Reviews of banking services & products thread for August 2022 : Request or post reviews here.

[sadmom81087]

@classicnostalgia Since your remittances are disposed automatically, do the e-FIRCs mention the Purpose Code too?

 

[classicnostalgia]

@sadmom81087 Not necessarily. I filled out a form once when the money came for the first time. Its been automated since.

 

[sadmom81087]

@classicnostalgia Not bad if it's automated.
May I know what type of account do you have with them: Like 811 Savings account, current account, etc.?

 

[zaplecza]

@henry_ I have an ICICI Bank salary account and want to open a new bank account for savings. Anyone who has been using HDFC Bank or any other Bank, can you give any advice on this?

 

[extiff]

@zaplecza I have been ICICI customer since 2007

Recently I opened HDFC bank account and shifted my money there. I am keeping minimum balance in my ICICI account now.

Reason: ICICI service have degraded steadily over the years. The final straw was six months ago I had to go to their bank for a simple service request and they made me wait for an hour because there was no queue system. People kept interjecting the queue. Finally I had to shout to get my service. Same experience across 3 different branches.

If I had to get such shitty service, I would go to SBI. Atleast my money is more safe there.

HDFC has so far been great with their customer centric work culture.

 

[zaplecza]

@extiff Hey, which savings account is better - Savings Max Account or regular savings? what are the cons of savings max?

 

[extiff]

@zaplecza I have regular savings account with them.

My thumb rule is to not choose any service with fancy words, unless it has mass acceptance. If you look close enough you will find there will be some thing they must be getting out of you.

 

[zaplecza]

@extiff They have a minimum balance of 25k which is the only con I can see right now. Apart from that not really sure.

I filled the form yesterday evening to create a savings account but haven't received any mail, etc as a confirmation, so not sure if that's fine. No one from the bank has called me yet. Any idea about the timeline?

 

[zaplecza]

@extiff Alright. I'm happy with ICICI Bank tbh(haven't had to visit the bank yet), just want a secondary account to control my expenditure/finances.

 

[krysfaust00]

@henry_ Are forex exchange rates ($ to INR) for inward remittance negotiable with banker? Do they have control of what rate they can offer? I have a couple of bank accounts (private banks), so looking to get better rates to get amount (in $) to get wire transferred.

 

[augustbug]

@krysfaust00 Indian overseas bank has the best rates. No need to negotiate, other banks can't match what they over.

 

[krysfaust00]

@augustbug If you have experience working with IOB, how smooth is the process? Currently, in my HDFC account, I get sms and email on the very next day when wire transfer is done from US. Once I respond to them via transfer purpose, I will get the amount credited within a day. Is it that much smooth in IOB as well? Does it require any branch visit?

 

[augustbug]

@krysfaust00 It's a govt bank so have expectations accordingly. But the rates are worth the hassle even if you do 20k a month. Crediting doesn't take time but invoice submission etc may take time.

 

[krysfaust00]

@augustbug Just to be clear, you meant 20k dollars a month, right?

 

[augustbug]

@krysfaust00 Yes. $. HDFC and others makes the process smooth because that's tangible and instant income for them. Indian overseas on other side has customers who have accounts in their bank only for inward remittances, so they deal with 100s of remittances per day per branch. So you can imagine what kind of treatment you can expect.

 

[krysfaust00]

@augustbug Ya, that's what I'm afraid of. My inward isn't very frequent or in large volume to take this hassle. Plus I'll need money within 1-2 days. I think I'll go ahead with tried and tested method of my current private bank where all things can be done over email.

 

[inthesonifeelasone]

@krysfaust00 I guess normal people can't negotiate on forex rates, if it's a huge sum then maybe. But different banks offer different rates, govt banks like iob and bob offer the best forex rates in the market.

 

[sadmom81087]

@inthesonifeelasone True. I've compared most of the banks' TT Buy rates over a period of past 2 months and found the rates of PNB, Canara Bank, Bank of Baroda, and Indian Overseas Bank among the best. Even the biggest government bank, SBI, has poor Inward Remittance rates. However, I'm not sure which ones of them issue e-FIRC automatically if you have a Savings account with them.

 

[heavensknight]

@henry_ I want to get a travel/lounge access card. What would be recommended? I come in the 30% slab.

 

[galvatron]

@heavensknight Id suggest you the IDFC First Wealth card. Lifetime free, international lounge access and several other benefits. I got my IDFC card just for lounge access. Worth it imo.