Best Bank For Current Account

[copperco2 24]

Hi guys..

I am looking for best..or better then the average current account.

I have finalized idbi, axis and hdfc to start. Pl. give your valuable input.

Thanks.

[rbdhoot 11]

IDBI is the BEST !!!

[starnet 7]

Among the 3 you mentioned, IDBI bank is best now a days. It is a PSU/sarkari bank so it is 'safe'. In case of a banking crisis like the one that happened in 2008, your money in IDBI bank account will be backed by the Indian government. This is important because in last 10 years a number of Private banks have closed (e.g. Global Trust Bank, United Western Bank) leaving their customers in lurch and desperately trying to ge the money out of their accounts with troubled banks. A lot of services in IDBI bank are free without the need to maintain big minimum balance. You are charged for every small service by both PSU banks like SBI or Private banks like HDFC. Further, IDBI bank staff will never call you and attempt to sell you useless investment products like ULIPs. Also IDBI bank is offering best interest rates on fixed deposits now a days among all PSU banks.

Axis bank will charge you for things like cheque books, Pay orders, money transfers by NEFT, Debit cards and you will need to maintain a minimum balance. Further they will try to sell you insurance products like ULIPs, gold coins etc. from time to time. You will get tired of answering their phone calls every day. They will also want you to take their Platinum credit card. When I refused to take their credit card, they sent one of their executives to my home on a Sunday morning anyway, just to push the credit card down my throat. Needless to say, I soon closed my account with them.

HDFC bank staff will also try to sell you ULIPs. You will maintain a minimum balance and will pay for services that are free with IDBI bank. Further every time you receive a big payment in your account by cheque or by online transfer, they will call you and ask you to tell the source of funds. If you ask me, this is a big nuisance. I have a business to run and fielding useless calls from bank must not be a part of my daily routine.

If you have receive payments from abroad by wire transfers, then CitiBank business current account with minimum balanc of Rs 50,000 has lowest charges for receiving wire transfers. They have few branches but their service is better than the most banks in India. I don't know if they have a branch in your city and near your place.

HSBC Direct account with zero balance is also good if most of your business is done online and you don't need to deposit or withdraw cash from bank frequently. Have a look at their charges:

http://www.hsbc.co.in/1/2/business/business-current-accounts/hsbc-direct-for-business

http://www.hsbc.co.in/1/PA_1_083Q9FFKG80E20RA9Q00000000/content/website/pdf/business/bd_tariff.pdf

Once again I don't know if HSBC has a branch near your place. My office is located in Central Delhi (near connaught Place) and all banks have branches in Connaught Place. So all banks are accessible for me.

Given my bad experience, I suggest NOT opening accounts with ICICI or Standard Chartered Bank.

Edited March 18, 2011 by starnet

[csmart 472]

Cheque books, neft/rtgs etc all are chargeable by all banks. They ma give u free initially but no free for lifetime.

Icici has gud network but can't trust. I prefer nationalised bank like bob, boi, etc

Sent from my SPH-D700 using Tapatalk

Edited March 18, 2011 by csmart

[raccoon 53]

BoI... man, they are the pits. I had gone to branch hear or 2 ago, and all oldies in their staff, and they move at a snail space. They have probably been rotting thee their whole lives and think that all their customers should spend the rest of their lives in the bank, like them. Plus they are shameless enough to ask you to go out to get a photocopy done!! Doesn't work for me at all. Swore never to set foot there again. No experience with a current account though. That was just a rant about their service at a specific branch.

Similar experience with SBI. In fact I walked out on them. I guess it might be similar with most PSU banks.

@Starnet, haven't you registered with DND and with the Bank's DND specifically? I have, and HDFC doesn't bug me anymore.

Edited March 18, 2011 by raccoon

[starnet 7]

@Starnet, haven't you registered with DND and with the Bank's DND specifically? I have, and HDFC doesn't bug me anymore.

I have registered for DND but when your account size has crossed a threshold then banks assign an 'account representative' to you. Account rep is supposed to bug you all the time to meet his targets by selling ULIPs.

ULIPs is not the only thing banks try to sell these days. In last few months, I have received a lot of calls and proposals in email from banks selling flats and office space in newly launched projects in Gurgaon or Noida. So some private banks are now a days acting as property dealers also.

On the other hand, government bank staff will never try to sell you ULIPs or real estate but their customer service in the branch is poor. So one has to struggle to find the least worst bank as per our needs.

[csmart 472]

everybody has good and bad experience with banks. it depends on your usage. i prefer nationalised bank. its easier to get things done with them compare to private banks unless you have excellent "tunning" with the manager. here you are talking about current account which means a business and you know what is required for business. you may not excellent technology in a nationalised bank, but sure they are at par with any private bank.

their charges are much more reasonable and easier to get things done... however i will suggest you have to look at options available with you..

