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POSTED BY ON April 21, 2012 2:19 pm COMMENTS (12)
Hi
Im Samir Sethi and going to join an MNC in Bangalore
We have been offered to select Salary Accounts from HDFC/AXIS/YES/CITIBANK/SBI/KOTAK.
I prefer to do online transactions.
So plz tell which will be the best option to select from above options.
Thanks 🙂
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As far as online system is working, most banks are ok. But to settle an issue, like cancellation of credit card, form 16 demand etc, HDFC experience faced by me is worst. My credit card is not cancelled till 25.1.17 despite I have sent it duly cut to their card division in Nov.16. First reply received after reminder was sent in Jan 17 and I was intimated that my signature on application are not matching. Second application sent, but their response is that application is not received. It is surprising that this bank earlier issued credit card to my wife without demand and my card upgraded without my requirement. Started charging fee, when originally salary account with zero charge opened. So overall no system to address complaint.
Thanks for your comment B.B.Pandhi
I was a user of CITI bank. Everything is good with CITI except this that if youy are not a salaried person you have to keep 1 lakh rupees in your account for the entire month. They will deduct around 700 from your account every month if there is a shortfall.
Thanks for your comment Vinit
HDFC and CITI has many offeres (offer zone) and discounts with their debit/ credit cards.
Kotak doesn’t have many branches.. but i think Kotak gives you any number of transactions on other than kotak atms.
Check options like online FD rates, transaction mode supported, password changing options (e.g. with SBI, for everything, single line of change, you have to go to home branch and bear with huge queue), free number of transactions in other atms, per day maximum money withdrawal limit, and last not the least, offer zone while selecting your bank.
Here are some points
Initially HDFC was charging NEFT transaction charges but now a days there are no such charges.~6 months back first time third party transfer can be done online provided you have registered your mobile with them. If you have salary account you get preference for services at bank branch. For Lockers you get 50% concession in annual rent, but for that you should be lucky enough to get locker 🙂
Generally SBI bank interest rates are more for 7 days to 30 days period in comparison with HDFC/ICICI. so if you can create FDs for 7 to 30 days also online & earn more money. The only problem could be if you want to visit SBI bank then you should be prepared to spend more time.
Citi bank has come up with exciting offer like no charges for unlimited ATM transaction from any bank, free credit card, swap-in account etc. The problem with that bank is they have very less branches.
Actually each bank has different offers based on the company. So you can compare offers provided by different banks for having salary account with them and then take final decision.
For internet transaction experience its better to go with MNC private banks (Citi)
Axis also good option.
Salary + Saving Account + PPF Account then nobody can beat SBI.
I have HDFC Sal Account.
Bad Experience.
Citi, while a good bank, has one disadvantage of lesser ATMs beyond tier I cities (for > 5 withdrawals you will be charged) and even lesser branches all over should you ever need to go to a bank.
HDFC is also a good one however many transactions like even enabling online transfers first time needs a walk to the branch. Apart from that they also charge for NEFT until the relationship matures.
Apart from Home Loan advantage (0.1%) you will also eventually need a PPF account. Where else – SBI is the right choice to link to your PPF to SB account. Also even if you change your bank for receiving salary when you move to next job you can maintain lesser average balances with SBI than with most others.
I think if you are planning to buy a house in near future, probably within six to seven months, than SBI will be best as it will offer you 0.1% off on your home loan, if not than as ashal said you ask your employers which is best. Online transaction you can do on any of the above mentioned bank. From my personal experience both SBI and HDFC are good.
Dear Samir, instead of asking here, please ask to the employees of the co. where you are going to join in next few days. Their own experience is more important. From the above list, there is only one PSU & my vote ‘ll go for it for it’s widest reach all over India. SBI.
Thanks
Ashal
Citi is best. But if you prefer money lying idle in savings account then you might as well go for Yes Bank coz of the high interest rate. I wont go for HDFC Bank. They are very strict and a lot of requests dont get catered online.One has to visit the branch. I have 3 salary accounts with different banks. And I find that HDFC is the only one which charges me for NEFT transactions.
Both Citi and HDFC are the best corporate banks and will provide you best online services.
Thanks