Guidance to Consolidate Multiple Bank Account.

[Solarman]

Hey,
I Am Having Multiple Bank Account Kindly Suggest me Which one Should i Close to Consolidate it.
Below Are the Banks Name

HDFC -Preferred Banking Old Account (Not to Close this Account) (I Have Credit Card)
ICICI -10K AMB (I Have Credit Card)
Kotak 811
SBI (I Have Credit Card)
Union Bank Of India For Current Account And Cash Credit

Please Suggest Which 2 Account Should I Close
And I am Also Planning to take Home Loan In Future

 

[Slayer]

ICICI/SBI/UBI and Kotak

Personally i like Union Bank was my only PSU bank account for a long time and even now i only added Canara as I know a very senior exec there

 

[S U D O]

(I Have Credit Card)

Closing the bank acct will affect credit card?

 

[Slayer]

Closing the bank acct will affect credit card?

Non . .

Spoiler: TIL

(french for no)

 

[SunnyM]

Kotak 811 and Union Bank Of India. HDFC ,ICICI AND SBI are the safest banks in India .

 

[Solarman]

ICICI/SBI/UBI and Kotak

Personally i like Union Bank was my only PSU bank account for a long time and even now i only added Canara as I know a very senior exec there

Any benefit of having icici account should i close it ?

 

[Slayer]

Any benefit of having icici account should i close it ?

I think core banking product of ICICI is better than HDFC but HDFC has been improving so I would say both are on fairly even ground

 

[54R4NG]

Hey,
I Am Having Multiple Bank Account Kindly Suggest me Which one Should i Close to Consolidate it.
Below Are the Banks Name

HDFC -Preferred Banking Old Account (Not to Close this Account) (I Have Credit Card)
ICICI -10K AMB (I Have Credit Card)
Kotak 811
SBI (I Have Credit Card)
Union Bank Of India For Current Account And Cash Credit

Please Suggest Which 2 Account Should I Close
And I am Also Planning to take Home Loan In Future

More than a bank, there employees in your branch matter more 🙂
I have seen 1st class service in gramin banks and 3rd class in Tier 2 big banks (ICICI/HDFC/etc.).

Anyways, from your list, since you are also going to opt for a Home Loan, I would recommend to keep SBI alive. In case you plan for MaxGain HL then it is the only bank in India where you can manage your interest rates according to your need.

Kotak 811 > If you are not using, it time to bid good-bye!!
ICICI - 10K AMB > Convert it to Wealth account and make 0 AMB by making 1 time deposit of 5Lks (for 1-2 weeks) and then move it back to your preferred bank.

 

[Solarman]

More than a bank, there employees in your branch matter more 🙂
I have seen 1st class service in gramin banks and 3rd class in Tier 2 big banks (ICICI/HDFC/etc.).

Anyways, from your list, since you are also going to opt for a Home Loan, I would recommend to keep SBI alive. In case you plan for MaxGain HL then it is the only bank in India where you can manage your interest rates according to your need.

Kotak 811 > If you are not using, it time to bid good-bye!!
ICICI - 10K AMB > Convert it to Wealth account and make 0 AMB by making 1 time deposit of 5Lks (for 1-2 weeks) and then move it back to your preferred bank.

I have contacted branch for wealth conversion they are saying to open new account.
and mostly my transactions are on business cash credit account of union bank savings account i rarely use

 

[Solarman]

I think core banking product of ICICI is better than HDFC but HDFC has been improving so I would say both are on fairly even ground

So Should keep icici as it is .

 

[Solarman]

Kotak 811 and Union Bank Of India. HDFC ,ICICI AND SBI are the safest banks in India .

Union Bank is firm cash credit account .unable to close

 

[SunnyM]

Union Bank is firm cash credit account .unable to close

Then close SBI and Kotak imo.

 

[John Since]

Hey,
I Am Having Multiple Bank Account Kindly Suggest me Which one Should i Close to Consolidate it.
Below Are the Banks Name

HDFC -Preferred Banking Old Account (Not to Close this Account) (I Have Credit Card)
ICICI -10K AMB (I Have Credit Card)
Kotak 811
SBI (I Have Credit Card)
Union Bank Of India For Current Account And Cash Credit

Please Suggest Which 2 Account Should I Close
And I am Also Planning to take Home Loan In Future

ICICI and SBI

 

[vine]

Having a credit card should not be the only criteria to not close a bank account.
Having SB account is also not part of any criteria for them to give you a home loan.

From SBI, ICICI, HDFC -- Choose two which you are comfortable in visiting the branch if and when they ask (good response from employees, near to house, etc).
Choose two and close the third.

Close both:
Kotak 811
UBI

 

[sv004]

I have only one hdfc account earlier i had 4 . Closed bob ,kotak and sbi. I would advise stay away from psu. Keep hdfc and icici

 

[54R4NG]

I have contacted branch for wealth conversion they are saying to open new account.
and mostly my transactions are on business cash credit account of union bank savings account i rarely use

If they are already showing 0 interest in customer support that gives you the first sign to go ahead and shut that account.
I have seen a worrysome attitude from ICICI in Tier 2 cities (not sure about your city). My earlier experience of ICICI in Hyd and Blr was top notch, however, the moment I moved to my home town during Covid, the kind of attitude from ICICI always gave me more reasons to close account with them.

I pushed a lot for account closure, but somehow it got auto converted to wealth account without even 1 Re. deposit. I stopped bothering them from that day!

 

[Fini7777]

Hey,
I Am Having Multiple Bank Account Kindly Suggest me Which one Should i Close to Consolidate it.
Below Are the Banks Name

HDFC -Preferred Banking Old Account (Not to Close this Account) (I Have Credit Card)
ICICI -10K AMB (I Have Credit Card)
Kotak 811
SBI (I Have Credit Card)
Union Bank Of India For Current Account And Cash Credit

Please Suggest Which 2 Account Should I Close
And I am Also Planning to take Home Loan In Future

I'd suggest u to close kotak 811 and continue remaining accs
Remaining are useful and u may need them in future (Home loan)
u can also close UBI but as u said u r using it for cash deposits it is ur choice

Take the decision wisely

 

[cardy]

Hey,
I Am Having Multiple Bank Account Kindly Suggest me Which one Should i Close to Consolidate it.
Below Are the Banks Name

HDFC -Preferred Banking Old Account (Not to Close this Account) (I Have Credit Card)
ICICI -10K AMB (I Have Credit Card)
Kotak 811
SBI (I Have Credit Card)
Union Bank Of India For Current Account And Cash Credit

Please Suggest Which 2 Account Should I Close
And I am Also Planning to take Home Loan In Future

You need not close any of these. Keep them. Hdfc and icici for most of the banking, kotak for everyday banking, UPI, payments etc and SBI & UBI for loans related products.

And you never know an old account may give you more leverage or favour in loans.

 

[vine]

And you never know an old account may give you more leverage or favour in loans.

Never seen that happen, but you do you.

 

[sv004]

Never seen that happen, but you do you.

True holding acc means nothing banks give loans on credit history. Even if u have credit card from them then its considered a form of relationship u can easily get loan on that basis no need to have acc with them.