[Aroy]

Originally Posted by ankan.m.blr

Banking services not available may be due to this : Ransomware Attack On Service Provider Hits 300 Small Banks Across India

source

It may not be so, as their App based iBanking was not affected, only Netbanking.

[splendor blende]

In the 1.5 years that I've had an account in IDFC bank, the experience has been exponentially better than what my family has received from Canara Bank even though we own a good chunk of the first few accounts opened in the Lavelle Road branch at Bangalore. Guess the slow service is the downside of knowing all the representatives at the branch. The problem is the system being extremely slow which leads to long wait times even for a relatively simple task of renewing an FD.

The interest offered by IDFC is also significantly higher. For the details, IDFC offers 7.25% pa for balance >5L and Canara Bank offers 4% for balance >2Cr.
The First Private debit card also gives an appreciable 4 lounge visits per quarter (2 domestic and 2 international)

The 24x7 helpline is also quite useful and indeed does run 24 hours a day as has been checked several times by yours truly.

Please note that I am in no way associated with either Bank and the above observations are purely mine. The numbers are from the respective apps

Cheers
SB

[bejoy]

Any recommendations for Digital FD option? Also, the pros and cons of choosing over the conventional FD. I understand that the source and return of maturity amount should be the bank account of the person opening the digital FD.

[montsa007]

Confused between opening a current account for a sole proprietor with transactions amounting to under 3-5L in a month (both in and out),

Requirements,
-Unlimited Inflow via UPI Apps/IMPS
-Limited Outflow via UPI Apps/IMPS (Some banks charge for it, not looking at those solutions)
-Don't need a debit card as we have a savings account for cash withdrawals
-Don't need cash deposit or cheque leaves facility as all transactions are digital only with 0 cash involvement
-Don't need overdraft facility

Any suggestions?

Had seen Axis Bank's Delite Account however they charge for IMPS outflow which isn't something I am interested in.

[NPV]

I had a decade old ICICI bank account which was opened during an earlier job with another company that insisted on ICICI Bank accounts for salary deposits. Though I had changed jobs few years ago, I had continued with the account as it was easy to set limits on my ICICI credit cards and make the payments.

Cut to a month ago, I was being reminded to complete a KYC update (needs regular yearly updates). The options were to upload documents or take the “online video KYC” which I preferred. Went through the process and received an email confirmation with a pdf document with all details submitted.

A week later, it’s time to pay a Credit Card and I login only to see a message saying KYC has not been updated and I can’t do any transactions. I was totally fed up, so went over to a nearby branch and closed the account after a lot of drama from the staff giving silly reasons why online KYC didn’t work!

[DigitalOne]

Originally Posted by NPV

... I was being reminded to complete a KYC update (needs regular yearly updates). The options were to upload documents or take the “online video KYC” which I preferred.

Can you please elaborate on this yearly KYC? ICICI has not asked me for any KYC update recently for my 24 year old account. They have been sending reminders for my ICICI Fastag KYC, which I have been procastinating, but nothing for my SB/CC/Demat/ICICIDirect accounts.

[NPV]

Originally Posted by DigitalOne

Can you please elaborate on this yearly KYC? ICICI has not asked me for any KYC update recently for my 24 year old account. They have been sending reminders for my ICICI Fastag KYC, which I have been procastinating, but nothing for my SB/CC/Demat/ICICIDirect accounts.

Yearly updates are needed is what I heard from the staff at the branch. When they need you to update KYC, as soon as you login to netbanking, you will see the message saying you have to update KYC and 2 buttons to do it via document upload or Online Video KYC. You will also have an option to skip it n times, which will decrement each time you skip and login next.

*Get the Fastag KYC done ASAP, lest your tag gets deactivated while you’re driving on a tolled road

[Aroy]

My ICICI account is 24 years old, and I have never been asked for KYC.

Similarly no problem of KYC with HDFC bank.

In contrast Kotak had frozen my account due to KYC. I just went to nearest Kotak branch and KYC was done in 5 minutes. They use a finger print detector to verify Aadhar Card.

