:16	#9
tsk1979 Team-BHP Support Join Date: Feb 2005 Location: San Jose, CA Posts: 23,717 Thanked: 22,825 Times View My Garage	I prefer HDFC and Kotak. Are you going to work in a corporation? In that case they will open up a salary account for you. There will be no hassles of minimum balance etc., with that. If you are not going to get a salary account, get a 5000rs minimum balance account from HDFC or Kotak. I have not had very good experiences with ICICI and Citibank, and avoid these companies as much as I can
	() Thanks

15th July 2008, 16:22	#11
Nikhilb2008 Distinguished - BHPian Join Date: Jul 2006 Location: Bangalore Posts: 5,196 Thanked: 10,138 Times	No. My employer wont open it for me. I dont want to open it only for my salary. I need a bank account anyway. For online trades, etc. Basically I guess I cant go wrong with either Citi or ICICI. How is ING Vysya? Last edited by Nikhilb2008 : 15th July 2008 at 16:24.
	() Thanks

15th July 2008, 16:30	#12
tsk1979 Team-BHP Support Join Date: Feb 2005 Location: San Jose, CA Posts: 23,717 Thanked: 22,825 Times View My Garage	Online trades...? You mean stock trading? In that case try Kotak. They give you a zero balance account if you have a DEMAT account with them. As for online transfers, they are through RBI NEFT, and almost all major banks offer them.
	() Thanks

15th July 2008, 16:30	#13
Mission_Safari BHPian Join Date: Jan 2008 Location: Chennai Posts: 449 Thanked: 6 Times	Are you talking about salary accounts or savings accounts? Anyway it depends on which bank your employer will be using to credit your salary. SB accounts in Citi needs a huge minimum balance so watch out.
	() Thanks