It was announced in somewhere around may not sure ,the following month the rewards were reduced as well .
I always use cred to pay my bills .So not sure.
I have sold my position in idfc in june peak when hdfc was around 1300 ,Can anyone explain why would someone choose idfc over hdfc in this volatile market and recession fears?(specially when the bigger abnk trades at a discount.
i am a idfc bank account holder for more then a year ,there services are great but lately i have found it is better to move to bigger banks because the services they provide reason being :-
1)I have found you can save more money with better credit card rewards then get a more 2 to 3 % interest saving .Plus i hardly keep my money in bank due to market volatility giving better returns as in ofss giving a yeild of 7% ,irfc giving a yeild of 6% plus .
2)In this volatile market and recession fears i feel it is safer to park money in bigger banks then small banks.
3)I have talked to multiple HNI clients and for them Idfc is a no go as they invest a lot of money in sip or mutual funds via big banks.
4)if idfc does offer same interest rate as big banks how many of you would park you money in idfc then hdfc,axis or any other bank?
5) Idfc would loan to riskier clients then let’s stay Sbi ,Axis or Hdfc as there cost of funds are higher .(which to me is the biggest red flag in times like these.
But not all is wrong with idfc i like them:-
1)They are probably the best bank when it comes to transparency of charges ,and have the least amount of charges as well from debit card to imps there is no charge .
- seamless service with zerodha and Idfc 3in1 account ,which i believe is the best discount broker (IT might change as they have launched there own demat account ).
3)better intrest rates, Amazing customer support.
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