• Hey there! Welcome to TFC! View fewer ads on the website just by signing up on TF Community.

Disadvantage/Implications on having multiple bank accounts

I hold 4 bank accounts and was intrested in Kotak 811 for Kotak Bank credit cards offer. I know it's not a clever idea however I wanted to know if there's other actual issue in holding too many bank accounts.

Would like to hear from the community.

P.S: I say intrested but I won't unless I get a very good reason other then Kotak White credit card to open 811 account.

You can mention reasons to open the account too.
 
Any privileges of pre-approved premium cards with a wealth account?
I already had 3-4 ICICI ccs before opening the Wealth Account and ICICI generally doesn't offer you a pre-approved LTF card if you already hold any LTF card with them (even if you hold Platinum/ Apay).

If you don't have any relationship, it would definately help you to get some pre-approved cc.

I have seen some posts of some pro users have gone far and managed to get LTF Sapphiro with their Wealth relationship.

Other than that, you get some ICICI Wealth Management branches (with premium lounges) where they only serve Wealth Customers, you get some personalized cheque and deposit slip. That's all the benefits.
 
I already had 3-4 ICICI ccs before opening the Wealth Account and ICICI generally doesn't offer you a pre-approved LTF card if you already hold any LTF card with them (even if you hold Platinum/ Apay).

If you don't have any relationship, it would definately help you to get some pre-approved cc.

I have seen some posts of some pro users have gone far and managed to get LTF Sapphiro with their Wealth relationship.

Other than that, you get some ICICI Wealth Management branches (with premium lounges) where they only serve Wealth Customers, you get some personalized cheque and deposit slip. That's all the benefits.
Oh sad then. I was hoping to get a premium card LTF at the very least.
Funnily, I had hosted and launched their Wealth branch opening in Mangalore. Idiots didn't even pay me and my team for our services! 🙁 😀
 
Yeah even some of my friends who got pre approved one card offer from Federal Bank and they were not asked to do vkyc 🙂 just because of holding full kyc accounts of Fi/Jupiter 👍
I never got the Federal OneCard upgrade offer, and used to feel sad because it looked like I was getting stuck with BoB as the partner, but luckily managed to resist my urge to upgrade and thus got an IDFC Wealth Card as a replacement. Meanwhile, confirmed with both banks and continued to upgrade OneCard to BoB. 😀
 
No harm only the SMS, DC and MAB and stuff.
I have these accounts, want to open but my inner mind says no ..
-BoM Salary account
-ICICI Gold Privilege Account
-Canara Bank Classic Account
-Punjab National Bank Classic Account
-Federal Bank Freedom Account (idk what's freedom here)
My inner mind says no too. I read somewhere that although there’s no law that prohibits an individual from opening multiple accounts , but having too many accounts may come under the scanner of IT deptt. as they (or their automated algorithms) may think that you are doing money laundering. Ofcouse they won’t find anything since none of us are doing any illegal activity here but why invite unnecessary attention and trouble of keeping track of so many accounts when we don’t need them.

Reference : https://blog.saginfotech.com/it-dept-radar-many-bank-accounts/amp
 
If they do raid me, all they will find are a few google pay cashbacks and stuff 😆 Anyway not more than three figure amounts in all these neobanks that I use 😛
My inner mind says no too. I read somewhere that although there’s no law that prohibits an individual from opening multiple accounts , but having too many accounts may come under the scanner of IT deptt. as they (or their automated algorithms) may think that you are doing money laundering. Ofcouse they won’t find anything since none of us are doing any illegal activity here but why invite unnecessary attention and trouble of keeping track of so many accounts when we don’t need them.

Reference : https://blog.saginfotech.com/it-dept-radar-many-bank-accounts/amp
 
Back
Top