New Financial Journey for a 25 year old - Query
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Could you please suggest:
1. Which bank he should open his account with
2. The best debit card variant
3. A suitable credit card (ideally LTF)
4. Investments he can make (up to Rs. 5,000 per month, as the rest of his salary will go towards his parents)
Any advice to help him start his financial journey and build a strong credit profile would be greatly appreciated.
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Suggest him opening bank account at HDFC Bank and maintain balance with them if he don't want FD backed credit cards within 5-6 months he will be offered a credit card i was offered CC by HDFC when i was just 21 i opened account in march they offer card in june i applied the card as student and still using it and now i am holding their salary account and availing free DC with 750 CB per month and since account opening i haven't faced any issue with them also their branch staff is much cooperative they solve issues professionally
If he can't wait the suggest him any FD backed credit card and do timely payments
As you said he is government officer then it is very easy for him to get credit card if he has savings account with Sbi ask him visit branch after conversion of his account to government salary account code and ask them to apply for credit card it would be much easy process Also my sister without any cibil history gathered her first sbi credit card with limit of 60K same way she is lvl 6 employee
And i also gathered sbi card same way later
1. Bank doesn't matter, but in terms of service private banks are better, but one should have atleast one account in PSU bank
2. Suggested to get HDFC easyshop platinum debit card, with salary account it's free else chargeable and sometimes free
3. Generally at this stage it may difficult to get CC, though FD backed can available easily if he can manage FD.
try to get ICICI platinum / ICICI Amazon may, these are LTF
4. I suggest start SIP with just meagre amount like 2k-3k, the amount which he will need in his 50-60. He must assume as he is getting 2k less salary. one should understand the meaning of compounding, even late by single year, difference would be in lacs/crore.