I want to transfer all my money to PSU bank
I don’t really have much faith in private banks like ICICI or HDFC. Especially ICICI — I’ve read quite a few posts and stories online where people mentioned how the bank deducted money for not maintaining the minimum balance, or even cases where employees misused customer funds. So, honestly, I don’t trust them much.
When I joined Infosys back in 2022, I was forced to open a salary account in ICICI Bank. So I went ahead and created one, and that’s where I used to receive my salary. Now, I’ve left Infosys this July and currently I’m working at Deloitte USI. The good thing is that Deloitte USI doesn’t force anyone to open a salary account in a specific bank — maybe because I joined as a lateral hire.
Now, I want to move all my money — my fixed deposits as well as the balance in my salary account — from ICICI to a public sector bank. I’m thinking of opening an account in some reliable public bank like SBI, Punjab National Bank, or any other PSU bank where my money will be safe.
Currently, I have around ₹12 lakhs in fixed deposits and around ₹2–3 lakhs in my ICICI salary account. I want to transfer everything to a public bank and create new fixed deposits there. I just feel that public sector banks are more trustworthy when it comes to the safety of one’s hard-earned money.
You think PSU Banks don't do the same thing?
They're worse as they don't have any customer service.
They also charge for min balance, debit card, and even auto enroll ppl in one nonsense PM Yojana scheme.
And here I am, my father was a PSU bank employee. I saw psu banks and their services since childhood. Now I am planning to shift everything back to HDFC and ICICI...
I totally understand your sentiment. But your money is likely safer in an investment that with a bank. I prefer keeping them in liquid funds and in small finance banks such as Slice or fintech apps like Fi(Federal Bank) and a large private bank.
I dislike govt banks as they don’t provide quality of service or any service guarantees.
I’d recommend you to speak to a financial advisor who’d give you some solid advice on the same.
stick with ICICI, or HDFC. They’re one of the better ones out there.
