Best Bank for Net Banking and Fund Transfer

I have a Canara Bank Savings Account for regular use and salary. Liked it because of the number of ATMs everywhere and instant SMS alerts for money credited into account, money debited from account (both via ATM and Debit Card).

Problem is they are looting people for online transactions @ Rs. 10/transaction (makes no sense paying Rs. 10 extra for a 6 rupees SMS pack recharge to my mobile phone). And I intend to do a LOT of netbanking.

Hence I want a second account that I can safely use for net banking, credit cards, paying via debit cards, etc. It should have no surcharge for netbanking, no surcharge for fund transfer to another account, should be easy to transfer funds INTO it (by cash, net transfer and cheque) without surcharges and I don't care about how much minimum balance they ask us to maintain. If there are enough freebies and comforts for 10k or even 25k minimum balance, I'm up for it.

Features I need:

No Surcharge for Net Banking
No Surcharge for Debit Card
No Surcharge for ATM Card
No Surcharge for Fund Transfer
Secure (VERY SECURE) payment gateway supported widely

Please suggest some good options!

If some of you already have canara bank accounts, its nice if you suggest options that can act as compliment to the canara bank account (like for example features already present in CB needn't be present here).

your asking too much metalhead

No Surcharge for Net Banking
No Surcharge for Debit Card
No Surcharge for ATM Card
No Surcharge for Fund Transfer

out of these choose 2 which are most important to you , you might get that, but you wont get all

Charges are always there.

I use Axis Bank. All fees are mentioned here: Axis Bank

No surcharge for net banking except a one time fee during opening of account.

Login and transaction net-banking passwords are different.

Rs. 5 per outward NEFT transaction. Inward is zero. 5 free ATM transactions per month, it says. Dunno what happens afterwards.

Dunno about any particular Debit Card charges. Should be there though. I think Rs. 100 if I use my Debit Card ONLINE in that particular month. Otherwise not. Will check and tell you next week.

Verified by Visa password for Visa debit/credit cards. 3D Securecode (again a password; dunno why called 3D) for Mastercard debit/credit cards. This is present in every Indian bank (RBI has made everyone to comply with this) and used at every desi online website.

My bank also gives me the ability to create one time use disposable/virtual credit card. (VCC)

NetSecure enabled. A passkey is sent via SMS to mobile if you do something in net banking website. Example, create VCC.

Cash deposit is free if my account is in the same branch. If different branch, Rs. 15~ or so. True for every bank.

ico said:
Dunno about any particular Debit Card charges. Should be there though. I think Rs. 100 if I use my Debit Card ONLINE in that particular month.

What does that mean?

Especially the last part. There's no charge like that. And there's only annual debit card maintenance charge, 50/- (can confirm about SBI, can't say about rest).

ico said:
5 free ATM transactions per month, it says. Dunno what happens afterwards.

20 rs per transaction (including balance inquiry).

ico said:
Cash deposit is free if my account is in the same branch. If different branch, Rs. 15~ or so. True for every bank.

Free in IDBI (they told it, not tried though).

In HDFC, if you deposit personally (Account holder), then no charges.

In UBI, no charges except for some branches (99% don't charge, at least here).

@MHG, I use Union bank extensively (student account), SBI and IDBI. UBI is pretty easy to operate but lacks features like password confirmation via phone for every transaction.

Cash deposit is free. Typo. Cheque I meant there, if on a different branch.

dashing.sujay said:
What does that mean? Especially the last part. There's no charge like that. And there's only annual debit card maintenance charge, 50/- (can confirm about SBI, can't say about rest.)

I'm talking about my Axis. Will verify some day.

I have an account in IDBI bank and I am very much satisfied with their services. As per RBI guidelines, NEFT outgoing transaction charges are 5/- below 1,00,000/- transaction.
No charges for any online transaction. Three tier security for Online transactions like third party transfer or at merchant gateway.