For AMEX card they asked for documents to be submitted on-line two years ago. That is all.

I have yet to figure out the criteria for KYC updates with different agencies.

[AltoLXI]

Which bank provides zero balance account for the college students? Sister in law's son, who is a college student, has GPay linked to HDFC and he never maintains the minimum balance and hence pays 250 pm as penalty.

Need suggestions on opening a zero balance account. Except SB account and internet banking no other frills are needed.

[Habanero City]

Originally Posted by DigitalOne

Can you please elaborate on this yearly KYC? ICICI has not asked me for any KYC update recently for my 24 year old account. They have been sending reminders for my ICICI Fastag KYC, which I have been procastinating, but nothing for my SB/CC/Demat/ICICIDirect accounts.

From my experience, banks ask for KYC updates based on their "perceived risk profile" of the Customer.
Many of them have made Re KYC process simple with ATM machine, self declaration while logging in, Aadhar based OTP etc.,

Regarding ICICI Fast Tag KYC, while logging in you can read that it is required when you want to convert your Fast Tag account in to full service account with wallet balances above 10,000.
In my case this is not required and have not done this and have been using Fast Tag regularly without any issues including recharge through the Fast Tag web site.

[kannan666]

Originally Posted by AltoLXI

Which bank provides zero balance account for the college students? Sister in law's son, who is a college student, has GPay linked to HDFC and he never maintains the minimum balance and hence pays 250 pm as penalty.

Need suggestions on opening a zero balance account. Except SB account and internet banking no other frills are needed.

For completely zero balance account with absolutely no charges, you can go in for these banks - SBI, Equitas, RBL, IPPB, Jupiter (Federal) or Fi (Federal).

Recheck Jupiter as I hear that they are now asking for a minimum balance which was not the case with me when I opened the account with them in 2022.

Hope this helps.

[meerkat]

Originally Posted by AltoLXI

Which bank provides zero balance account for the college students? Sister in law's son, who is a college student, has GPay linked to HDFC and he never maintains the minimum balance and hence pays 250 pm as penalty.

Need suggestions on opening a zero balance account. Except SB account and internet banking no other frills are needed.

Go with SBI with your eyes closed. Apart from the advantages of having an account with the largest and safest public sector bank, they offer topnotch net banking, so one can avoid branch visits for the most part.

An additional advantage would be easier access to Government products (e.g. PPF account and such) later on in life. Private banks are typically not very enthusiastic about offering such products because they don't earn as much from those as they do from other products!

If it is possible, please look for an SPB branch ("Specialized Personal Banking"), if there is still such a thing. I used to hold an account years back with the SPB branch on St. Marks Road in Bangalore which offered excellent in-branch service.
.

[Doge]

I want to open another account for daily transactions and UPI usage. My main bank is indus ind and I'm frankly tired of their mid to bad service, frequent UPI server issues and no UPI lite service available. Which bank should I look at ? HDFC?

[sunilch]

Originally Posted by Doge

I want to open another account for daily transactions and UPI usage. My main bank is indus ind and I'm frankly tired of their mid to bad service, frequent UPI server issues and no UPI lite service available. Which bank should I look at ? HDFC?

I have had ICICI and Kotak for the same. Not faced any major issues barring 1-2 times a year the server not being available for UPI transactions. Not something that I can't live without.

Kotak has better customer experience, ICICI isn't bad but they manage larger loads.

[chiefpk]

Originally Posted by AltoLXI

Which bank provides zero balance account for the college students? Sister in law's son, who is a college student, has GPay linked to HDFC and he never maintains the minimum balance and hence pays 250 pm as penalty.

Need suggestions on opening a zero balance account. Except SB account and internet banking no other frills are needed.

Hi,

I have a Federal Fi Account exclusively for this purpose. Good versatile account. Very easy to open an account. Everything is there on the mobile app. Bare minimum charges for maintaining a debit card. It has some more programs for salary and plus account which you can upgrade to whenever you start earning and can maintain a balance.

The biggest plus is, it has never given up on me for UPI transactions by server down or maintenance downtime.