Need guidance on bank account management, I am confused

[MeTejaHu]

A long post, so bear with me please. TLDR below.
My current situation:
I have salary account with HDFC (preferred). I opened another account through RM for my wife. This is primarily used for an FD of 5L as an emergency fund.
As soon as I get my salary, once all bills are paid, I transfer everything to my wife's account leaving some money for UPI in my account. My wife is a stock trader and this account is linked to her Zerodha. For trading capital, occasionally 1-2L is in her account for 1-2 weeks and moved to MF SIP/Zerodha when needed. So except the 5L FD, mostly 10k around is left in saving account for her UPI spends.
We do not have any other active accounts.

Non usage accounts (I know I screwed up):
We both have Yes bank accounts which we do not use. We want to close this. What is the best way to do this?
We get KYC update messages from these accounts but don't hold anything there. We opened this at the start of our career with no knowledge of banking.

What I need:
Experience with HDFC has been pathetic, as another user pointed out- HDFC a private sarkari bank. I don't have a choice to move my salary account.
I don't want to give any business to HDFC. But at the same time have no idea which bank is good or bad. I simply don't trust that I will get the best offer or service.
I want to open a SSY account for my daughter. I might also require a home loan of 1cr+ in 2024.
I am also willing to move my emergency funds and zerodha linking, but given the reliability of HDFC netbanking I would need a bank that has very less downtime.

<TLDR>
Want a reliable savings account for family savings and SSY. Not HDFC.
</TLDR>

 

[hritiksakshi]

I'd suggest move to AU if it's available in your area

Au royale is very decent offering if u can maintain 1 L balance. Discuss with RM if a 5 L fd waives that off.

Au interest rates are also decent to be Frank. Hdfc has become off late a bit sarkari type but most of the transactions I manage online.

If and when I go bank, I make a point to visit the manager directly and get the work done from his cabin (personal rapport + family imperia helps)

 

[hritiksakshi]

I'd suggest move to AU if it's available in your area

Au royale is very decent offering if u can maintain 1 L balance. Discuss with RM if a 5 L fd waives that off.

Au interest rates are also decent to be Frank. Hdfc has become off late a bit sarkari type but most of the transactions I manage online.

If and when I go bank, I make a point to visit the manager directly and get the work done from his cabin (personal rapport + family imperia helps)

Home loans you can avail from any bank of your choice...just make sure u see the fine print properly as to future take over by another bank or extra payment charges are not levied

 

[hritiksakshi]

Lastly close your yes account if you don't need it anymore.. pl make sure there are no charges due with them before you close and take that in writing pl

 

[shrewdoc]

Experience with HDFC has been pathetic, as another user pointed out- HDFC a private sarkari bank. I don't have a choice to move my salary account.

Any specific issues you're facing? I have faced no issues transferring money to & from my HDFC account. It's netbanking interface is ancient but works fast during transactions.

The times I need something done through branch, I try to get it done on call via my RM or BM.

So, maybe, a change in branch would do the trick for you?

 

[Quantum]

Experience with HDFC has been pathetic, as another user pointed out

You did not mention the cause of your pathetic experience. Like in terms of what kind of product or services your experience has been pathetic.

I might also require a home loan of 1cr+ in 2024.

Don't you think that your HDFC relationship would help you get this home loan at better rate from HDFC?

 

[Trust Me]

... but given the reliability of HDFC netbanking I would need a bank that has very less downtime.

Surprised! Rarely (if ever) had problems with the reliability of HDFC netbanking (and its "downtime") for regular day-to-day banking in over 10 years!

 

[Quantum]

Surprised! Rarely (if ever) had problems with the reliability of HDFC netbanking (and its "downtime") for regular day-to-day banking in over 10 years!

I think he meant it in a positive way (as the benchmark).

 

[vine]

YMMV, what I did was divide the emergency fund across two banks to avoid tech downtimes.
ICICI has been best for me since the beginning of my career. The other one can be SBI/DBS/Canara/Kotak/IDFC/whichever is closest to your home/office and most convenient to visit.
Banks ask us to visit to avoid miscommunication and fraud (but mostly coz the employees don't know their shit). So it may become necessary sometimes to visit the branch.
Quickest way to close Yes/Axis bank account is to visit the branch. If they dont closed in 20mins , escalate on social media with branch name. Worked for me.
I would suggest to hold HDFC account and repurpose it. All banks are equally bad/good.

 

[kjs]

I was in the same boat as you. I diversified my account to the below

1. Salary - Used as Investment(Equity,LIC,Ppf,SGB) + Salary + Credit Card Bill payments
2. UPI - Daily Upi Transactions
3. Emergency Fund Account - High FD rates and/or Autosweep FD both
4. EMI account

I will bring this to 3 accounts in near future.

Why do you want to close HDFC its reliable and stable and I haven't faced any downtime since last 10yrs.

If you want to open a new account you can open the bank that is available Nearest to your home. Top 10 15 banks will be easily available and thier apps are also reliable

 

[simplegarv]

A long post, so bear with me please. TLDR below.
My current situation:
I have salary account with HDFC (preferred). I opened another account through RM for my wife. This is primarily used for an FD of 5L as an emergency fund.
As soon as I get my salary, once all bills are paid, I transfer everything to my wife's account leaving some money for UPI in my account. My wife is a stock trader and this account is linked to her Zerodha. For trading capital, occasionally 1-2L is in her account for 1-2 weeks and moved to MF SIP/Zerodha when needed. So except the 5L FD, mostly 10k around is left in saving account for her UPI spends.
We do not have any other active accounts.

