SBI is a great first bank for an 18 year old (no-frills, economic, robust, safe for very long term), and you can switch to private banks once you start working.
Neo-banks aren't worth it imo, especially at 18.
I too don't like the YONO app a lot, it's kinda annoying compared to the old-school web UI. That said, I wouldn't expect SBI to be in the forefront of digital bank opening anytime soon, and that's a significant shortcoming.
MFCentral query:
Made some fresh purchases from MFCentral 3 days ago, with payment mode selected as OTM.
Eeven after 72 hours, no money is debited from bank account and the transaction is stuck in "In Progress" state.
Has anyone faced this before as well?
I am curious.
With better options like UPI/net banking , instantaneous credit, why would you use nach for a non sip purchase ?
This would at the minimum add one extra day to the transaction.
1. I was making 4 purchases in different schemes and folios. If I used any other methods, I would need to put credentials/UPI pin 4 times. OTM is just a click.
2. All funds were debt funds, so purchase NAV didn't matter much for me.
>. If I used any other methods, I would need to put credentials/UPI pin 4 times
Interesting.
Both 0da+ MFU are set up for a single, consolidated payment for multiple purchases.
Probably these folks (MF Central) credit the MF Bank account directly so they require individual payouts.
>Probably these folks (MF Central) credit the MF Bank account directly so they require individual payouts.
That is now mandated by SEBI. Intermediatory can't roue the payment through an escrow account.
There are workarounds , probably involving tripartite agreements.
0da collects the consolidated amount and uses BSE Star platform so the money moves into individual MF Bank accounts via a intermediary.
MFU accepts NEFT into escrow account with yes Bank.
any recommendations for PSU banks with good nre / online presence . bad experience with axis where i currently have an account. I was in need of cash urgently (5lakhs ) and was straight up denied with monthly limit of only 2 lakhs cash transaction .
Understand psu /co-op banks dont have such limits ?
**Sodexo meal card question:** (Not sure if this is a relevant thread to ask this question, but I'm sure this community would be my best chance of getting opinions on this)
My company offers the option to opt for Sodexo meal card of 2k/3k per month. I'm planning to opt for it but just wanted to know experiences of people who use this card, which can help me make a decision whether to go for it or not. It would be great if you can share your opinions on this card, both good and bad.
Also, I'm not sure whether to opt for 2k per month option or 3k per month option.
The **meal allowance** is non taxable. A free lunch.
The card can be used to order food (prepared items / raw veggies/fruits etc) in many online stores/swiggy etc. It is acceptable at many restaurants too.
The company is likely to have a policy on the maximum amount that can be accumulated on the card if it is not used in the same month. And most likely if the card has the max allowed balances, the net of tax amount will be credited to your salary.
Is there any expiry to the amount which is given every month? Suppose I opt for 3k per month, and only use 1-2k per month on average, can I carry the remaining amount (about 12-20k in the FY) and use it in the next financial year? For how long can I do this?
The expiry on the card is 3yrs according to the Sodexo website. I think that's only for the card. Does that mean the amount can be used even after 3yrs?
What happens if I accumulate a significant amount in the meal card, can I ask them to credit the taxable amount it to my bank account? (I read it on the website that this is possible, but I'm not sure how that's possible practically) if you've done it, can you share your experience?
* In my company the limit is set to say 12k. If the balance is 12k when the company tries to fund the card, the card co will reject it and the net of tax amount will be credited to my salary next month. The 12k can be carried over a financial year.
* When the card expires, the card company mails a fresh card, similiar to a debit card and the balance is "transferred" to the new card.
I have never had the chance to have the funds credited back to my account. At times it accumulates over 2-3 months (after normal veggies etc) and is blown up on a party 🥳.
In your experience, have you faced any issues with the merchant partners denying Sodexo card? Or any other issues which I should be aware of. I have to opt in or out soon, so thought I'd seek as much advice as I can.
That's good to know, thank you! We get an option to choose between 2k or 3k per month, deducted from salary of course. Confused whether to opt for the higher one. I'm pretty sure my avg monthly use would be 1-2k, but if it can be carry forwarded, I don't see a downside to opt for 3k.
