I am trying to talk about a simple basic service that many of us have no clue on how to structure properly or don’t have the time . I have banked across PSU / Private / Foreign banks in India , and US and Singapore . Here is the lesson I have learnt from it
In the intervening period I have had faced the following :
A. The bank that has my loans / cards has no assets.
B. The bank that has my assets has no liabilities and provides services in US and Singapore . All I need to do is maintain my balance here and I have zero balance requirements there
C. The bank where salary gets credit has no assets / no liabilities . Just two
Two transaction in and 3 out .
D. I make it a point to change / reissue cards for the expenditure bank ac every year , or if used abroad , on return to India
E. All three accounts link to different numbers for otp transactions , no interdependence .
In short I have found my formula to a peaceful banking experience.
The biggest mistake I used to make was rely on one bank .
In the intervening period I have had faced the following :
- Been subject to demat fraud
- Credit card fraud in India
- Debit card fraud in India
- Special card offers that aren’t that special
- Mis selling by bank employees
- Cards being used in foreign countries out of the blue
- Forex cards not working in foreign countries
- Cards being blocked as soon as I have tried to use them in a foreign land .
- Atrocious charges hitting me out of the blue as I am quietly upgraded
- I have segregated income , expenditure and savings .
- All earned income goes into a joint account between me and my spouse with a private bank . It has a debit card and no loans demat or any cards attached .
- There are only 2 -3 transactions a month from the income account . One to the expenditure account and one to the savings account and one for any donation that might occur.
- The expenditure saving account is with another bank which has a saving , loan , credit and debit cards for me and spouse . All expenditure , card transactions are made here. All premiums and expenses are paid here .
- The investment account only has a savings and demat / online trading ac and can also access US/ Singapore funds . No transactions except savings .
A. The bank that has my loans / cards has no assets.
B. The bank that has my assets has no liabilities and provides services in US and Singapore . All I need to do is maintain my balance here and I have zero balance requirements there
C. The bank where salary gets credit has no assets / no liabilities . Just two
Two transaction in and 3 out .
D. I make it a point to change / reissue cards for the expenditure bank ac every year , or if used abroad , on return to India
E. All three accounts link to different numbers for otp transactions , no interdependence .
In short I have found my formula to a peaceful banking experience.
The biggest mistake I used to make was rely on one bank .