Selecting a bank account and advantages /disadvantages of the same

[cn17]

@poltionorch Not really. Just inconvenient to open so many bank accounts and keep track of them

 

[poltionorch]

@cn17 Is it advisable to do this from risk mitigation perspective? Isn't it safer since you never know when which bank could go under?

 

[resjudicata]

@cn17 you're overthinking.

HDFC Bank has been good for me. I've got 2 savings accounts (salary and smart savings, converts money from SB to FD with OD) with them linked to the same customer ID. I also have a Diners credit card, which has one of the best reward systems. All of my MF/ Demat accounts are linked to my SB, and redemption has never been an issue. I also use Fi Neo Bank (service by Federal Bank) and have set an SI from HDFC SB. This helps to declutter my statement and I use my Fi account for daily tasks- UPI, petty payments, credit card dues (up to a certain limit), online shopping, etc.

Their privilege banking is a class apart and I've never experienced any major issues.

I don't use mobile apps, net banking is fair enough and UPI does most of my daily tasks.

 

[dman2718281828]

@resjudicata Is the privilege banking worth it? Currently I have savings max with them but didn't switch to privilege as it needs higher MAB(around 1L i think)

 

[resjudicata]

@dman2718281828 I can get higher variants of cards for no annual fee. You'd need to keep your money somewhere. Also, the balance is calculated as Total Relationship Value, which includes FD as well. The MAB is based on the type of privilege you need, I am on Preferred Tier and it requires 2L in savings, though they don't do anything if it falls below.

Also- you can add your family members to a group and it will be considered as a combined balance across all accounts.

 

[dman2718281828]

@resjudicata Ok. That's helpful. Thanks for your info

 

[aeworld]

@resjudicata HDFC online website has one of the worse UI experience, along with CITI bank

 

[resjudicata]

@aeworld gets the job done. Most of my payments are auto-scheduled and I don't use net banking a lot.

Also- it's a bank, not social network.

 

[blue123]

@cn17 which will be best for me if i (17 years old) wants to start a SIP for me ….will it require any bank account?

 

[cn17]

@blue123 Any bank account works for a SIP.

 

[blue123]

@cn17

 

[alysiakgc208]

@blue123 I would recommend SBI. It has solid branch network however your branch service may depend on your location.

It has zero MAB.

No other unfair charges. ICICI, RBL, HDFC have charged me for IMPS, not SBI.

No BS.

Great website. Most robust and user friendly. ICICI is more feature rich but a pain to navigate. RBL is simple. IDFC is laggy but simple too. Indian Bank is 2008 BS.

If you have any questions, feel free to comment.

 

[blue123]

@alysiakgc208 thanks for the insights ….so all i need to do is have my pancard created with a guardian approval and have a joint bank account with one of parents and then start a SIP or i can have my own bank acc?

 

[alysiakgc208]

@blue123 I'm sorry but I am unaware about requirements for under 18. You should contact the branch. Yes they prefer PAN heavily however there must exist way to open account without PAN too, it would however would be limited to 1L per annum or so.

Also, you would need to update PAN once you turn 18 as IIRC below 18 PAN doesn't include photo.

 

[blue123]

@alysiakgc208 thanks again for the info…

 

[rocha]

@blue123 Go for SBI; there are no minimum balance requirements.

Just ensure the funds for SIP are there, if you are setting up NACH for.

 

[premier3092]

@rocha I personally prefer scheduled NEFT so that I can change it anytime.

 

[rocha]

@premier3092 Yeah, I'm doing something similar.

Currently I do my investments through niyomoney.
They give the option to either have an NACH, or do manual investments on the SIP days.

The manual investments can be either through UPI, or net banking, via their app or website.

I can even skip a month of I don't feel like investing(just ignore the payment reminders)
They also give the option to modify the SIPs easily.

n. b. Not an endorsement or anything ; just what I'm currently doing.

 

[blue123]

@rocha what’s NEFT and Nach….it’s just only i have to open a sbi account and have the amount of money which will be used every regular interval of time for the investment?