Journey to LTF Rupay Select Debit Card

[shantanusearch1]

A Chase for a Life Time Free Rupay Select Debit Card
In todays busy schedule without visiting branch tried the Premium Rupay Select Debit Card with all benefits.

Idea was Opening online account of Bank of Maharashtra BSS-25 account online with 25k QAB

Online Account Opening Time :- 30 mins
VKYC Time :- 4 days with continuous retry
Account Activation :- 4 hours after VKYC
Funding :- 25k instantly by NEFT
Debit Card Apply :- No option in App , have to visit home branch
Debit Card Issue :- 1 Day after applying
Debit Card Dispatch :- 3 Day after issue
Debit Card Delivery :- 6 Day after dispatch
Debit Card Delivery Location :- Branch , not done in customer address , have to visit branch to get and activate it
Now Actual use - Registered in Rupay Portal - all benefits available



its really the cheapest with 0 joining & 0 AMC in this account , only 25k has to be maintained

 

[Anupama_Jha]

Any female in the house? Get this👇🏻

Thread 'Cent Queen Savings Account - LTF Rupay Select Debit Card'

Dec 7, 2024

Introducing the Cent Queen Savings Account by Central Bank of India: A Financial Gem for Women

Central Bank of India has recently launched the Cent Queen Savings Account. Exclusively available for women aged 18 to 65 years.

Key Benefits of the Cent Queen Savings Account:

1. Lifetime Free (LTF) Rupay Select Debit Card

2. Quarterly Balance (AQB)
Maintain a AQB of just ₹25,000, with no non-maintenance charges

Step-by-Step Guide to Open the Account:

For New Customers:

1. One photocopy of your Aadhaar and PAN card alongside Three passport-size photographs.

2. Visit any nearest Central...

• Anupama_Jha
• account debit card ltf rupay rupay select rupay select debit savings savings account select
• Replies: 1,409
• Forum: Bank Account

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[wanderer0]

25k AMB for a year and assuming min 10% earning this card costs 2500. Interesting to see people go for 25-50k AMB accounts just to avoid paying 500-700 for a card.

 

[shantanusearch1]

Yes in Real Financial Terms

BOM Saving interest = 2.5 %
so 25000 * 2.5 % = Rs.625 Interest Income yearly

if 25k kept in FD of 6.7% = Rs.1675 Interest Income yearly

So keeping in saving Opportunity loss yearly will be Rs.1000

But its still cheaper how

1. if taken any other bank 2k amb , even now it 0 amb charges as Canara bank , then also there card cost 1000 + gst = Rs.1180
so 1675 - 1180 = Rs 495 Interest Income yearly

2. So finally saving more also mental peace as no charges in account.

 

[praful1947]

Yes in Real Financial Terms

BOM Saving interest = 2.5 %
so 25000 * 2.5 % = Rs.625 Interest Income yearly

if 25k kept in FD of 6.7% = Rs.1675 Interest Income yearly

So keeping in saving Opportunity loss yearly will be Rs.1000

But its still cheaper how

1. if taken any other bank 2k amb , even now it 0 amb charges as Canara bank , then also there card cost 1000 + gst = Rs.1180
so 1675 - 1180 = Rs 495 Interest Income yearly

2. So finally saving more also mental peace as no charges in account.

Ye chiz to canara me bhi kar sakte the .
Faltu me ek account khola hai , branch dor kar dc apply Kiya 😂

 

[wanderer0]

Yes in Real Financial Terms

BOM Saving interest = 2.5 %
so 25000 * 2.5 % = Rs.625 Interest Income yearly

if 25k kept in FD of 6.7% = Rs.1675 Interest Income yearly

So keeping in saving Opportunity loss yearly will be Rs.1000

But its still cheaper how

1. if taken any other bank 2k amb , even now it 0 amb charges as Canara bank , then also there card cost 1000 + gst = Rs.1180
so 1675 - 1180 = Rs 495 Interest Income yearly

2. So finally saving more also mental peace as no charges in account.

First of all, why would you put it in FD when there are bonds and MF with 10-12% returns easily. Let's say you don't want any risk, even then there are FDs like one from Suryoday Bank with 7.5% returns(effective 7.71% annual yield due to quarterly reinvestment).

Put in numbers: 25k kept in FD at 7.71% = 1927
Earning after card fee (Canara bank) = 1927-1180 = 747 yearly

And that's just FD. You can only earn higher than this with your 25k.

I think there are banks like Jana that give RSDC at cheaper price with lower AMB I think. However I look at it, hunting for RSDC after 15k AMB becomes loss making proposition.

You're also forgetting one more important factor: Let's say you need to withdraw your 25k in emergency, you end up paying entire fee for the card and your savings yield is only 2.5%. Even missing one day of AMB maintenance is same as not maintaining at all. So the pressure is same as FD but you just end up earning less.

Somehow I still don't get it.

 

[saurzx]

It may not be the easiest method but certainly the cheapest way to get RSDC.

S

Offer Fulfilled! Thread 'How I Got My RuPay Select Wellness Debit Card the Cheapest Way Possible'

Sep 6, 2024

I recently decided to get the RuPay Select Wellness Debit Card, while keeping my costs (MAB+Issuance+Annual Fee) to a minimum. After some research, I found that Bank of Baroda offers this card at the lowest Annual Fee of ₹590 with no issuance fee (better than JSFB). Here’s my journey and the rollercoaster ride it took me on!