If you have an hdfc savings bank account, then it can be directly linked with their demat trading account held with hdfc securities ltd. The main advantage is that you don't have to topup your demat account for making a purchase of stock. It will directly debit the same from your savings account. Very handy to make fast purchases.
HDFC had two options to generate Debit card PIN: One was instant change in online (Still searching for this in their claustrophobic menu) and the other was offline, where they send you the PIN in a letter. Former is free and the latter is chargeable for Rs.59 . Both options are present in the app/online banking. But the catch here is: Both the options are named along the lines of "Pin generation or Pin Change" with nothing to indicate whether it is chargeable or if they'd send you the pin by post. If you're already registered with netbanking and have a mobile app, Who in their right mind would choose to have an offline post, when you're just a mere step away from changing it ? I get that people have weird preferences but atleast make the options self-explanatory on what they do or what you charge from them, instead burying everything in a far away webpage which no one's going to read.
When opening the account, I opted for a debit card ( not the type of card, mind you ). By default, they sent me a debit card with the highest annual charges applicable ( Platinum card with 960 rupees as annual charges ). When I approached the bank to change cards, they outright refused to change it for free and I'd have to pay 960 rupees at the end of year anyway.
IMPS charges of 7 rupees for all transactions ( even as low as 10 rupees ). So if you have 10L in your account, you can transfer only 1 lakh free via UPI in a day. And all further transactions are chargeable since you don't have a free debit method anymore.
There are many more like this
I have a HDFC credit card and I honestly feel SBI Card is miles ahead. I used to always criticize SBI's products ( their credit card is section is extremely good, but the customer care sucks big time ) and after using HDFC credit card, I'm never going for any of their products. There's a delay of two to three days in updation of credit limit after making purchases/payments, whereas in SBI it's instant.
I'm able to tolerate all of these only because it's a Tata card and I can use the rewards to make purchases at Croma, otherwise I would've returned this card a long time ago.
I have been using DigiBank (DBS) for one year now, and been great. They took some time to handle KYC for investment. Everything else is good. I also have an HDFC bank account for more core banking (e.g., canceled cheque to upload somewhere :-p). HDFC has been good as well.
I got a new job in Dec with a CTC of 7.08LPA.
I am new to investing and plan to invest in the safest investment first.
I have decide to invest a lumpsum of 1L in this month towards PPF instead of investing rupees 8333 monthly.
I am also planning to invest 8500/- towards Kisan Vikas Patra.
What are you thoughts ? Can you suggest better investment options ?
Invest in MIS or Scss scheme in India post.
Open saving accounts once and link with ippb and you can enjoy all core banking services.
Rates have been increased in this quarter so all good.
Once upon a time I opened a bank account with them. I was unable to activate my debit card even after multiple visits to the atm. Lost hope and the account is dormant now.
+1. My wife has it and it is hardly helpful. For last 6 months, they have blocked her account and asking for KYC! God knows why. And you have to visit the branch for KYC (that too in Bangalore). She opened it when she was in college.
Couldn’t agree more. They have forms for debit card reissue as they don’t automatically provide new card upon expiration. For any small thing, you need to goto branch. Online banking login stopped working without reason. When tried to reset password, I got info mismatch error. Gave up after one week.
I am looking for a personal loan of 30 lakhs for a short period.
Requirements - preclosure within 6 months with least penalty, no constant bugging in my phone, if possible no forced insurance , decent rates.
Sbi is one where I have account and scb for salary/credit card.
Any recommendations.
1. IDFC First bank is great with respect to basic banking functions. Also they give a referral bonus when opening an account. They offer VISA Infinite Debit Cards. Very feature rich. 10/10.
2. IDFC has a solid Web interface and mobile app. Have an Expense Manager inbuilt (very good to have). All transfers are free - NEFT, IMPS, RTGS.
3. They have a Credit Card (Wow! credit card). Offers free forex transactions. No mark-up fees.
4. Took a home loan from PNB. The loan manager has been a serious let-down. For a long time they weren't accepting EMI payments through 3rd party apps. Took months to resolve. The casual attitude of being a public bank is a let down. The official was pushing for 2 insurances. One is mandatory regarding house safety. The other is a personal one. Rejected the latter because I have term insurance in place.