Any other bank but not ALLAHABAD BANK !!! No Verified By Visa - so no online shopping. Not listed at many important website under netbanking !!! Plus 5 bucks commission for every NEFT / RTGS transaction..

techiemaharaj said:
Plus 5 bucks commission for every NEFT / RTGS transaction

As I mentioned earlier, thats RBI guideline. Bank has nothing to do with it. Bank can let off those charges at its own expense and I don't think if any bank has done that.

Rest of things about Allahabad Bank, I totally agree with you. One of the worst service provider.

I would suggest you to go for IDBI Bank.

@OP
IDBI bank -- government bank, but service better than most private banks.
No charge for many services you mentioned.

S

Sbi is best!! Only 100 bucks for silver or gold debit card anually, xpect this, rs 10 for any transaction from Irctc for railway ticket booking!!

Govt banks are good...but if u are interested in luxurious service then choose a private bank !!! Govt bank service is PATHETIC !!

M

HDFC Bank

+1 for IDBI Bank. AFAIK, It satisfies all your requirements. Check locally.

Well, THE most important feature is free netbanking. Any suggestions for that ? I don't want to pay Rs. 10/- surcharge.

I found ICICI Branchfree Banking nice but they don't provide debit card, when 60% of my purchases is through debit card (hotels, petrol, provisions, etc).

H

well, I've been using SBI for over three years and have used their mobile banking for paying bills, transferring money to accounts of other banks in other states, mobile recharge every now and ten, frequent ATM usage, and swipe in at some stores.

extra charges I've faced is only when going over the limit of max 5 transactions from a non-native bank atm, for which cash withdrawals cost +20 and ministatement/balance +8rs

They have a feature rich netbanking solution and even vcc service under "sbicard", I've yet to gain a credit card so is not that familiar with CC. Rest, it's very satisfying

Using SBI and Axis. Both are good.

I prefer SBI more than Axis.

hsr said:
well, I've been using SBI for over three years and have used their mobile banking for paying bills, transferring money to accounts of other banks in other states, mobile recharge every now and ten, frequent ATM usage, and swipe in at some stores.

extra charges I've faced is only when going over the limit of max 5 transactions from a non-native bank atm, for which cash withdrawals cost +20 and ministatement/balance +8rs

They have a feature rich netbanking solution and even vcc service under "sbicard", I've yet to gain a credit card so is not that familiar with CC. Rest, it's very satisfying

For a bank with lots of ATMs I don't mindthe max 5 transactions from non-native ATM limit.

What about Netbanking or mobile banking surcharges ? Do they loot people for each online payment or each online fund transfer ?

MetalheadGautham said:
Well, THE most important feature is free netbanking. Any suggestions for that ? I don't want to pay Rs. 10/- surcharge.

I found ICICI Branchfree Banking nice but they don't provide debit card, when 60% of my purchases is through debit card (hotels, petrol, provisions, etc).

SBI , netbanking transactions are free and they also provide a debit card

ssk_the_gr8 said:
SBI , netbanking transactions are free and they also provide a debit card

Any links to their terms and conditions and list of hidden charges ?

H

MetalheadGautham said:
What about Netbanking or mobile banking surcharges ? Do they loot people for each online payment or each online fund transfer ?

I use their mobile banking app almost daily, recharges and funds transfers. I've been charged nothing till now, for anything. Although I found out that my account can't recharge to tata docomo, I've done recharges as low as 10 and max 600, no charges for that either.

There will be very very few "offers" and "attractive discounts" for the card though. They are now issuing Visa supported cards too, but mine's Maestro, the old

But Axis Mobile Banking App. is much better than SBI Mobile Banking App.

H

in terms of UI, that is

I use SBI though,never had any problems as such,good service,except once they had debited double salary to my account!!

SBI's service has significantly improved in near time. When I compare its service at bhopal from my native place or any small town, I find it at par with private banks. Private banks have very less customers than SBI, so they're supposed to be a bit fast. Still, with ATMs at almost every 1-2 km, branches every here and there, you can't go wrong.

