IDFC First Bank going to charge for non-maintai...

IDFC First Bank going to charge for non-maintaining Min balance in Account

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Deal Cadet
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Need to maintain Rs. 25000 monthly otherwise there will be charge. No more zero balance account.

Receive the below SMS yesterday:

Dear Customer, kindly note, effective 1st April 2019, revised Schedule of Charges will be applicable on your IDFC FIRST Bank Savings account. For details, please click https://www.idfcbank.com/notice-boar...ml

Time to close the account. pensive

14 Comments  |  
8 Dimers
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Deal Subedar
28
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79

Already posted this..
I am too looking out for an alternative….
Will have to close this now…

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Deal Newbie
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Hope atleast they will retain BMS offers on card…..

as there is no bank without AMB requirement now……we just have to maintain IDFC for offers

400 fine for month….waste of money flushed

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mrKool_JJ wrote:

Already posted this..
I am too looking out for an alternative….
Will have to close this now…

No alternative I guess…

Interest rate wise, card benefits wise….No other bank is giving such benefits

If u find one , let me know

15359988
Tech Guru
1,451
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mrKool_JJ wrote:

Already posted this..
I am too looking out for an alternative….
Will have to close this now…

I only know off online banks with 0 balance offers now like paytm.. I even got called into the federal bank managers office where he explained to me that they will only maintain an account if there is money in it.. The balance varies widely so they don’t want to piss you off.. But they also don’t want to maintain accounts for dead beats.. Many times when I tried to close accounts they would not do it and I had to tell them excuses like in the US you have to declare ALL bank accounts on your taxes.. Yes every account in your name world wide.. This is very difficult as there are accounts everywhere opened by parents for this or that.. Now even the tax man in india ask questions on accounts you have no clue about.. We went into HDFC bank and they go, hey you already have an account with us and we were like what?? Seems they bought some bank and now its an HDFC account.. Since originally they had no min balance, the account has negative balance and they cant close it until you pay off the negative balance..

So when like US tax authorities exchange info with Indian authorities this bank account will show up and since there is no place to enter a negative number for balance.. This is a sticky wicket.. That would require a visit to the IRS office and explaining it to them.. See progress, its not always good.. Things that your parents did come back to haunt you decades after they are dead.. Its like ghost of parents past.. You get hit when you least expect it.. This banking thing is getting complicated.. Difficult to get info but not difficult to get into trouble.. In a way the min balance stipulation is great because my own HDFC account was closed a few years ago when the balance ran out. And they closed it themselves.. Even after you find a long lost account, trying to close it means running through the hoops and spending money and time to do it.

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DBS Digibank is the only true zero balance account.

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alienteck wrote:

I only know off online banks with 0 balance offers now like paytm.. I even got called into the federal bank managers office where he explained to me that they will only maintain an account if there is money in it.. The balance varies widely so they don’t want to piss you off.. But they also don’t want to maintain accounts for dead beats.. Many times when I tried to close accounts they would not do it and I had to tell them excuses like in the US you have to declare ALL bank accounts on your taxes.. Yes every account in your name world wide.. This is very difficult as there are accounts everywhere opened by parents for this or that.. Now even the tax man in india ask questions on accounts you have no clue about.. We went into HDFC bank and they go, hey you already have an account with us and we were like what?? Seems they bought some bank and now its an HDFC account.. Since originally they had no min balance, the account has negative balance and they cant close it until you pay off the negative balance..

So when like US tax authorities exchange info with Indian authorities this bank account will show up and since there is no place to enter a negative number for balance.. This is a sticky wicket.. That would require a visit to the IRS office and explaining it to them.. See progress, its not always good.. Things that your parents did come back to haunt you decades after they are dead.. Its like ghost of parents past.. You get hit when you least expect it.. This banking thing is getting complicated.. Difficult to get info but not difficult to get into trouble.. In a way the min balance stipulation is great because my own HDFC account was closed a few years ago when the balance ran out. And they closed it themselves.. Even after you find a long lost account, trying to close it means running through the hoops and spending money and time to do it.

Federal Selfie is 0 balance account

15359988
Tech Guru
1,451
4166
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-PC wrote:

Federal Selfie is 0 balance account

There are always exceptions.. And they are hard to find though. The fine print is important..

We can not rely on 0 balance as a criteria.. We also had no monthly charge SIM’s.. 50 years ago such things were not important until I found a country called Gyuana.. Where dead beat Indians were taken who did not understand 0% interest..

How else can SBI lose $1200000000 and PNB lose $2000000000 bucks and stay in business.. The depositors are the ones paying for it.. I don’t know how to write the number of zeros in RS for such numbers..

46518697 2469454063095338 7352322572903514112 o
Deal Subedar
28
2090
79

Opt for DBS finally…

46518697 2469454063095338 7352322572903514112 o
Deal Subedar
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79
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geni wrote:

No alternative I guess…

Interest rate wise, card benefits wise….No other bank is giving such benefits

If u find one , let me know

DBS.
Ping me for ref benefits.
@asen

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mrKool_JJ wrote:

DBS.
Ping me for ref benefits.
@asen

I already have since its launch.

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Deal Newbie
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DBS Digibank & Kotak 811 both offer Zero balance accounts & I have both of them…DBS Digibank even provides a Visa Paywave Debit card for free for first year…In Kotak 811 also, you can opt for a physical debt card after you do a Full KYC

Also both these banks offer from home account opening with Aadhar Biometric Verification & with high saving account interest rates…


DBS Digibank Savings Account Interest rates (coping from their site) :
______________________________________________
Balance up to Rs. 1 lakh will get 6% interest rates No interest rates applicable
Any balances over and above Rs. 1 lakh and up to Rs. 2 lakhs will get 7% on the incremental amount
Any balances over and above Rs. 2 lakhs and up to Rs. 5 lakhs will get 5% on the incremental amount
Any balances over and above Rs. 5 lakhs will get 4% on the incremental amount…
___________________________

Kotak 811 Interest rates :
__________________________
Balance below 1 lac you will get 5% & if you keep 1 lac & more, you will get 6%…

I even offered a League Platinum Credit Card from Kotak Mahindra Bank when I was not even maintaining any balance at all in my 811 account…After they gave me a CC with 90k limit, I converted my account to 811 Full KYC Zero Balance account (from home ofcourse) & started using them more often…

Both are zero balance accounts with high interest rates & free from home account opening & Biometric verification…Don’t pay anyone any money for these two accounts…

You can just download DBS Digibank or Kotak 811 App from Playstore & get started…Both banking apps support free netbanking, fully fledged mobile apps with FingerPrint Login support & full customer care…. smile

TIP : Keep small amount of many in your main banks (SBI, ICICI,HDFC or AXIS etc which gives only 3.5% interest on savings accounts) & put your savings on DBS Digibank or Kotak 811 for earning nearly double interests on your spare money because they give 5-7% interest depending on how much you are keeping with them…

P.S. DBS is the Asia’s safest bank & also the biggest bank of Singapore…Sachin Tendulkar is the brand ambassador of DBS India…Thought about letting this know for people who have never heard about DBS before…

DBS Digibank : https://www.dbs.com/digibank/in/inde...ml

Kotak 811 : https://www.kotak.com/en/personal-banking/accou...

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Deal Subedar
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can i buy bms 250 voucher with idfc bank and get 250 cashback?

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Deal Newbie
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How about Ratnakar Bank zero balance account
they offer almost as good FD rates as IDFC

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sukant1989 wrote:

can i buy bms 250 voucher with idfc bank and get 250 cashback?

Yes.

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