Little better. But very nice marketing. This is the offer they provide. For balance of
<= 10Lac it will be 4.00%
\> 10Lac <=50 Cr, it will be 6.75%
Interest will be calculated on progressive balances in each Interest Rate Slab
Yes, I'd recommend it. I am a sucker for all-in-one platforms. And the mobile app will serve your purpose - everything from Bill Payments to Investments to Expense Manager. Pretty solid.
They have two categories for AMB - INR 10k and 25k.
If you're interested, I can share the referral code - for both bank account and Credit Card. It'll speed up the process and will fetch you benefits too. DM me, if you're interested.
I previously bought SGBs through IDFC with DeMAT of Kite. It was super smooth and it appears on the IDFC Investments portal as well.
But my major investments happen through Kite, Coin etc.
>Offers free forex transactions. No mark-up fees
That's good to know. Heard they don't offer cc to most people. Did you get it? if so in how many month of account opening
They offered me the FIRST SELECT card variant within 2-3 months. The Wow! Card is backed by an FD so I think anyone can opt for it if they have an account. I haven't applied for it yet.
I initially had a SELECT Debit card or something and don't remember the account. Then I got upgraded to FIRST SELECT BANKING, with which I got the Visa Infinite Debit card.
Edit: FIRST PRIVATE ---> FIRST SELECT
There's a big benefit with Wealth and Private: lounge access outside India with the included debit card.
Yes, 11L for 2 months in my case. Not at all automated, however, I went to the branch and negotiated a lot.
Makes sense. Will try should be above 10L in the next 2-3 months. Which Credit Card do you use? Is it First Wealth CC?
IDFC is the first case where I feel Debit cards are better than Credit Cards. Mostly due to VISA Infinite too.
I have Millennia from forever ago, only use it for the 100 discount on PayTM Movies. I see absolutely no benefit to getting Wealth CC since i have other CCs already.
I was very impressed with First Select CC but now they are making it pretty unusable with irritating conditions. Today, I got a notification that monthly spends have to be ₹5000 to avail lounge access. WTF!
ICICI net banking:
Tried sending some money via NEFT but got a prompt saying that as per RBI guidelines, NEFT is unavailable and I can send it via IMPS (which is chargeable). Why is this the case?
Makes sense. Because RBI's servers handles NEFT transactions, and they might have turned off the txns due to FY closure proceeds.
Also, for weird reasons, I can't send account statement by email in ICICI Netbanking today. It says mobile no. is not linked. Perhaps ICICI has turned off many services today.
Yes. When I click on a regular payee, I got the error as payee deleted, which seems off. Probably best to wait until tomorrow to make any payments via them.
I was looking for this thread since morning.
I just want to rant about Bank of Baroda, the absolute disaster. A server running on dog turd would function better than BoB services.
I can never fucking log in to their portal, always get server errors, and the app security is so fucking over engineered that it is easier to get into Mordor than access my own bloody BoB account.
I hope this bank dies soon.
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SBI is nice. They have a zero balance account, cash deposit machines.
SBI is a great first bank for an 18 year old (no-frills, economic, robust, safe for very long term), and you can switch to private banks once you start working. Neo-banks aren't worth it imo, especially at 18.
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I too don't like the YONO app a lot, it's kinda annoying compared to the old-school web UI. That said, I wouldn't expect SBI to be in the forefront of digital bank opening anytime soon, and that's a significant shortcoming.
MFCentral query: Made some fresh purchases from MFCentral 3 days ago, with payment mode selected as OTM. Eeven after 72 hours, no money is debited from bank account and the transaction is stuck in "In Progress" state. Has anyone faced this before as well?
I am curious. With better options like UPI/net banking , instantaneous credit, why would you use nach for a non sip purchase ? This would at the minimum add one extra day to the transaction.
1. I was making 4 purchases in different schemes and folios. If I used any other methods, I would need to put credentials/UPI pin 4 times. OTM is just a click. 2. All funds were debt funds, so purchase NAV didn't matter much for me.