20/08/2024: The Branch Visit

I went to a Bank of Baroda branch and requested to open a normal savings account with zero or ₹1000/₹2000 MAB, but I emphasized that I must get the RuPay Select Debit Card with it. The branch executive wasn’t...

• saurzx
• bank of baroda bob debit card rupay rupay select select
• Replies: 147
• Forum: Debit Card

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• 

 

[shantanusearch1]

First of all, why would you put it in FD when there are bonds and MF with 10-12% returns easily. Let's say you don't want any risk, even then there are FDs like one from Suryoday Bank with 7.5% returns(effective 7.71% annual yield due to quarterly reinvestment).

Put in numbers: 25k kept in FD at 7.71% = 1927
Earning after card fee (Canara bank) = 1927-1180 = 747 yearly

And that's just FD. You can only earn higher than this with your 25k.

I think there are banks like Jana that give RSDC at cheaper price with lower AMB I think. However I look at it, hunting for RSDC after 15k AMB becomes loss making proposition.

You're also forgetting one more important factor: Let's say you need to withdraw your 25k in emergency, you end up paying entire fee for the card and your savings yield is only 2.5%. Even missing one day of AMB maintenance is same as not maintaining at all. So the pressure is same as FD but you just end up earning less.

Somehow I still don't get it.

even in case of emergency when 25k is withdrawn , then bank will put non maintenance charges, but still no card fee (joining/ amc) , also when comparing a this for a non HNI client then a common man will prefer PSU banks fds in place of bonds / MF.

and if customer is a HNI client then 25k is not a emergency for Him / Her

 

[panu24]

even in case of emergency when 25k is withdrawn , then bank will put non maintenance charges, but still no card fee (joining/ amc) , also when comparing a this for a non HNI client then a common man will prefer PSU banks fds in place of bonds / MF.

and if customer is a HNI client then 25k is not a emergency for Him / Her

so probably put "for HNI client" in the topic of this thread??

 

[shantanusearch1]

so probably put "for HNI client" in the topic of this thread??

this is for common people , Just arrange 25k , keep in saving and enjoy premium benefit's of the card without any charges , Calculate cost for 5 years card life this comes cheapest for all

 

[panu24]

this is for common people , Just arrange 25k , keep in saving and enjoy premium benefit's of the card without any charges , Calculate cost for 5 years card life this comes cheapest for all

Common people keep 25k AMB?
Remember BoM is known for slapping NMC charges once your balance goes below 25k.
Also BoM has contradictory pages on website. At one page they mention Rupay Select DC is for 1 Lac QAB accounts.

 

[shantanusearch1]

NMC is Banks Business , if i am not maintaining its my fault not banks.

yet to prove its cheapest check the 5 years cost , taken canara bank for comparison with 0 NMC , you keep 0 amount in saving and pay 5900 in 5 years , but still i earn 3632 from bank when i keep 25k without paying any charge

 

[shantanusearch1]

Now comes another condition , when in same canara bank a 25k fd is made.



Still I am saving Rs.969 more , it a choice pay out of pocket or make bank pay

 

[wanderer0]

Are you serious? I feel like you're losing much more money if that's how you calculate stuff.

First of all, You're reinvesting your interest for savings account but not for FD. Can I ask why? Second, why would anyone open FD in Canara?

A 5 year FD can easily earn you more than 12k. Strangely you're calculating it wrong at the same time taking wrong FD return rate. Oh btw unlike your AMB some bank let you break your FDs anytime without charges these days.



Now to your other points:

1. You can't use HNI & common man both to prove same point. HNIs don't "hunt for LTF RSDC" for OTT & Spa because so many banks offer unlimited free for them and common man doesn't want to keep 25k AMB. Also, common but educated man can do better than opening FD in PSUs.
2. NMC & AMC is same thing from customer POV. ie. loss of money. You're not a bank, you're a customer.
3. Unless your bank account is like Slice (giving you repo rate linked interest rate), you'll end up losing money even compared to FD. Much more if you consider investing in relatively safe assets.
4. I already addressed the peace of mind argument earlier but once again, if you wanna throw 25k and forget, just make an FD and forget. It'll cover your charges and give you better returns. Compounding is a bitch. If you're losing 5-6% interest YoY, you're not saving anything in long run.

Since the numbers for 1 year and 5 years look better for an FD, I don't know what else to say so I'll excuse myself unless someone comes up a better argument. I don't think it's stupid to chase LTF RSDC, I simply feel you're not saving any real money if that's the motive.

 

[shantanusearch1]

FD Reinvestment missed out , thanks for pointing it , still considering PSU Bank Rates



Yes in any case FD must earn more than savings , yes now its showing more.
but still the main context was 25k , if one has then these calculation is beneficial or can be researched further ,
if not having it then paying out of pocket seems costly , approx a hefty Rs.5900 in 5 years

 

[wanderer0]

Glad you see it now.

More often I see people(including myself) having an illusion of savings than actual savings. The bank always calculates the benefits of selling RSDC for 25k AMB. As a customer we do not. That's why lots of people prefer FDs over savings account nowadays.

It's good if we're getting other benefits from that relationship with bank but if it's just for a card then I can't justify it.