Optimizing My Banking Setup

[thekirang]

Hi everyone,

I’m planning to optimize my bank accounts and would appreciate your suggestions.

I currently have the following accounts:

1. HDFC Basic – No MAB requirement, Platinum Debit Card *(salary not credited since 2023)*
2. HDFC Basic – ₹2.5K quarterly MAB, Millennia Debit Card
3. SBI – No MAB, my oldest account (since 2014), active salary account since 2024 ##can be change if requested to my company
4. ICICI – No MAB, auto-upgraded from Mine variant
5. AU – No MAB, Rupay Platinum Debit Card
6. Kotak – No MAB
7. Fi – No MAB
8. NSDL Jiffy – No MAB, Rupay Platinum Debit Card
9. Bank of Maharashtra – ₹1K monthly MAB, Rupay Platinum Debit Card

I'm thinking of closing the following 3 accounts, as they no longer serve any purpose for me
-NSDL Jiffy
-Fi
-Bank of Maharashtra

Your Suggestions:
- Which accounts are worth to keep , close , upgrade or open new ?
- Any hidden perks I might be missing with existing accounts?

Goal: Simplify to just 3 core accounts:
- 1 Salary Account
- 1 Savings Account (for interest) cum Spending Account (daily transactions, UPI)
- 1 Investment Account

if it helps:
- I have the IndusInd Legend Credit Card (for Indus Select benefits)
- Also using IDFC First Select Credit Card


Thanks,

 

[hender]

Clarity of thought process 👍

 

[thekirang]

Clarity of thought process 👍

your suggestion will be helpful and will help me decide better

 

[SatyG]

Hi everyone,

I’m planning to optimize my bank accounts and would appreciate your suggestions.

I currently have the following accounts:

1. HDFC Basic – No MAB requirement, Platinum Debit Card *(salary not credited since 2023)*
2. HDFC Basic – ₹2.5K quarterly MAB, Millennia Debit Card
3. SBI – No MAB, my oldest account (since 2014), active salary account since 2024 ##can be change if requested to my company
4. ICICI – No MAB, auto-upgraded from Mine variant
5. AU – No MAB, Rupay Platinum Debit Card
6. Kotak – No MAB
7. Fi – No MAB
8. NSDL Jiffy – No MAB, Rupay Platinum Debit Card
9. Bank of Maharashtra – ₹1K monthly MAB, Rupay Platinum Debit Card

I'm thinking of closing the following 3 accounts, as they no longer serve any purpose for me
-NSDL Jiffy
-Fi
-Bank of Maharashtra

Your Suggestions:
- Which accounts are worth to keep , close , upgrade or open new ?
- Any hidden perks I might be missing with existing accounts?

Goal: Simplify to just 3 core accounts:
- 1 Salary Account
- 1 Savings Account (for interest) cum Spending Account (daily transactions, UPI)
- 1 Investment Account

if it helps:
- I have the IndusInd Legend Credit Card (for Indus Select benefits)
- Also using IDFC First Select Credit Card


Thanks,

I would suggest getting a RuPay credit card for frequent UPI transactions to keep your bank statements less cluttered. I personally like to have 2 accounts only: 1 salary, 1 investments. I have started closing the remaining accounts.

 

[thekirang]

I would suggest getting a RuPay credit card for frequent UPI transactions to keep your bank statements less cluttered. I personally like to have 2 accounts only: 1 salary, 1 investments. I have started closing the remaining accounts.

I have tata neu plus rupay card for upi transaction. But not all merchant accepts payment from rupay cc,
so bank account is must for upi

 

[prankster]

For savings ac with good interest / UPI transactions, you can consider Slice(Partnered with NESFB). They give flat 6% on savings, no slabs, covered under DICGC (upto 5 Lakhs). The UI is nice too!

 

[sunit123]

keep 3 i.e. ICICI, HDFC and SBI (too big to fail as per RBI). Close rest all

 

[thekirang]

For savings ac with good interest / UPI transactions, you can consider Slice(Partnered with NESFB). They give flat 6% on savings, no slabs, covered under DICGC (upto 5 Lakhs). The UI is nice too!

I started this from slice account. I missed this point due to lack of knowledge. Thanks for informing. I will consider to re-open if no option left.

 

[thekirang]

keep 3 i.e. ICICI, HDFC and SBI (too big to fail as per RBI). Close rest all

Yeah, but it's very rare that mainstream and core banks failed. Yes bank is the only bank that suffered.

But these 3 bank doest provide that much benefit as in competition bank provides with minimal or no risk

 

[hender]

Hi everyone,

I’m planning to optimize my bank accounts and would appreciate your suggestions.

I currently have the following accounts:

1. HDFC Basic – No MAB requirement, Platinum Debit Card *(salary not credited since 2023)*
2. HDFC Basic – ₹2.5K quarterly MAB, Millennia Debit Card
3. SBI – No MAB, my oldest account (since 2014), active salary account since 2024 ##can be change if requested to my company
4. ICICI – No MAB, auto-upgraded from Mine variant
5. AU – No MAB, Rupay Platinum Debit Card
6. Kotak – No MAB
7. Fi – No MAB
8. NSDL Jiffy – No MAB, Rupay Platinum Debit Card
9. Bank of Maharashtra – ₹1K monthly MAB, Rupay Platinum Debit Card

I'm thinking of closing the following 3 accounts, as they no longer serve any purpose for me
-NSDL Jiffy
-Fi
-Bank of Maharashtra

Your Suggestions:
- Which accounts are worth to keep , close , upgrade or open new ?
- Any hidden perks I might be missing with existing accounts?

Goal: Simplify to just 3 core accounts:
- 1 Salary Account
- 1 Savings Account (for interest) cum Spending Account (daily transactions, UPI)
- 1 Investment Account

if it helps:
- I have the IndusInd Legend Credit Card (for Indus Select benefits)
- Also using IDFC First Select Credit Card


Thanks,

Maha bank, reason for closure?
How's your experience with maha bank for NB/MB/Transaction/Alerts/Charges/Branch

 

[thekirang]

Maha bank, reason for closure?
How's your experience with maha bank for NB/MB/Transaction/Alerts/Charges/Branch

MAB 1K, and not using that now.

 

[hender]

Maha bank, reason for closure?
How's your experience with maha bank for NB/MB/Transaction/Alerts/Charges/Branch

MAB 1K, and not using that now.

Closing coz, MAB is 1k ?
2- ?

 

[thekirang]

Closing coz, MAB is 1k ?
2- ?

Yeah, and deducts other charges also na.. and it's credit card is also not much of use. So maintaining that doesn't make any sense from my point of view