Query regarding what bank to choose

Personal finance
1

Hey there Trading Q&A community ,

I am 21 and was recruited by a software company (pay is 17 lakhs yearly) , they asked me to make an account in anyone of the 3 banks .

  • HDFC
  • ICICI
  • Standard Chartered

Which one should I prefer ?

Thank you

2

First of all, congratulations!!
I would suggest- ICICI since most of the companies have partnership with ICICI. So, in future, if you change your job, then you can continue to use the same bank account.

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3

Thank you for the advise :grinning:

4

I have only used HDFC out of the 3 and its a NO.

Again, my experience is based on 2008–2014.

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5

I would go for Icici if I am forced to choose between these three banks. My broker is Icici Direct and hence my account is with Icici Bank. They are fairly good. Their internet banking is also fine. No complaints.

A small niggling issue is they have a grid (numbers associated with Alphabets) which is printed on the back of their ATM. When you do NEFT/RTGS apart from otp, you need to put the numbers on the grid. This I found very irritating as I need to carry my card everywhere. Apart from this not an issue.

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6

Thank you for the info

7

Thank you for the information

8

May be irritating but it adds more Security.

9

Yes fully agree. Everything is done for the safety of customers, but I wonder printing the grid on back of the card is a good way, as I could lose my card,

I have noticed that Bank do not print account number on the ATM card nowadays, they keep advising us not to write password and keep it, if this is the norm, how come the grid is printed on the card.

For large value NEFT/RTGS, I do get a call from a bot or voice recorded line asking to confirm the transaction. This is now a additional feature.

I fully understand the reasons for doing this and it is for the safety of the customer. Not sure if printing the grid on a ATM card makes it any safer. The second irritant is carrying the card everywhere even when you travel or take a pic of the grid and keep it. Now is that not risky as well.

For this specific reason, I do not use this card for purchases at POS, use another bank card and keep this at home.

Since on the topic, BOB has started a new way of sending OTP when you register a new beneficiary online, first three digit comes on your mobile number. The remaining three digit comes to your registered email. First time around, I was wondering what happened and only when I read the instruction, I understood the methodology. Funny but respect their intention is to safe guard and protect the customers.

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10

There will always be debate on customer security and customer convenience like Zerodha desktop login, you always have to have Mobile with you!!!

11

None of these
Go for a PSU bank of your choice…
Yes, the service is bad as compared to private but you will still have Peace of Mind as you won’t be bombarded with sales calls for credit cards/loans. Even if you go to a private bank branch for some work, the employee starts sellng you something one way or the other. These days everything is done through netbanking/mobile banking. You don’t have to go to branches often so service won’t be a big issue

12

I recently added a beneficiary in Uco bank. They asked for OTP plus Transaction password

13

I’ve been a ICICI user from 2013. Never have never bombarded me with offers or lucrative features. Axis Bank was a head ache for me in that case… ICICI only called me once , to tell me they have a pre approved loan for trading. I said no , they never called me their after.

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14

I have tried. ICICI, HDFC, Axis & Indusind in private. My experience is mmore or less similar is all of them. What I’ve observed as the FDs start to rise, the sales calls start increasing. Finally, I got frustrated and switched entirely toPSBs. There is no point in maintaining accounts with them if I can’t keep my money peacefully in it

15

but , the company i work in , only support the aforementioned banks only