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4 days left

Which bank savings account should I open?

116°
Deal Cadet
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I am expecting ₹6L lumpsome amount. I currently have only Union Bank account. I want to open a new account in a private bank that might provide me with a credit card down the line (currently a student). I can keep this money in account for 2-4 months.

Every person fantasises about Infinia, so HDFC seems tempting as it would at least start the journey towards it.
On the other hand, I would get high interest in IDFC.

Please give suggestions.

16 Comments  |  
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For good credit card journey :- HDFC bank

For good interest rate :- IDFCFIRST bank

If expecting Amazon card :- ICICI Bank (platinum card fd )

Kotak and axis are waste

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Shahskm wrote:

For good credit card journey :- HDFC bank

For good interest rate :- IDFCFIRST bank

If expecting Amazon card :- ICICI Bank (platinum card fd )

Kotak and axis are waste

With FD plat card from Icici amz pay card cant be availed
Need unsecured card

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Shahskm wrote:

For good credit card journey :- HDFC bank

For good interest rate :- IDFCFIRST bank

If expecting Amazon card :- ICICI Bank (platinum card fd )

Kotak and axis are waste

HDFC ka khoon kab khaulega bhai? joy joy

When will HDFC resume CC issuance?

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The worst thing to do with a large sum of money is to let is sit idle in a bank account and not invest in somewhere. You can do a FD for 4L in whichever bank you choose and keep 2L as cash in the bank account. Start with a premium account which has a higher monthly average balance requirement. Apply for a secured credit card using the FD. Next you should maintain the balance for 6 months and the also keep using the credit card in the meanwhile. Ensure that you pay the dues in full immediately as soon as the credit card statement is generated. That will help build a good credit history and then you can try your luck in applying for a credit card of your choices. The various options for bank has already been listed in the previous comment.

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SastaRaju wrote:

With FD plat card from Icici amz pay card cant be availed
Need unsecured card

I don’t want to create a FD. Money in account

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bdatta1981 wrote:

The worst thing to do with a large sum of money is to let is sit idle in a bank account and not invest in somewhere. You can do a FD for 4L in whichever bank you choose and keep 2L as cash in the bank account. Start with a premium account which has a higher monthly average balance requirement. Apply for a secured credit card using the FD. Next you should maintain the balance for 6 months and the also keep using the credit card in the meanwhile. Ensure that you pay the dues in full immediately as soon as the credit card statement is generated. That will help build a good credit history and then you can try your luck in applying for a credit card of your choices. The various options for bank has already been listed in the previous comment.

I agree with your points. But I have to use this money in the next 2-4 months, cannot create an FD

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Hdfc 25k savings max account is best for long term usage.

Another option is idfc bank account to earn higher interest rate on savings balance.

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Just put the money in idfc bank, rbi is not going to lift hdfc ban anytime soon it seems & you certainly won’t get a card from them just based on keeping 6 lakh for 3-4 months especially if you don’t have any card currently. On the other hand, there is a good chance of getting credit card from idfc or OneCard based on this 4 month bank balance statement.

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IDFC best bet, or SBI next option but strike a deal first
In HDFC u can get Imperia account which may lead to some basic card but when?big question
Forget Infinia its not worth it now with all fee and so much txn scrutiny

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caks2006407 wrote:

In HDFC u can get Imperia account

Imperia Banking Eligibility Criteria

A minimum Average Monthly Balance of Rs. 10 Lac in the Savings account
OR
A minimum Average Quarterly Balance of Rs. 15 Lac in a Current Account
OR
A minimum Average Monthly Balance of Rs. 30 Lac in a combination of Savings Accounts and Fixed Deposit

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caks2006407 wrote:

Forget Infinia its not worth it now with all fee and so much txn scrutiny

The grapes are sour, said the fox! laughing

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caks2006407 wrote:

IDFC best bet, or SBI next option but strike a deal first
In HDFC u can get Imperia account which may lead to some basic card but when?big question
Forget Infinia its not worth it now with all fee and so much txn scrutiny

It is not worth it only for non-genuine users nowadays(& there are many such users too nowadays), for genuine users(who also do decent air/hotel travel) infinia(& maybe DCB) is the best card.

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caks2006407 wrote:

IDFC best bet, or SBI next option but strike a deal first
In HDFC u can get Imperia account which may lead to some basic card but when?big question
Forget Infinia its not worth it now with all fee and so much txn scrutiny

I agree.

However Infinia can be a great thing for me as I do most of my shopping from amazon

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tvirus wrote:

However Infinia can be a great thing for me as I do most of my shopping from amazon

Aim for it only if you can spend its reward points on air travel/hotel. If not, then there are better cards than Infinia (barring its credit shield limit)

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tvirus wrote:

I agree.

However Infinia can be a great thing for me as I do most of my shopping from amazon

You don’t start your credit card journey with infinia unless you have ambani incl in your surname. smile

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