Suggestions Required | Savings Account

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Deal Cadet
Kanjoos_Kauwa
Please suggest a variant and bank (Private/PSU) to open a savings account.

I want to open a savings account preferably zero MAB or minimal MAB for parking my small savings.

I have a few prerequisites (flexible) in mind for this account:
1. Cheque Book is required
2. Zero/Minimal MAB less than 5k
3. Lowest DC Fee
4. Initial Funding could be considered if  zero MAB is being offered

Existing Savings Account
1. ICICI - Zero MAB - Active (10 year old main account)
2. IDFC - 25000 MAB - Closed
3. HDFC - 10000 MAB - Closed
4. SIB - 5000 MAB - Closed
5. BOB - B3 Silver - Active (for UPI transactions)
6. SBI - 3000 MAB - Active (joint account)
7. Axis - Rural Branch - 2500 MAB - Closed (unnecessary consolidated charges)
8. Kotak - 3 in 1 - Dormant (they are not ready to waive DP charges and fee in Demat despite their fault)

A few months ago an ICICI BM (nearest branch in my hometown) promised me a wealth account with 1L initial funding then later she declined and was trying to manipulate me with another variant with the same funding or increased funding (3L) for wealth. I have to reject the offer.

Please help!!
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Benevolent Benevolent
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if you want to park the savings then i suggest go with

1. Bandhan Neo account (5k mab, 200 dc fees)


if chequebook is not required then you can go with

2. Sbm niyo global (zero balance, free physical debit card)

You can also go with basic savings account in any bank if the yearly credit is less than 1L and debit is 10k/month max. All bank has this account with no charges at all.

Deal Cadet Deal Cadet
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Yearly credit will be more than 1L. So, BSBDA won't work for me.

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Wingman Wingman
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Go for Jupiter

1. No MAB needed

2. First 10 cheque leafs free

3. Debit card fees is free if you do a certain amount of transactions

The PostMighty The PostMighty
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Never ever suggest Jupiter account please

They have started all sorts of charging, even they will charge for virtual debit cards

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Helpful Helpful
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@Kanjoos_Kauwa whats special in icici wealth account?

Deal Cadet Deal Cadet
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Nothing special just a complimentary world debit card (premium dc), dedicated customer care, zero MAB, family banking, sapphiro cc joining fee waived.

Blaze Blaze
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You already have accounts in two of the three strong banks - ICICI and SBI .. both are 0 MAB.. Also HDFC has 5K MAB for digisave youth account. 

Benevolent Benevolent
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User name bilkul sahi rakha hai 🤪

It is not advisable to keep opening and closing accounts again and again for occasional benefits. Minimum balance requirement may be temporarily waived off and some premium benefits may be initially offered to attract customers by respective branches, but banks change their terms once their targets are met.

Pro Entertainer Pro Entertainer
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Go with Au bank Digital Savings account, if your area is serviceable.

1. Cheque Book is there
2. Zero MAB
3. Rupay Platinum Debit Card with 177 rs charges
4. No Initial Funding required.

Deal Cadet Deal Cadet
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I checked, my area is serviceable.

Deal Cadet Deal Cadet
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So summing it up:

With Chequebook

1. AU Digital - 0 MAB

2. Bandhan Neo - 5000 MAB - No Penalty for non- maintenance

3. HDFC Digisave Youth - 5000 MAB
4. Jupiter - 0 MAB

Without Chequebook

1. Niyo Global

2. Indie (maybe) - with initial funding

Please add if I missed something here.

Generous Generous
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Bank of Baroda Advantage Savings Account is decent as well, 2k MAB requirement, FREE virtual RuPay Platinum DC.

Only con I found was that one can't get RuPay Select DC with this account variant. Although physical RuPay Platinum DC is possible, so, sum total 2 RuPay Platinum DCs with this variant.

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