@MHG- I have done online shopping/transfers/recharges worth more than a Lakhs, and there isn't any charge other than for fund transfers & IRCTC booking.

You can check with standard chartered bank also.

I have a salary a/c with them for more than 2.5 years now. And I am pretty satisfied with the service they provide.

Now lets go through the checklist:

No Surcharge for Net Banking: No

No Surcharge for Debit Card: For me it was first year free and afterwards annually rs. 799 - platinum debit card. But for salary a/c holders, waived off.

No Surcharge for ATM Card: NO

No Surcharge for Fund Transfer: NO

Secure (VERY SECURE) payment gateway supported widely: I should say secure. And yes, supported widely.

hsr said:
I use their mobile banking app almost daily, recharges and funds transfers. I've been charged nothing till now, for anything.

What are the features available online ?

Do they have online passbook feature where I can see every transaction right from date of creation of account ?

Although I found out that my account can't recharge to tata docomo, I've done recharges as low as 10 and max 600, no charges for that either.

Wait a sec, I have a DOCOMO SIM. What do you mean cannot recharge DOCOMO ?

There will be very very few "offers" and "attractive discounts" for the card though.

I don't care about "offers" or "attractive discounts" and the like.

They are now issuing Visa supported cards too, but mine's Maestro, the old

Visa support is welcome

All new cards are Visa ??

I still prefer Maestro. You might want to keep in mind that all these new VISA / MasterCard Debit Cards have Rs. 500/- as Min. Withdraw for ATM.

This thing is really stopping to me to get one of these.

krishnandu.sarkar said:
I still prefer Maestro. You might want to keep in mind that all these new VISA / MasterCard Debit Cards have Rs. 500/- as Min. Withdraw for ATM.

This thing is really stopping to me to get one of these.

From where did you get that? I own an IDBI mastercad, and take out 100 rs

krishnandu.sarkar said:
I still prefer Maestro. You might want to keep in mind that all these new VISA / MasterCard Debit Cards have Rs. 500/- as Min. Withdraw for ATM.

This thing is really stopping to me to get one of these.

Wrong. Depends on bank policy.

Not the back-end. Visa/MasterCard/Maestro.

krishnandu.sarkar said:
I still prefer Maestro. You might want to keep in mind that all these new VISA / MasterCard Debit Cards have Rs. 500/- as Min. Withdraw for ATM.

This thing is really stopping to me to get one of these.

New to me also. My Stan Chart card is Visa and can withdraw 100s still

Maestro is also not widely supported for online transactions.
Found out while booking flight tickets with my SBI card

H

What are the features available online ?

Do they have online passbook feature where I can see every transaction right from date of creation of account ?

Yes, it's available for the netbanking account, but mobile application has only the ministatement feature.
note: mobile banking = mobile application, but netbanking and mobile banking are two different things, needs separate registrations...

Wait a sec, I have a DOCOMO SIM. What do you mean cannot recharge DOCOMO ?

While recharging from the mobile app that is, there is a field for service provider, which should be like "bsnl", "airtel", "idea" etc. I've tried "tatadocomo", "docomo", "tata docomo", but failed to recharge the person

Visa support is welcome All new cards are Visa ??

I am not sure about this, though. My friend recently got a new account which he was given a visa card. I think his is an NRI account or so. Please confirm before applying.

And like regular cheque accounts, it requires a 1000rs minimum balance and 40k max withdrawal per day(debit-atm)

krishnandu.sarkar said:
I still prefer Maestro. You might want to keep in mind that all these new VISA / MasterCard Debit Cards have Rs. 500/- as Min. Withdraw for ATM.

This thing is really stopping to me to get one of these.

lol you got owned...

and SBI has no such limitations, I have used my friends SBI Visa debit to withdraw 100s and shopped for 96/- (8 Oeros, don't ask me why)

I have CitiBank suvidha salary account and there are no charges on net banking (NEFT) both inward and outward...but they have very few ATMs

But when you loose your card, Maestro cards are safest (or the only one safe).

arsenalfan001 said:
New to me also. My Stan Chart card is Visa and can withdraw 100s still

Maestro is also not widely supported for online transactions.
Found out while booking flight tickets with my SBI card

I can withdraw Rs. 100 as well.

yea, Maestro sucks for online.

