Zero Balance Savings Account

In my brother account they deducted 436*3(month)
It’s sellry account but due to low balance it’s concerted in saving as per cc talks

I don’t know about what is MAB NON maintains CHARGES
can anyone tell about it & what to do now
Bank name:- ing vysya bank

@chotesarkar wrote:

In my brother account they deducted 436*3(month)
It’s sellry account but due to low balance it’s concerted in saving as per cc talks

I don’t know about what is MAB NON maintains CHARGES
can anyone tell about it & what to do now
Bank name:- ing vysya bank

Salary account is converted to normal account ID there is no credit of salary for three continuous months. And RBI has forced banks to change the way they levy penalty for non maintenance of charges.

@dharmanath481 wrote:

@karthi4052752 wrote:

@dharmanath481 wrote:

@bargainhunter wrote:

@Thesamr wrote:

@dharmanath481 wrote:

It doesn’t make sense. you any which ways will continue to hold existing accounts with Icici and hdfc evident from your email.

Service wise these 2 banks are the best with very good app integration.

the more than aqb you maintain you improve your loyalty standing with them. they process such data and keep extending offers.

I never bounced a CC payment cheque for last 15-20 years nor ever paid only minimum balance. both these banks found out and keep giving me calls for higher personal loan amounts at just 7.5% and higher credit limits for free.

unfortunately it never happened with sbi.

Personal loan only at 7.5%

Didnt you take it?

LOL! He had you guys.
Credit card since 15-20 years? Loan @ 7.5%?
You got to draw the line somewhere

crack some better joke

if you get personal loan at 7.5%, u can easily deposit in the same bank and get more interest than that and earn with no investment

you said the right thing.

I got it for the max amount even though my CA friend said you don’t need it.

yesterday itself i got it transfered to another bank which gives 8.25% and created an fd for 365 days. this Bank manager is very happy with me so I retain my hni privilege customer status.

ICICI is already happy with me. Since its a flat rate will forclose it after 366 days and return all the money. they will be more happy.

got debt on my books to offset it against income. on return my cibil score will shoot up further. Got free emergency funds parked at short notice.

forced to save for 1 year by paying emi.

so personal loan for me is good debt.

I don’t know which city you live in but Kotak Mahindra has one account called as “Kotak Ji-Fi”. It meets all your criteria. I used to make credit card payments with this account and was earning 1800 Rs FK, Amazon, FC and many more gift cards every year.

You will love the banking experience of Kotak. Its far far better than HDFC and ICICI.

Source: Have 3 Kotak accounts, 1 HDFC, 1 SBI.

@dharmanath481 wrote:

@disclaimer wrote:

@dharmanath481 wrote:

@karthi4052752 wrote:


if you get personal loan at 7.5%, u can easily deposit in the same bank and get more interest than that and earn with no investment

you said the right thing.

I got it for the max amount even though my CA friend said you don’t need it.

yesterday itself i got it transfered to another bank which gives 8.25% and created an fd for 365 days. this Bank manager is very happy with me so I retain my hni privilege customer status.

ICICI is already happy with me. Since its a flat rate will forclose it after 366 days and return all the money. they will be more happy.

got debt on my books to offset it against income. on return my cibil score will shoot up further. Got free emergency funds parked at short notice.

forced to save for 1 year by paying emi.

so personal loan for me is good debt.

I might be wrong, but aren’t you losing some money here? 7.5%pa on loan compounded monthly while 8.25%pa on FD will compound not more than quarterly and generally half yearly in well known banks. And considering your HNI status, you will pay tax at 30% on interest?

thanks you got a very valid point.

but that will be a minor thing because it will offset against having a good amount as emergency funds which otherwise on a cc loan is 40%pa.

I feel you will also agree as keeping own money in FD is a bad idea at 7.25 while actual inflation is somewhere close to 12%.

7.5% “flat rate” ?? that implies about 16% p.a. compounded. Are you sure you have a CA friend?