Non usage accounts (I know I screwed up):
We both have Yes bank accounts which we do not use. We want to close this. What is the best way to do this?
We get KYC update messages from these accounts but don't hold anything there. We opened this at the start of our career with no knowledge of banking.

What I need:
Experience with HDFC has been pathetic, as another user pointed out- HDFC a private sarkari bank. I don't have a choice to move my salary account.
I don't want to give any business to HDFC. But at the same time have no idea which bank is good or bad. I simply don't trust that I will get the best offer or service.
I want to open a SSY account for my daughter. I might also require a home loan of 1cr+ in 2024.
I am also willing to move my emergency funds and zerodha linking, but given the reliability of HDFC netbanking I would need a bank that has very less downtime.

<TLDR>
Want a reliable savings account for family savings and SSY. Not HDFC.
</TLDR>

Hi,

Assuming that you have a Salary of > 3L/Months so, I suggest you to go for Axis Burgundy A/c and ride the boat for Magnus 4 Burgundy. As you have stated that you require a Home Loan worth 1 Cr+ currently, Axis Bank is providing Loans at a good interest rate. (Because, your wife a Trader so that you can also take the advantage of Axis Bank DEMAT Services and at a later stage you can take the advantage of 30L NRV in Axis Bank (FD's, DEMAT, MF, Loans, SA+CA, etc.)

For all the Government Schemes, I recommend you to open a PSU Bank whichever is your Choice and from there you can invest in all the governmental schemes like (SSY, PPF, NPS, etc..) and Don't forget to get an RuPay Select DC with that A/c.

 

[sm9811911]

A long post, so bear with me please. TLDR below.
My current situation:
I have salary account with HDFC (preferred). I opened another account through RM for my wife. This is primarily used for an FD of 5L as an emergency fund.
As soon as I get my salary, once all bills are paid, I transfer everything to my wife's account leaving some money for UPI in my account. My wife is a stock trader and this account is linked to her Zerodha. For trading capital, occasionally 1-2L is in her account for 1-2 weeks and moved to MF SIP/Zerodha when needed. So except the 5L FD, mostly 10k around is left in saving account for her UPI spends.
We do not have any other active accounts.

Non usage accounts (I know I screwed up):
We both have Yes bank accounts which we do not use. We want to close this. What is the best way to do this?
We get KYC update messages from these accounts but don't hold anything there. We opened this at the start of our career with no knowledge of banking.

What I need:
Experience with HDFC has been pathetic, as another user pointed out- HDFC a private sarkari bank. I don't have a choice to move my salary account.
I don't want to give any business to HDFC. But at the same time have no idea which bank is good or bad. I simply don't trust that I will get the best offer or service.
I want to open a SSY account for my daughter. I might also require a home loan of 1cr+ in 2024.
I am also willing to move my emergency funds and zerodha linking, but given the reliability of HDFC netbanking I would need a bank that has very less downtime.

<TLDR>
Want a reliable savings account for family savings and SSY. Not HDFC.
</TLDR>

idfc has good service. Icici also good. Hdfc axis rbl indus etc all average

 

[MeTejaHu]

What documents do they require to close the Yes bank account? Also my home branch is in bangalore, I'm in Mumbai, is this a problem?

 

[MeTejaHu]

I was in the same boat as you. I diversified my account to the below

1. Salary - Used as Investment(Equity,LIC,Ppf,SGB) + Salary + Credit Card Bill payments
2. UPI - Daily Upi Transactions
3. Emergency Fund Account - High FD rates and/or Autosweep FD both
4. EMI account

I will bring this to 3 accounts in near future.

Why do you want to close HDFC its reliable and stable and I haven't faced any downtime since last 10yrs.

If you want to open a new account you can open the bank that is available Nearest to your home. Top 10 15 banks will be easily available and thier apps are also reliable

How do I shift my home branch from bangalore to Mumbai? If I visit nearest HDFC will that be enough?

 

[quino]

What documents do they require to close the Yes bank account? Also my home branch is in bangalore, I'm in Mumbai, is this a problem?

not a problem. infact it's better to visit other branch. just take your aadhaar card & pan card photocopy along with originals, and submit this filled form

 

[shrewdoc]

How do I shift my home branch from bangalore to Mumbai? If I visit nearest HDFC will that be enough?

https://applyonline.hdfcbank.com/xpressway.html?icid=hdfc_now_xpressway

Try online Account Transfer

 

[vine]

What documents do they require to close the Yes bank account? Also my home branch is in bangalore, I'm in Mumbai, is this a problem?

Also take debit card,cheques, etc and ask them to destroy in front of you. This is not mandatory, you can do it yourself at home and tell them its done.

 

[WinSuperb7251]

Lastly close your yes account if you don't need it anymore.. pl make sure there are no charges due with them before you close and take that in writing pl

That's for loan account only. Or saving account also needs that?

 

[panchabhut]

How do I shift my home branch from bangalore to Mumbai? If I visit nearest HDFC will that be enough?

Do you need to change branch? Is there any special benefit attached to home branch? Do not have any experience with HFDC bank, so asking.

I opened salary Acct in ICICI, Delhi CP 24 years back. Thereafter I have moved across India several times. I just keep updating the correspondence address. Rarely go to branch, may be 5 times in last 10 years, but whatever I required was taken care of by the local branch. Their mobile app is crap but they have the best net banking experience. I also have a minor acct in ICICI in my daughter's name with SSY and that is also a good experience.

 

[j_s]

Standard chartered usually gets a bad rep but it has been quite the underdog. Absolutely no nonsense bank. Everything can be done online. No spamming. Never visited their branch. No downtime other than scheduled maintenance.

Of late I am starting to think that scammers don't bother either. The usual suspects are HDFC, ICICI, etc.