While it is important to invest money in right assets, it would do equally better to stay away from some seemingly harmless but actually money depleting instruments like a savings account with HDFC Bank. I hold an HDFC Bank savings account (5k min balance) since last 8 years paying only Rs 100/- per year as Debit card charges (though there is no logic for charging for a single card every year but I live with it as I need that account as well as the card). Last month I opened another account with HDFC in a suburban area when discussing with that branch with min balance of 2.5k. The guy was good and helped me with account opening. However, today I found out (online) that they charged me 500/- for issuing Debit card!!! Now that is equal to float (in banking parlance, money that bank earns from your money lying in a savings account) on a annual 5000/- balance. And the guy never told me about such a high charge. Usually debit cards are free for first year and any deviation from such a policy should be highlighted upfront as beinng told by RBI time and again.
I am highlighting it here and on other forums such as Instablogs, Indianpad etc for benefit of all people who want to open a new savings account with any bank. I request you to please ask upfront about any kind of charges to be levied on that account. As for me, I am heading to write a mail to RBI as well as Banking ombudsman, because I do not want to waste time talking to bank guys only to hear that "I should have asked for schedule of charges".