Most Banks want a Salary account for the facilities you want.
I have ICICI salary account for last 17 years. They provide Zero balance and all standard facilities.

However, right now, Bandhan Bank is offering good options for very low AQB.

@panchabhut wrote:

@dharmanath481 wrote:

@disclaimer wrote:

@dharmanath481 wrote:

@karthi4052752 wrote:


if you get personal loan at 7.5%, u can easily deposit in the same bank and get more interest than that and earn with no investment

you said the right thing.

I got it for the max amount even though my CA friend said you don’t need it.

yesterday itself i got it transfered to another bank which gives 8.25% and created an fd for 365 days. this Bank manager is very happy with me so I retain my hni privilege customer status.

ICICI is already happy with me. Since its a flat rate will forclose it after 366 days and return all the money. they will be more happy.

got debt on my books to offset it against income. on return my cibil score will shoot up further. Got free emergency funds parked at short notice.

forced to save for 1 year by paying emi.

so personal loan for me is good debt.

I might be wrong, but aren’t you losing some money here? 7.5%pa on loan compounded monthly while 8.25%pa on FD will compound not more than quarterly and generally half yearly in well known banks. And considering your HNI status, you will pay tax at 30% on interest?

thanks you got a very valid point.

but that will be a minor thing because it will offset against having a good amount as emergency funds which otherwise on a cc loan is 40%pa.

I feel you will also agree as keeping own money in FD is a bad idea at 7.25 while actual inflation is somewhere close to 12%.

7.5% “flat rate” ?? that implies about 16% p.a. compounded. Are you sure you have a CA friend?

the bigger picture is by next year 2 projects are in pipeline who will need funding. This one will give a leverage to get a bigger loan amount with floating rate from any bank of my choice so cibil score boosting was a priority in back of my mind.

1 lesson learnt over a decade from my own customers was never mortgage assets for online projects they backfire. So zero collateral loans.

Idea of putting it on the forum has been
1. icici and hdfc banks track you in their domain with big data. So we have to take advantage of it.
2. an idea to carefully plan & use banks money to have assets & boost cibil score by spending just about 2% per year.

@dharmanath481
16% for personal loan is not a good rate. It is at par with normal market offerings. Yes, I would agree that the Bank may have tracked you for repayment powers and also identified you as gullible and impulsive enough to fall for their deception of “7.5% flat rate” while in reality charging 16% reducing balance.

@OP

Try Bandhan Bank.

Even i was shocked to see the figure of 7.5% for a personal loan. It seems like ICICI is quite good at deceptive marketing. Customers unaware of flat internet might opt for it just for 7.5 % interest rate.

Although i have an Axis bank savings account, i rarely perform any transaction on it. Like someone mentioned above, Axis bank customer service is a joke.

I’m loyal to Citibank. I have a Citi savings account, multiple credit cards with them. They keep offering me 12% interest rates on personal loan on reducing basis.

@chotesarkar wrote:

In my brother account they deducted 436*3(month)
It’s sellry account but due to low balance it’s concerted in saving as per cc talks

I don’t know about what is MAB NON maintains CHARGES
can anyone tell about it & what to do now
Bank name:- ing vysya bank

Branch manager power to reverse that amount

personally go there write a appliation that u were unaware of min balance you will maintain AQB from now on plz reverse all charges until now most of case they will reverse charges from last financial year

@panchabhut wrote:

@dharmanath481
16% for personal loan is not a good rate. It is at par with normal market offerings. Yes, I would agree that the Bank may have tracked you for repayment powers and also identified you as gullible and impulsive enough to fall for their deception of “7.5% flat rate” while in reality charging 16% reducing balance.

You are free to make your own inferences. Rather if ICICI would think as you do, I will have a better advantage.

Repayment power is not dad’s money. It comes with self discipline in managing funds and I still have not forgotten the days when me and my wife would search for change in the house collect enough to buy milk for our daughter.

