What Bank Account

[shahadil]

I have been using HDFC for my trading requirements, and the only downside of them was a 30 minute cooling period before i could transfer money out. But now they have a restriction of 10k rupees by IMPS for 24 hours, and 25k for 48 hours and then no limit. So i was wondering which is the best bank account for bitcoin trading in India.

The parameters would be zero cooling time, no limit on 1st transaction, no limit on adding beneficiaries, no limit on transactions using MMID and mobile number, and preferably no limit on daily transaction volume as well, as again HDFC limits to 10 lac in a day. help would be highly appreciated.

[dashingriddler]

In HDFC there is an option called ENET banking through which you get all the benefits you are looking for.

[buysellbitcoin]

I have been using HDFC for my trading requirements, and the only downside of them was a 30 minute cooling period before i could transfer money out. But now they have a restriction of 10k rupees by IMPS for 24 hours, and 25k for 48 hours and then no limit. So i was wondering which is the best bank account for bitcoin trading in India.

The parameters would be zero cooling time, no limit on 1st transaction, no limit on adding beneficiaries, no limit on transactions using MMID and mobile number, and preferably no limit on daily transaction volume as well, as again HDFC limits to 10 lac in a day. help would be highly appreciated.

HDFC Enet is best but it does not have IMPS, so you will have to go by NEFT, RTGS and bank to bank transfers only. I think you will need current account for the same ( In any case I will advise to use current account for business and trading purpose )

If IMPS is must ( IMPS with IFSC and not MMID), ICICI corporate banking does have some good options but there are limits for sure. You can add 10 or 20 beneficiary in a day. But there is no first transfer limit, No cooling period and considerably best up time in all banking portals.

You should be able to increase your daily HDFC limits (TPT ) by visiting branch.

Regards

[dashingriddler]

Yeah ENET do not have IMPS yet

For TPT the limit is 10 Lakhs per day per Internet banking user. No way to increase it and you should just go for ENET if you need more limits.

[shahadil]

ENET is useless. Most of my transfers happens outside of NEFT hours. I need IMPS. wonder how axis and other banks are with regard to Imps payments.

[nichu]

ENET is useless. Most of my transfers happens outside of NEFT hours. I need IMPS. wonder how axis and other banks are with regard to Imps payments.

Yes AXIS bank does have IMPS transfer ,quite simple with the ease of use, i prefer AXIS bank for all my activities,trading etc . you can check all the details here abt axis bank here http://www.axisbank.com/personal/transfer-funds/immediate-payment-service/how-it-works.aspx

[shahadil]

Thanks everyone for their replies. So i have found an interim solution for myself. And this story is important.

Was out for coffee with wife, and she insisted on heading to Barista whereas CCD being right next to it, was my preference. Anyway went to Barista, their card machine was not working and having no cash with me, we went to CCD. At CCD there was a poster of Digibanking by DBS which caught my eye, and something with Oxigen services being their partner for verification. I thought maybe this is another online wallet, but being the curious person that i am, i spent the entire afternoon looking them up.

Downloaded the app, Signed up for their digiexpress account, took less than a minute, and i had transaction limits of 10k a day, and 20k a month. I still believed this was not a bank account, but more like an online wallet. The best part, no cooling time for adding beneficiary, and i could transfer to MMID and account number both.

Signed up for their DigiSavings account, by giving nominee, pan and Aadhar. next day someone came over to verify fingerprint, or i could have gone to a CCD as well to do the same. and as soon as verification was done, my account was activated with upgraded limit of 5 Lac a day, and 50 Lac a month. Also i believe there are no transaction fees, atleast till now haven't been charged anything.

So my problem is solved for the time being. No waiting for adding beneficiary, and decent transaction limit. Only downside, they don't offer current account yet.

P.s. This is a completely online bank account.

I would recommend this to anyone doing BTC trading.

Edit: There is a limit of 20 beneficiaries. However, you keep deleting and adding new ones as there is no limitation. Just a small irritant.

[nichu]

thats a really good find,hearing about them for the first time. i hope it is relatively a new venture. i liked the price table with decent ones for saving account.will try it out