2 replies on this article “Some Novice Banking questions – Please help !”

1. ashalanshu says:

   October 5, 2013 at 1:41 pm

   Dear 10voltcoin, let me try to answer your query.

   1: I want to open saving account in SBI since it does not charge for maintaining minimum balance (QAB, as these bank says.), is there any other bank that does not charge for keeping minimum 100-500 INR? I have these nearest banks in my area, SBI, PNB, HDFC, ICIC, Corporation Bank, Syndicate bank, Axis bank, OBC.
   Yes, all these banks do offer a basic SB account with out any QAB or MAB.

   2: Do i have to deposit any amount while opening new saving account in SBI? (Little bit confused hare, I saw ICIC details, their requirment is 5k for urban areas, which i can’t afford to lose in their QAB panlitys charges, They would charge for QAB or MAB, which mean i will lose all my money in bank over many month or year for not maintaining amount, am i right?
   The charges ‘ll be there only if you do not keep track of your account. if you are so fearful, please opt Basic SB account and not the regular SB account. It’s advisable to keep at least 500 Rs. in SBI also. The reason is – SMS alerts are now chargeable even in SBI.

   3: What is the maximum vality for keeping saving account active if i don’t deposit any amount in SBI?
   Normally account ‘ll become dormant if no transaction is there in 6 months.

   4: What is payment gateway?
   Payment gateway in simple word is an intermediary who is transferring money from 1 person/entity to another person/entity.

   5: If i do freelancing or blogging, what would be the best option to recive payment from clients or google via paypal or directly bank?
   The answer to this question depends, from where you ‘ll receive money.

   6: I saw payment options at BSES website, the payment as they say are, “Bill payment kiosk”, “Credit Card/Net Banking (it isn’t debit card for same purpose?), “Pay Outlets -> Oxicash, Easybill”, “ITZ Cash”. So, what is the difference between them? which would be best for no extra charge and safe?
   Debit card payment is different from netbanking. Normally these services are free or very nominally charged for us as a customer.

   7: Which whould be best option for payment in morestore, by cash, debit card, credit card or their clubmore card?
   What is Morestore?

   8: From SBI Branch locator it found two branches near my area, these two branch are different types, one is REGULAR and other is AGRI DEV BRANCH, AGRI DEV branch is older than regular, what are diffrence between these branches?
   Which one would be best? Can i open account in any of these two branches?
   Both are same for you. The only difference lies in the thing that ADB’s primary or should I say core area of business is agriculture but it ‘ll entertain regulalr customers also.

   9: Should i get credit card?
   If you need it, you should have it.

   10: Overall which bank would be best choice for online foreign or domestic transaction, freelance or blogging, online bill payment, payment for goods either online or offline, travelling, any kind of tickets? Or should i open account in multiple banks according to their certain best services?
   There is no common choice here. You need to test or check on your own.

   11: Any other tips for do and don’t? And other account for long term savings?
   Can you explain a bit, what else do you want to know?

   12: Would you recommend any article and book of banks and all that money stuff for novice like me?
   Please read old articles here in the main jagoinvestor site.

   Thanks

   Ashal

   Reply
   1. 10voltcoin says:

      October 5, 2013 at 5:34 pm

      Thanks for reply, i have decided to open my account in sbi, will check other banks later.

      7: What is morestore?
      :It’s multi-brand retail super or hyper-market like mega-mart.
      11: Can you explain a bit, what else do you want to know?
      :For now i think that’s it, i will let you know as i will go through banking.

      Thanks again!!

      Reply

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