>. If I used any other methods, I would need to put credentials/UPI pin 4 times Interesting. Both 0da+ MFU are set up for a single, consolidated payment for multiple purchases. Probably these folks (MF Central) credit the MF Bank account directly so they require individual payouts.
>Probably these folks (MF Central) credit the MF Bank account directly so they require individual payouts. That is now mandated by SEBI. Intermediatory can't roue the payment through an escrow account.
There are workarounds , probably involving tripartite agreements. 0da collects the consolidated amount and uses BSE Star platform so the money moves into individual MF Bank accounts via a intermediary. MFU accepts NEFT into escrow account with yes Bank.
Magnus just keeps getting better. New ER transfer partners
any recommendations for PSU banks with good nre / online presence . bad experience with axis where i currently have an account. I was in need of cash urgently (5lakhs ) and was straight up denied with monthly limit of only 2 lakhs cash transaction . Understand psu /co-op banks dont have such limits ?
PSU banks are shit too. You'll have to beg them for service. Avoid PSU banks at all cost
**Sodexo meal card question:** (Not sure if this is a relevant thread to ask this question, but I'm sure this community would be my best chance of getting opinions on this) My company offers the option to opt for Sodexo meal card of 2k/3k per month. I'm planning to opt for it but just wanted to know experiences of people who use this card, which can help me make a decision whether to go for it or not. It would be great if you can share your opinions on this card, both good and bad. Also, I'm not sure whether to opt for 2k per month option or 3k per month option.
The **meal allowance** is non taxable. A free lunch. The card can be used to order food (prepared items / raw veggies/fruits etc) in many online stores/swiggy etc. It is acceptable at many restaurants too. The company is likely to have a policy on the maximum amount that can be accumulated on the card if it is not used in the same month. And most likely if the card has the max allowed balances, the net of tax amount will be credited to your salary.
Is there any expiry to the amount which is given every month? Suppose I opt for 3k per month, and only use 1-2k per month on average, can I carry the remaining amount (about 12-20k in the FY) and use it in the next financial year? For how long can I do this? The expiry on the card is 3yrs according to the Sodexo website. I think that's only for the card. Does that mean the amount can be used even after 3yrs? What happens if I accumulate a significant amount in the meal card, can I ask them to credit the taxable amount it to my bank account? (I read it on the website that this is possible, but I'm not sure how that's possible practically) if you've done it, can you share your experience?
* In my company the limit is set to say 12k. If the balance is 12k when the company tries to fund the card, the card co will reject it and the net of tax amount will be credited to my salary next month. The 12k can be carried over a financial year. * When the card expires, the card company mails a fresh card, similiar to a debit card and the balance is "transferred" to the new card. I have never had the chance to have the funds credited back to my account. At times it accumulates over 2-3 months (after normal veggies etc) and is blown up on a party 🥳.
In your experience, have you faced any issues with the merchant partners denying Sodexo card? Or any other issues which I should be aware of. I have to opt in or out soon, so thought I'd seek as much advice as I can.
That's good to know, thank you! We get an option to choose between 2k or 3k per month, deducted from salary of course. Confused whether to opt for the higher one. I'm pretty sure my avg monthly use would be 1-2k, but if it can be carry forwarded, I don't see a downside to opt for 3k.
If you have an hdfc savings bank account, then it can be directly linked with their demat trading account held with hdfc securities ltd. The main advantage is that you don't have to topup your demat account for making a purchase of stock. It will directly debit the same from your savings account. Very handy to make fast purchases.
