Would like a second opinion to decide on which bank account to move over to from SBI

[Joltpost]

Hey all. I and my dad are fed up with SBI services, and we are considering moving my SBI account income to another bank account. The thing is, he seems fixated on Kotak because it's a bank that he thinks is improving and has more room for growth, while I'm the opposite because I think HDFC and HSBC are better choices simply because they are bigger banks so my money would be safe, unlike in Kotak. Plus, the two banks have better credit card offers, unlike Kotak, whose credit cards are very lackluster.

So I want a second opinion on which bank I should consider moving over to of the three choices. The main factors for consideration are

1. Which bank offers better good mutual funds and investments?
2. Which bank offers credit cards that match my spending needs for either rewards or cashback for credit statements?
3. Which bank has the best security measures of the three?

I already have an ICICI Bank account as my main savings account. The SBI account is just there as a backup measure. I am open to other banks apart from these three, but I'm not sure if my dad would agree with them. Still, your opinion is welcome.

 

[brightknight]

what income & MAB we're talking about. you should also mention that.

 

[Joltpost]

what income & MAB we're talking about. you should also mention that.

I don't feel comfortable revealing that info because its a lot of income. I can atleast say that it exceeds 10 lakhs.

 

[Anupama_Jha]

Unpopular opinion: IDFC

 

[SpaceBar]

Go for HDFC or HSBC. Kotak is good no doubt. I heard people faced issues. I also opened an account with them last month (for metal debit card). I haven't faced any issue as of now atleast not from Kotak's end.
HDFC has similar savings interest like SBI. Kotak has 3%. HSBC 2%.
If you want to use it for backup purpose why not try slice bank. 5% interest on savings.

 

[kiwi195]

I don't feel comfortable revealing that info because its a lot of income. I can atleast say that it exceeds 10 lakhs.

If it’s as much, you can request for an infinia with HDFC or epm with icici.
Don’t let mutual funds and brokerage services offered be a determinant of your choice. Those are available regardless of being a banking customer

 

[SpaceBar]

Unpopular opinion: IDFC

Yes. Very good bank. I haven't visited the branch once after the first time.

 

[HumorSimpson]

I don't feel comfortable revealing that info because its a lot of income. I can atleast say that it exceeds 10 lakhs.

per month or per annum ?

 

[SpaceBar]

per month or per annum ?

I think he implied per month.

 

[nikhilv0303]

IDFC is good in terms of savings interest rate in case you have >10L parked usually

 

[Joltpost]

Go for HDFC or HSBC. Kotak is good no doubt. I heard people faced issues. I also opened an account with them last month (for metal debit card). I haven't faced any issue as of now atleast not from Kotak's end.
HDFC has similar savings interest like SBI. Kotak has 3%. HSBC 2%.
If you want to use it for backup purpose why not try slice bank. 5% interest on savings.

I'm open to Slice but the thing is my father is not and that's the problem.

He wants to manage it and for some reason he's fixated on Kotak because an agent who worked with SBI has moved to Kotak and has somehow motivated dad to fix on Kotak.

Which is contradictory because Kotak is a smaller bank compared to HDFC and HSBC and he was against smaller banks because he thinks the insured 5 lakhs will take longer than necessary and is not open to that idea.

I personally don't like Kotak because looking at their credit card offerings, its even lackluster compared to HDFC and HSBC which I already got credit cards with and might as well get an account from either bank.

 

[SpaceBar]

I'm open to Slice but the thing is my father is not and that's the problem.

He wants to manage it and for some reason he's fixated on Kotak because an agent who worked with SBI has moved to Kotak and has somehow motivated dad to fix on Kotak.

Which is contradictory because Kotak is a smaller bank compared to HDFC and HSBC and he was against smaller banks because he thinks the insured 5 lakhs will take longer than necessary and is not open to that idea.