[copperco2 24]

Thank you guys.. true IDBI does have more than 50% sharholding that belongs to GOI IDBI Shareholding.

I have decided to go for the same for the time.

IDBI is the BEST !!!

Among the 3 you mentioned, IDBI bank is best now a days. It is a PSU/sarkari bank so it is 'safe'. In case of a banking crisis like the one that happened in 2008, your money in IDBI bank account will be backed by the Indian government. This is important because in last 10 years a number of Private banks have closed (e.g. Global Trust Bank, United Western Bank) leaving their customers in lurch and desperately trying to ge the money out of their accounts with troubled banks. A lot of services in IDBI bank are free without the need to maintain big minimum balance. You are charged for every small service by both PSU banks like SBI or Private banks like HDFC. Further, IDBI bank staff will never call you and attempt to sell you useless investment products like ULIPs. Also IDBI bank is offering best interest rates on fixed deposits now a days among all PSU banks.

Axis bank will charge you for things like cheque books, Pay orders, money transfers by NEFT, Debit cards and you will need to maintain a minimum balance. Further they will try to sell you insurance products like ULIPs, gold coins etc. from time to time. You will get tired of answering their phone calls every day. They will also want you to take their Platinum credit card. When I refused to take their credit card, they sent one of their executives to my home on a Sunday morning anyway, just to push the credit card down my throat. Needless to say, I soon closed my account with them.

HDFC bank staff will also try to sell you ULIPs. You will maintain a minimum balance and will pay for services that are free with IDBI bank. Further every time you receive a big payment in your account by cheque or by online transfer, they will call you and ask you to tell the source of funds. If you ask me, this is a big nuisance. I have a business to run and fielding useless calls from bank must not be a part of my daily routine.

If you have receive payments from abroad by wire transfers, then CitiBank business current account with minimum balanc of Rs 50,000 has lowest charges for receiving wire transfers. They have few branches but their service is better than the most banks in India. I don't know if they have a branch in your city and near your place.

HSBC Direct account with zero balance is also good if most of your business is done online and you don't need to deposit or withdraw cash from bank frequently. Have a look at their charges:

http://www.hsbc.co.i...ct-for-business

http://www.hsbc.co.i...s/bd_tariff.pdf

Once again I don't know if HSBC has a branch near your place. My office is located in Central Delhi (near connaught Place) and all banks have branches in Connaught Place. So all banks are accessible for me.

Given my bad experience, I suggest NOT opening accounts with ICICI or Standard Chartered Bank.

HSBS is not preferable because i am also looking for cash deposits from various cities and HSBC is kind of snobby and does not have branches in most of them.. focussed only on metroes or such..

[M.S.Rao 64]

For some persons instead of a Current acccount, an Overdraft

account is better:------

Those who have lesser transactions and lesser in volumes,

instead of keeping a minimum balance which won't earn any

interset, can put this in a longtime fixed deposit and on

this deposit can have a overdraft account(Not Loan account)

and Banks will fixes a Overdraft limit(75% to 90% of deposit)

Then you transact in this overdraft account as usual as a

current account. If you uses a minus balance upto the limit

fixed by the Bank, then only you have to pay extra interest

of 2% on what Bank's gives on fixed deposit.

So that your minimum balance will earn interest. And also you

can avoid unnecessary marketing calls, hidden charges. You may

maintain zero balance in these accounts. Normally all the Banks

won't charge for opening of this type of accounts. Other charges

only Ledger Folio charges once in a six months which is around

Rs 100 to Rs 200.

[supernova 47]

i am having axis , hdfc , idbi current acc

the best is idbi current

cheques book free . no cash deposit limit . no min balance to maintain

Edited March 21, 2011 by supernova

[KumaarShah 143]

I have a Citibank current Gold account for quite some time - everything is full free.... There is no minimum balance requirement and I can even keep the balance as 'Zero' because any excess is in the deposits account. Overall I am supposed to maintain Rs 30 lakhs across all my accounts - current, savings, deposits, investments, loans etc But for the last few years (since Citibank was in trouble), I maintained only Rs 5 lakhs across all my accounts and my account status is still Gold. For Net Banking, there is no bank which can beat Citi. Since I am in Chennai, I am enjoying their services a lot.

[Honest 836]

IDBI could be the best option in my opinion also.

[copperco2 24]

I have already initiated the process to get the IDBI Account.

The normal procedure takes at least eight days.. so i am stuck here..( the document processor is not aware of the documentation, so my cheque for account opening is processed but still stuck.) and some logic says that it is toto my fault.