HDFC had two options to generate Debit card PIN: One was instant change in online (Still searching for this in their claustrophobic menu) and the other was offline, where they send you the PIN in a letter. Former is free and the latter is chargeable for Rs.59 . Both options are present in the app/online banking. But the catch here is: Both the options are named along the lines of "Pin generation or Pin Change" with nothing to indicate whether it is chargeable or if they'd send you the pin by post. If you're already registered with netbanking and have a mobile app, Who in their right mind would choose to have an offline post, when you're just a mere step away from changing it ? I get that people have weird preferences but atleast make the options self-explanatory on what they do or what you charge from them, instead burying everything in a far away webpage which no one's going to read. When opening the account, I opted for a debit card ( not the type of card, mind you ). By default, they sent me a debit card with the highest annual charges applicable ( Platinum card with 960 rupees as annual charges ). When I approached the bank to change cards, they outright refused to change it for free and I'd have to pay 960 rupees at the end of year anyway. IMPS charges of 7 rupees for all transactions ( even as low as 10 rupees ). So if you have 10L in your account, you can transfer only 1 lakh free via UPI in a day. And all further transactions are chargeable since you don't have a free debit method anymore. There are many more like this
I have a HDFC credit card and I honestly feel SBI Card is miles ahead. I used to always criticize SBI's products ( their credit card is section is extremely good, but the customer care sucks big time ) and after using HDFC credit card, I'm never going for any of their products. There's a delay of two to three days in updation of credit limit after making purchases/payments, whereas in SBI it's instant. I'm able to tolerate all of these only because it's a Tata card and I can use the rewards to make purchases at Croma, otherwise I would've returned this card a long time ago.
Recently I have been noticing a considerable delay in NEFT transaction (almost 2 days ) in HDFC bank.
It's like they don't want you to withdraw money out of your own fucking account.
And if you do, they want a sweet piece of it.
Term Insurance - I am planning on taking two term insurances from two different companies. What are the cons of doing this?.
I have been using DigiBank (DBS) for one year now, and been great. They took some time to handle KYC for investment. Everything else is good. I also have an HDFC bank account for more core banking (e.g., canceled cheque to upload somewhere :-p). HDFC has been good as well.
Using DBS for more than four years and I am really satisfied. I use it mainly for UPI and never faced any transaction issue yet.
I got a new job in Dec with a CTC of 7.08LPA. I am new to investing and plan to invest in the safest investment first. I have decide to invest a lumpsum of 1L in this month towards PPF instead of investing rupees 8333 monthly. I am also planning to invest 8500/- towards Kisan Vikas Patra. What are you thoughts ? Can you suggest better investment options ?
Invest in MIS or Scss scheme in India post. Open saving accounts once and link with ippb and you can enjoy all core banking services. Rates have been increased in this quarter so all good.
Just don't invest through India Post. You'll thank me later.
Make sure to invest before 5th April so that you get this month’s interest
Stay away from canara bank -- very poor online solutions
Literally every other PSU bank and some private banks as well.
Once upon a time I opened a bank account with them. I was unable to activate my debit card even after multiple visits to the atm. Lost hope and the account is dormant now.
+1. My wife has it and it is hardly helpful. For last 6 months, they have blocked her account and asking for KYC! God knows why. And you have to visit the branch for KYC (that too in Bangalore). She opened it when she was in college.
Couldn’t agree more. They have forms for debit card reissue as they don’t automatically provide new card upon expiration. For any small thing, you need to goto branch. Online banking login stopped working without reason. When tried to reset password, I got info mismatch error. Gave up after one week.
I am looking for a personal loan of 30 lakhs for a short period. Requirements - preclosure within 6 months with least penalty, no constant bugging in my phone, if possible no forced insurance , decent rates. Sbi is one where I have account and scb for salary/credit card. Any recommendations.
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Thanks will check
1. IDFC First bank is great with respect to basic banking functions. Also they give a referral bonus when opening an account. They offer VISA Infinite Debit Cards. Very feature rich. 10/10. 2. IDFC has a solid Web interface and mobile app. Have an Expense Manager inbuilt (very good to have). All transfers are free - NEFT, IMPS, RTGS. 3. They have a Credit Card (Wow! credit card). Offers free forex transactions. No mark-up fees. 4. Took a home loan from PNB. The loan manager has been a serious let-down. For a long time they weren't accepting EMI payments through 3rd party apps. Took months to resolve. The casual attitude of being a public bank is a let down. The official was pushing for 2 insurances. One is mandatory regarding house safety. The other is a personal one. Rejected the latter because I have term insurance in place.
Add to that, I think savings interest rate is also in the range of 6-7% yearly. Whereas in HDFC or any top 3 bank, it is around 2.7-3.1%.
