Which bank in India is the best to open a bank account in? Which one has the most benefits and the highest interest?
Replies (8)
Quick Summary
This discussion explores the best bank in India for opening a new account, weighing the pros and cons of public sector banks like the State Bank of India (SBI) against private institutions such as HDFC. While SBI offers digital services via Yono and is a large public sector bank, private banks like HDFC are highlighted for their flexibility in loan approvals, potential for overdraft facilities (TOD), and superior online banking services. The consensus leans towards private banks for easier access to credit and smoother operations, especially if future loan requirements are anticipated.
Because SBI is the second largest Bank after RBI and you can access all such banking activities including digitalized transactions with Yono SBI application with one touch
Private banks are more flexible in giving loans and other services whereas govt banks want proper and completed paper work when allowing loans etc.
If in future you would require loans etc then its beneficial to open a account in private bank as they need to check your banking before sanctioning any loans and if you already have an current account with them its easier to talk to them for loans. Depending on your account size they also somtimes offer you TOD services, means immediate loans. For example your monthly transaction in your account is Rs. 15 lakhs and you immediately need 50000, you can ask for this amont and they will sanction a limit for this amount depending on your monthly trasactions etc or if you have a fd in their bank for say 1 lakh.
yes even I am thinking that it is wiser to open a bank account in a privately owned bank rather than a public bank due to the ease of operations in a private bank. It would be more beneficial to open an account in HDFC Bank
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