CC company might offer a 10,000 personal loan to a person at 8.5% flat for 1 year.

Taking those 10k might have to spend 1200 extra on interest and processing and when paid in time the company will increase the CC limit, Increase loan amount eligibility not just on CC but will also help for higher loan amount for housing loan, faster processing of car / bike loan application, fewer rejections of loan application and so on.

If someone doesn’t have savings for emergency, increasing credit rating is a sure shot approach to stick out the neck from trouble.

@dharmanath481

I myself also came from very humble beginnings. I still remember the days of childhood, when at the end of the month, my mother used to cook mixed dal, as the quantities of individual varieties available at kitchen were not enough to make full serving for everyone. The financial discipline I learnt from my parents in those days have helped my create a secure future for my family. Borrowing at higher rate and then investing the money at lower rate, just for the sake of increasing the credit rating is not very logical to me.
But I agree everyone have their own priorities and finally take their own decisions. The same problem can be approached in 10 different ways. So for your given situation, it might make sense.

Thinking to open a account on indusind bank (Easy Savings Account )
Link : http://m.indusind.com/content/smart-phone/perso...

Is it a good option ?
Really Zero MAB/MQB ?
And any idea about their reward points system ? (on e-commerce transactions)

Cc: @disclaimer @rajrocks @A2Zdeals

In case you guys aware of any best alternative do share brother,
requirements : same as OP
(Except Jifi and digi Saving )

@Tejaa wrote:

Thinking to open a account on indusind bank (Easy Savings Account )
Link : http://m.indusind.com/content/smart-phone/perso...

Is it a good option ?
Really Zero MAB/MQB ?
And any idea about their reward points system ? (on e-commerce transactions)

Cc: @disclaimer @rajrocks @A2Zdeals

In case you guys aware of any best alternative do share brother,
requirements : same as OP
(Except Jifi and digi Saving )

no idea abt indusind but i can say if ur looking for rewards/benefits and all then u wont get in zero bal accts or low grade accts.

@Tejaa wrote:

Thinking to open a account on indusind bank (Easy Savings Account )
Link : http://m.indusind.com/content/smart-phone/perso...

Is it a good option ?
Really Zero MAB/MQB ?
And any idea about their reward points system ? (on e-commerce transactions)

Cc: “@disclaimer” “@rajrocks”:“@A2Zdeals”

In case you guys aware of any best alternative do share brother,
requirements : same as OP
(Except Jifi and digi Saving )

http://m.indusind.com/content/smart-phone/perso... is also like a zero balance account if some defined transactions are made every month, but the debit card fees is a spoiler.

@rajrocks wrote:

no idea abt indusind but i can say if ur looking for rewards/benefits and all then u wont get in zero bal accts or low grade accts.

Ahh, Okay
Then any suggestions after removing the “Rewards line” ?
(except Sbi and some shit government banks )
Cc: @disclaimer

@disclaimer wrote:


Product page shows only ATM card, nothing mentioned if one can opt for a card other than rupay one.

http://m.indusind.com/content/smart-phone/perso... is also like a zero balance account if some defined transactions are made every month, but the debit card fees is a spoiler.

I’ve filled their online form, Will ask them about add-on Debit card,
But if they offer Two cards (Rupay and visa) then I need to pay charges of both cards ?

Yes bank 10000 bal account can be operated as zero balance account if you maintain FD worth 50000 during whole month. Can check that too if it suites your requirements, don’t know about rewards but you get 6% interest.

@Tejaa wrote:

I’ve filled their online form, Will ask them about add-on Debit card,
But if they offer Two cards (Rupay and visa) then I need to pay charges of both cards ?

@disclaimer wrote:


I am not aware if any bank offers two different cards to same account holder. Or you mean Rupay for main account holder and visa as addon?