I personally don't like Kotak because looking at their credit card offerings, its even lackluster compared to HDFC and HSBC which I already got credit cards with and might as well get an account from either bank.

I understand. Let me briefly emphasis what I learned in my short life span. I am in my 30s. So people with more experience can differ.

If you want money for backup purpose (like for savings but as a liquid money) better to put it in with higher interest rate. I don't like FD as liquid assets. I believe FD as a debt fund. I don't want to break my FDs unless it is most important. You can try sweep in but few banks can charge you everytime you sweep in/out.

If you want to invest your surplus, better to use AMC or any broker. Banks are usually not preferable. But if you need it for ultra premium credit cards then you have to put it in bank since it will increase it your TRV with the bank.

HNI banking is trash unless you are looking for ultra premium credit card.

Now the last point. Relationship Manager. This is actually one of the most important that I faced and learned. So your father is not totally wrong. If the agent who served your father in SBI and moved to Kotak and if your father preferred him/her for taking financial decision no doubt you can put the money there. This 5L savings insurance actually doesn't applicable in most of the time since after a bank getting bankrupt getting your saved money takes long time to credit in your account and sometimes they gave in batches. Like 10% this year and other 10% next year and so on.

As people suggested IDFC is good if your MAB > 10L also you can get IDFC Private which is also a good card.

 

[Joltpost]

I understand. Let me briefly emphasis what I learned in my short life span. I am in my 30s. So people with more experience can differ.

If you want money for backup purpose (like for savings but as a liquid money) better to put it in with higher interest rate. I don't like FD as liquid assets. I believe FD as a debt fund. I don't want to break my FDs unless it is most important. You can try sweep in but few banks can charge you everytime you sweep in/out.

If you want to invest your surplus, better to use AMC or any broker. Banks are usually not preferable. But if you need it for ultra premium credit cards then you have to put it in bank since it will increase it your TRV with the bank.

HNI banking is trash unless you are looking for ultra premium credit card.

Now the last point. Relationship Manager. This is actually one of the most important that I faced and learned. So your father is not totally wrong. If the agent who served your father in SBI and moved to Kotak and if your father preferred him/her for taking financial decision no doubt you can put the money there. This 5L savings insurance actually doesn't applicable in most of the time since after a bank getting bankrupt getting your saved money takes long time to credit in your account and sometimes they gave in batches. Like 10% this year and other 10% next year and so on.

As people suggested IDFC is good if your MAB > 10L also you can get IDFC Private which is also a good card.

I will try convincing my dad about IDFC. I'm not sure if he'll be fine with it but we'll see.

I'm only considering it if SBI will for whatever reason never even give me even the simplest of the credit cards like either simplysave or click and that's when we both came to the factor that its time to change the bank because of its notorious SBI Card and Bank branch split unlike most banks.

If they do give me an SBI credit card, then I think I will stick with SBI being that its a huge bank and all(not to mention that again its for confidence reasons that a big bank is unlikely to lose all my money that my father and I saved up for the worst case).

Still...I am open to opening another bank account without closing SBI so I'll try talking to him about that idea. Its a win win scenario.

 

[SpaceBar]

I will try convincing my dad about IDFC. I'm not sure if he'll be fine with it but we'll see.

I'm only considering it if SBI will for whatever reason never even give me even the simplest of the credit cards like either simplysave or click and that's when we both came to the factor that its time to change the bank because of its notorious SBI Card and Bank branch split unlike most banks.

If they do give me an SBI credit card, then I think I will stick with SBI being that its a huge bank and all(not to mention that again its for confidence reasons that a big bank is unlikely to lose all my money that my father and I saved up for the worst case).

Still...I am open to opening another bank account without closing SBI so I'll try talking to him about that idea. Its a win win scenario.

If you open your account in IDFC, you don't have to visit the branch most of the time. IDFC is also a big bank, sure not as big as SBI but then Kotak is also not as big as SBI. Show your father the IDFC Wealth Card or Private Card to convince.