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Tag: Banking

Citibank minimum balance now Rs.2 lakh per month

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Citibank minimum balance to be Rs. 2 lakh per month? Wow.

In early January this year, I received a mail from Citibank that w.e.f 01-Mar-13, they were converting my Suvidha savings account to a ‘Citibanking‘ account. This was supposed to be superior to the Suvidha account and would also entail keeping a minimum average monthly balance of Rs.2 lakhs. For longstanding customers like yours truly, the balance was to be maintained at Rs.1 lakh per month.

I’ve been banking with Citibank for almost a decade now and never had any problems or issues with them. Over the past few years, this account has moved from being a zero balance salary account to requiring Rs.5,000 p.m, then Rs.10,000 p.m and till now, Rs.25,000 p.m, which was also on the higher side, but ok. However, my grouse is that the “benefits” of a Citibanking account as outlined by them just don’t justify keeping an average balance of even Rs.1 lakh per month, somewhat similar to ICICI Bank hiking their minimum balance requirements without any tangible benefits of doing so.

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HDFC Bank is a khadoos bank

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Surprising I know… for a bank which used to focus on customer delight. I’ve been a happy customer for over a decade now. However, events over the past few months have left me feeling not so happy with HDFC Bank and their services / policies in general.

Effective April ’10, they increased the Average Quarterly Balance (AQB) to be maintained from Rs.5,000 to Rs.10,000, which didn’t make any sense as they weren’t offering any special services to warrant this increase.  Possibly they were playing catch up with others like Citibank (Rs.25,000/month) or ICICI Bank (Rs.10,000/quarter).


Kotak launches India’s first vertical credit card

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Kotak Credit CardsCame across a huge advertisement in the TOI today, showcasing Kotak Cards. The difference between this offering and those by other banks is the orientation of the card, or to put it more simply, this is India’s first ever ‘vertical credit card’ !

Kotak is offering a suite of four cards, 2 Gold Cards, a Platinum Card and a Signature Card, all on the Visa platform. Some of the features of these cards are;