Almost 99% desi sites now support Maestro payment.

H

Yes, Maestro is dead for online shopping...

But very safe for carrying around.

Almost 99% desi sites now support Maestro payment.

*cough* flipkart *cough* letsbuy

hsr said:
*cough* flipkart *cough* letsbuy

Are you joking? They both support. I have used there.

hsr said:
Yes, it's available for the netbanking account, but mobile application has only the ministatement feature.
note: mobile banking = mobile application, but netbanking and mobile banking are two different things, needs separate registrations...

I'm not interested in mobile banking as much as net banking. How is the Net Banking UI and what is the back end engine ? (ASP/JSP/PHP)

While recharging from the mobile app that is, there is a field for service provider, which should be like "bsnl", "airtel", "idea" etc. I've tried "tatadocomo", "docomo", "tata docomo", but failed to recharge the person

What about recharges through the service provider's website ?

and SBI has no such limitations, I have used my friends SBI Visa debit to withdraw 100s and shopped for 96/- (8 Oeros, don't ask me why)

Coming to debit, any surcharge for paying through debit card at supermarkets and/or petrol pumps ?

dashing.sujay said:
But when you loose your card, Maestro cards are safest (or the only one safe).

Reason ???

BTW a general question - some banks I believe have a provison to send security codes through SMS for each online transaction that needs to be entered online to confirm if the person is really the one who is accessing it. Is this available in SBI, etc ??

1. IDBI
2. HDFC
3. Axis
4. SBI (?)

Its a priority list based on your requirements.

hsr said:
lol you got owned...

and SBI has no such limitations, I have used my friends SBI Visa debit to withdraw 100s and shopped for 96/- (8 Oeros, don't ask me why)

Well don't know about practical. But at-least their site states that none of the VISA / MasterCard Debit Card allows Min. Transaction below Rs. 500/-

Anyway in that case it's a good news, need to apply for one Classic / Silver / Gold.

MetalheadGautham said:
I'm not interested in mobile banking as much as net banking. How is the Net Banking UI and what is the back end engine ? (ASP/JSP/PHP)

I find SBI's backend to be fastest and smooth. IDBI worst, heck it doesn't even supports Chrome (haven't checked from 4 months though)

MetalheadGautham said:
Coming to debit, any surcharge for paying through debit card at supermarkets and/or petrol pumps ?

0 at supermarkets, can't say for petrol pumps, but I guess its free there too.

MetalheadGautham said:
Reason ???

One can't swipe your card until he knows your PIN but that's not the case with Visa/MasterCard (all 16 digit card-no cards).

MetalheadGautham said:
BTW a general question - some banks I believe have a provison to send security codes through SMS for each online transaction that needs to be entered online to confirm if the person is really the one who is accessing it. Is this available in SBI, etc ??

Available in SBI.

H

MetalheadGautham said:
I'm not interested in mobile banking as much as net banking. How is the Net Banking UI and what is the back end engine ? (ASP/JSP/PHP)

PHP I believe and they are VeriSign certified 256bit, the UI is the standard blue and don't expect jQuery effects and blimey drpdowns, it's simple and feature full.

What about recharges through the service provider's website ?

Yeah, that will work via netbanking or debit card payment.

Coming to debit, any surcharge for paying through debit card at supermarkets and/or petrol pumps ?

Nope, nothing extra was charged for me (max spent was 6900/- in a single swipe).

BTW a general question - some banks I believe have a provison to send security codes through SMS for each online transaction that needs to be entered online to confirm if the person is really the one who is accessing it. Is this available in SBI, etc ??

SBI uses the standard 3D security pin type authentication, and for each transaction including ministatement/balance/credit/debit it sends an sms...

CITI bank is nice.