Ahh apologies for the confusion,
I mean what if i deny rupay card and ask them for Visa, Then i need to pay charges for only visa ? right ?
Actually this days some government banks are giving rupay cards without even asking you about you choice…

Btw bro, what about Bandhan bank ?

@Tejaa wrote:

Ahh apologies for the confusion,
I mean what if i deny rupay card and ask them for Visa, Then i need to pay charges for only visa ? right ?
Actually this days some government banks are giving rupay cards without even asking you about you choice…

Btw bro, what about Bandhan bank ?

Which location? Have branches of Bandhan Bank nearby?

IDFC min account requirement is Rs. 25000, but there are no charges if you don’t maintain it. It just restricts the number of transactions like restriction on free ATM withdrawals which is free for unlimited tranx if you maintain 25000+.

@disclaimer wrote:

IDFC min account requirement is Rs. 25000, but there are no charges if you don’t maintain it. It just restricts the number of transactions like restriction on free ATM withdrawals which is free for unlimited tranx if you maintain 25000+.

I only use bank account for online e-commerce transaction, So no problem if they restrict the number of ATM transaction,
Btw No restrictions on any other things except ATM withdrawal, Right ?

@Tejaa wrote:

I only use bank account for online e-commerce transaction, So no problem if they restrict the number of ATM transaction,
Btw No restrictions on any other things except ATM withdrawal, Right ?

NEFT free, debit card chargeable@ Rs. 100

Forex markup fee 2% only

Thats because RBI has become very strict wrt deducting money for non-maintenance http://timesofindia.indiatimes.com/business/ind...
All Banks have to follow this otherwise it warrants punishment from Banking Ombudsman/Consumer Forums/etc.

https://www.rbi.org.in/Scripts/NotificationUser...

PS: As per your requirement of Unlimited Free ATM transactions, then go for DIGIBANK.
Check if you can open it due to CCD/Biometric Verificiation processes

@FeelMyL0Ve wrote:

@desibuddy wrote:

better go with icici and maintain the MAB or 10,000 rs all time otherwise they charge 576 rs per month..
so maintain it, and this is the only problem with icici, otherwise it good

Offtopic:
SBI, LVB, KVB and other banks are shittt, they dont allow us to send funds immediately, even adding reciepent is a tedious task, in LVB and KVB its impossible to do any non-working hours of bank, still dont know why these guys have internat banking ?? that work only in working hours..lolz
waste of time and TENSION

I tried all type of bank accounts and finally settled with ICICI, you will fell this in last, so better keep going on with ICICI and maintain 10,000..Experience

same with Hdfc, 10k minimum.. customer care also best, they always help… once they refunded me 3k, i dint maintain AMB for 8 months I just told them, i will close account. they agreed for refund….

@Tejaa Seems like your hunt for zero-balance savings bank accounts is still not over.

Did you end up opening any of the suggested accounts — Kotak Jifi, DigiSavings, SBI, etc? Do share your experience and findings to help others with a similar interest.

@disclaimer wrote:

Can confirm from this page
http://www.idfcbank.com/so...ml

NEFT free, debit card chargeable@ Rs. 100

Forex markup fee 2% only

Isn’t that forex fee the lowest among all banks?! CC @A2Zdeals

@DealSeeker wrote:

@disclaimer:

Can confirm from this page
http://www.idfcbank.com/so...ml

NEFT free, debit card chargeable@ Rs. 100

Forex markup fee 2% only

Isn’t that forex fee the lowest among all banks?!

@disclaimer wrote:

HDFC Regalia and higher cards have same fee. And IDFC card is also a visa signature one.

Oh, I never checked the forex details for HDFC Regalia. Anyway, it’s a bigger shock that IDFC is giving a Visa Signature card with a zero balance account. #FreeLoungeAccess #Loot CC @makeourdeal @Tejaa

Anyway, it’s a bigger shock that IDFC is giving a Visa Signature card with a zero balance account. #FreeLoungeAccess #Loot CC