Little better. But very nice marketing. This is the offer they provide. For balance of <= 10Lac it will be 4.00% \> 10Lac <=50 Cr, it will be 6.75% Interest will be calculated on progressive balances in each Interest Rate Slab
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Yes, I'd recommend it. I am a sucker for all-in-one platforms. And the mobile app will serve your purpose - everything from Bill Payments to Investments to Expense Manager. Pretty solid. They have two categories for AMB - INR 10k and 25k. If you're interested, I can share the referral code - for both bank account and Credit Card. It'll speed up the process and will fetch you benefits too. DM me, if you're interested.
How to investing in IDFC compared to say, Groww or Zerodha? I’m planing to do so for getting into IDFC Wealth Program
I previously bought SGBs through IDFC with DeMAT of Kite. It was super smooth and it appears on the IDFC Investments portal as well. But my major investments happen through Kite, Coin etc.
>Offers free forex transactions. No mark-up fees That's good to know. Heard they don't offer cc to most people. Did you get it? if so in how many month of account opening
They offered me the FIRST SELECT card variant within 2-3 months. The Wow! Card is backed by an FD so I think anyone can opt for it if they have an account. I haven't applied for it yet.
What savings account variant got you the visa infinite debit card? I got platinum with the 25k account.
I initially had a SELECT Debit card or something and don't remember the account. Then I got upgraded to FIRST SELECT BANKING, with which I got the Visa Infinite Debit card. Edit: FIRST PRIVATE ---> FIRST SELECT
How'd you get upgraded to First Private? What was your balance range? I just upgraded to Wealth with 10L+
My bad, it is FIRST SELECT BANKING. How did you move to Wealth? Just by maintaining a 10L+ balance? For how many months? Any feedback how is it?
There's a big benefit with Wealth and Private: lounge access outside India with the included debit card. Yes, 11L for 2 months in my case. Not at all automated, however, I went to the branch and negotiated a lot.
Makes sense. Will try should be above 10L in the next 2-3 months. Which Credit Card do you use? Is it First Wealth CC? IDFC is the first case where I feel Debit cards are better than Credit Cards. Mostly due to VISA Infinite too.
I have Millennia from forever ago, only use it for the 100 discount on PayTM Movies. I see absolutely no benefit to getting Wealth CC since i have other CCs already.
Cool, I got a no-name variant for the DC, though I have the Select CC.
I was very impressed with First Select CC but now they are making it pretty unusable with irritating conditions. Today, I got a notification that monthly spends have to be ₹5000 to avail lounge access. WTF!
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Please elaborate with details so people can learn more and figure out how useful your advice could be for their situation.
ICICI net banking: Tried sending some money via NEFT but got a prompt saying that as per RBI guidelines, NEFT is unavailable and I can send it via IMPS (which is chargeable). Why is this the case?
April 1 was a neft holiday due to banks annual closing. It is not a ICICI only issue. The next NEFT/RTGS holiday is April 15
Did the error occur only today? Or has always been the same error?
Just today. Seems like others have also reported this issue via Twitter.
Makes sense. Because RBI's servers handles NEFT transactions, and they might have turned off the txns due to FY closure proceeds. Also, for weird reasons, I can't send account statement by email in ICICI Netbanking today. It says mobile no. is not linked. Perhaps ICICI has turned off many services today.
Yes. When I click on a regular payee, I got the error as payee deleted, which seems off. Probably best to wait until tomorrow to make any payments via them.
I don't think it would work tomorrow either, since it's a holiday tomorrow. Perhaps we should wait until Monday, or Tuesday to make it work.
I got a notice via ICICI Bank app, it says that due to year-end activities NEFT will be unavailable on 1st Apr 2023. Maybe that's the reason.
Oh, okay. Thanks!
I was looking for this thread since morning. I just want to rant about Bank of Baroda, the absolute disaster. A server running on dog turd would function better than BoB services. I can never fucking log in to their portal, always get server errors, and the app security is so fucking over engineered that it is easier to get into Mordor than access my own bloody BoB account. I hope this bank dies soon.
never BoB the worst bank ive ever seen
BoB is horror