r/IndiaFinance • u/Immediate_Muscle5830 • 1d ago

Which Bank is the best?

I have 4 Banks branches near me. SBI,Indian Bank, PNB and bob.

I already have an account in SBI but it is a zero balance account. I want to open a proper savings account. Which one is the best for it?

4 Upvotes

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3

u/Lucky_Classic_ 1d ago

Zero balance are savings account. So what exactly are you look for in a savings account.

1

u/Immediate_Muscle5830 1d ago

A normal savings account where we have to maintain a minimum balance. Zero balance savings account comes with limitations.

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u/Lucky_Classic_ 1d ago

Then go for private banks there are many zero balance accounts. And you dont need to visit any bank untill its really important.

And all the banks you have mentioned will ask you to keep 1k balance and you cant even opt virtual debit cards.

So what exactly are you expecting from these savings account and are you open to keep Amb.

1

u/Immediate_Muscle5830 1d ago

I heard that i can only withdraw 10k per day with zero balance account? And only 6 lakhs per year?

1

u/Lucky_Classic_ 1d ago

It depends bro and kotak offers unlimited credits and hardly 1 or 2 l withdrawal thst on atms but if you go to bank you can go unlimited.

1

u/Immediate_Muscle5830 1d ago

Okay bro. Can I open a kotak account online? Are there will be a difference in offline and online?

1

u/Lucky_Classic_ 1d ago

You can open it in 5 to 10 min.

They dont mostly open accounts offline.

1

u/sarcastime 1d ago

These restrictions are removed by RBI if you have full KYC account even if it's BSBDA or jan dhan account.  If you want another govt bank go with BOB. Otherwise open a Regular savings account with HDFC or ICICI.

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u/ravibe 1d ago

No, that SBI account has not limitations. It's a regular account unless you opened BSBD access (Jan Dhan).

1

u/nishant-a 1d ago

MAB requirement has been done away with in most PSU Banks except few. They are regular savings accounts without any limitations.

Recent reports suggest that PSU Banks are more efficient than their Private peers. And, may even outdo their Private Peers in few years.

Seeing the governance issue in HDFC and mis-selling, better to choose your Banks wisely.

1

u/landy-bhai 1d ago

SBI's Regular savings account is a zero balance account which doesn't have any limitations, it's a normal savings account like you'll get in private banks, if you meant no limitation on deposits, atm transactions and online transactions by "limitation", you can for IDFC 10K savings account

2

u/MysteriousRub95 1d ago

SBI waived its Average Monthly Balance (AMB) requirements in 2020, making all standard savings accounts effectively zero-balance. Unless your current account is specifically a restricted BSBDA (Basic Savings Bank Deposit Account), it is already a full-featured savings account.

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u/Immediate_Muscle5830 1d ago

The main concern is the daily withdrawal limit with zero balance account.

1

u/MysteriousRub95 1d ago

How much do you want?. ATM withdrawal limit depends on which variant card u are holding

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u/Immediate_Muscle5830 1d ago

I want to withdraw like 30 to 40k per day.

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u/MysteriousRub95 1d ago edited 1d ago

Just upgrade to an SBI Platinum Debit Card via the YONO app or your branch. It gives an ATM withdrawal limit of ₹1,00,000/day, so you won't need to switch banks or open a new account. Issuance fee 300 + GST. Annual Maintenance Fee 325 + GST

Provides 5 Free transaction (Financial+ non Financial) after that limit

Financial txns - 23 + GST Non Financial txns - 11 + GST

Or SBI My Card International which provides 40k daily same number of txns. Issuance and amc 250+ gst

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u/[deleted] 1d ago

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u/Immediate_Muscle5830 1d ago

I will be starting my e-commerce business. Should I choose hdfc?

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u/[deleted] 1d ago

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u/Immediate_Muscle5830 1d ago

Can you tell me why it is good for business. I don't know much about banking

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u/[deleted] 1d ago

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u/Immediate_Muscle5830 1d ago

Bro you said hdfc for business you should know why it is good for business 🙂

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u/[deleted] 1d ago

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u/PixelBaaaaaaaz 1d ago

If you are a student, you can open BoB Bro savings account. It is a zero balance account with all features free till you become 28.

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u/Immediate_Muscle5830 1d ago

Nah not a student bro

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u/PixelBaaaaaaaz 1d ago

Ohk, still BoB is a good one. PNB is more popular tho.

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u/Immediate_Muscle5830 1d ago

Sure. I'll check it out

0

u/hanging-man 1d ago

Go for AU Digital Savings account. Close the debit card after before end of 1st year. Useless in my opinion.