As part of our initiatives to avoid the accumulation and consumption of interest we visited a few banks that majority of IT employees hold last week.
Our Amity members visited SBI,HDFC,ICICI and AXIS and inquired the possibility of creating a current account to replace our Salary Savings account to avoid interest completely.
All of them affirmed that we can open a current account but there will be a minimum amount that needed to be maintained ranging from ₹5k to ₹25k. There might be other hidden charges that needs to be clarified before opening the account.
Bank Minimum Balance for various banks*
- HDFC – ₹10k
- ICICI – ₹10k (with hidden charges) and ₹25k (with no hidden charges)
- SBI – ₹10k
- Axis – ₹5k (with ₹50/month maintenance charge)
*This is just a preliminary inquiry.Please check with the bank for exact details
We suggest the following steps to be taken
1) Talk to your financial team and ask of your intention of creating a current account in the same bank to avoid interest (This will be part of Dawa as well)
2) If they agree then go to the bank and get COMPLETE details about opening a current account including the minimum balance and all hidden charges
3) If everything is satisfactory then open a current account in the bank
4) Update your Financial Records with your new current account
5) Once your Salary is credited to your current account you can close your Savings account permanently.