How many bank accounts do you have and for what purposes?

[raghavx]

I hold following bank accounts

1. ICICI Bank (Savings) - For salary crediting and investments
2. IDFC First Bank (Savings) - for savings purposes, it gives good rate of interest.
3. DBS - Idk why I am still holding this.
4. Paytm Payments Bank - Had opened it long back, not sure why I am holding this too.
5. Fi.money - For day to day transactions as my primary savings account would get cluttered with few hundred rupees transactions.
6. Jupiter - Had opened alongside with Fi, thinking to close this.

 

[AritraSaha]

1. Union Bank of India - First even bank account opened during college admission. - Active

2. DBS Bank - one of the first digit bank offered end to end services and really cool card. - after they applied MAB closed within same month 😅

3. Kotak JIFI - it was supposed to be an savings ACC but not sure how they converted to Current acc. - using this for all the investment purposes.

4.Axis bank salary account - Dormant now

5. ICICI Bank salary account - Active

6. PAYTM PAYMENTS BANK - ACTIVE - Used to collect gifts contribution 😂

7. Airtel payments Bank: dormant/Closed

8. Jupiter - Used to do day to day transactions - Inactive now.

9. FI - currently using for day to day transactions and zero markup on international transactions.

10- IDFC Bank - Emergency fund.

11. Federal Bank - Dormant

12. Fincare payments Bank - dormant

13. sbm bank - Opened by IND money - dormant

- i actually did not knew untill now i had so many account opened 😬😬😆

Yo thats a mess..
No hdfc or sbi though lol..

 

[AritraSaha]

ICICI - SALARY
IDFC-SAVINGS
AU- SAVINGS( DC OFFERS )
INDUSIND SELECT- FREE WITH LEGEND FOR SELECT DC FOR CC BILL PAY
JUPITER- MUTUAL FUNDS

I recommend you use groww/coin for mf..
Jupiter it very unreliable..
As the mf are mapped to your pan , you can easily import them

 

[AritraSaha]

Free meaning no minimum balance? At the moment even Legend card is LTF. Does (RuPay?) Select debit card give any cashback for credit card bill payment? How does this work?

Its not rupay select dc..

Account name is select account..
Its give 0.93%(max) on cc bill payment.

Best Way to pay Credit Card Bill

Guys I am redacting this post as I have been asked by the bank for non disclosure as mentioned in TnCs else my account would be suspended. They had asked me to remove this as this violates the TnC related to not getting reward points for CC payments.

www.technofino.in

 

[AritraSaha]

Thank you so much!

And the debit card comes free too?!

So we need to start the account with 50K, but after linking Legend with it, it becomes zero-MAB?

This is a bit of an academic interest for me I guess. I'm too used to paying card bills with scheduled NEFT. That said, over time I'll synchronize billing dates and put some cards on hibernation, and this might work out. But with elementary number crunching, this is probably going to get me much more than the 15-20 days' interest I'll get by having the money sit in the account between bill date and due date.

I set all my credit card bill date between 17-19th...
And due is 6-8th of the next month..
I pay it by 5th..

Indusind bank services is hit or miss..
It took me two months for mobile number update in the bank..
Imo , the service is bad..

Also hdfc can give 1%cb cc bill payment.

 

[KLB@96]

I recommend you use groww/coin for mf..
Jupiter it very unreliable..
As the mf are mapped to your pan , you can easily import them

Jupiter has nothing to do with my funds. I just pay through them. I can access all my funds through MF central. Also been investing through Jupiter since more than a year and never had any issue with them till now.

 

[connectabjp]

Yo thats a mess..
No hdfc or sbi though lol..

Purposely did not Opened due to lack of customer centric approach.

Union one was actually Corporation Bank account, customer service was good.

 

[srikant]

Purposely did not Opened due to lack of customer centric approach.

Union one was actually Corporation Bank account, customer service was good.

Indeed! That's also kinda why I'm not going for HDFC account, even if it gives more cashback on CC payments.

I don't particularly like SBI - but my first employer had salary account with them, I opened my DEMAT with SBI Securities. DEMAT is basically impossible to move, so I'll have this SBI account.

I closed a DCB account sometime back, which had IIFL's DEMAT linked - and NPS linked too. It took forever, and made me realize how things quickly tangle when you link DEMAT with an account.

 

[AritraSaha]

Indeed! That's also kinda why I'm not going for HDFC account, even if it gives more cashback on CC payments.

I don't particularly like SBI - but my first employer had salary account with them, I opened my DEMAT with SBI Securities. DEMAT is basically impossible to move, so I'll have this SBI account.

I closed a DCB account sometime back, which had IIFL's DEMAT linked - and NPS linked too. It took forever, and made me realize how things quickly tangle when you link DEMAT with an account.

Nowdays moving demat account it not very difficult..

 

[srikant]

Nowdays moving demat account it not very difficult..

Maybe, but SBI isn't so bad either. Their Securities interface is much better than IIFL. Haven't used a big variety of DEMAT Accounts, and don't plan to.

And the minimum balance is just 1k, which gives some flexibility.

 

[AritraSaha]

Maybe, but SBI isn't so bad either. Their Securities interface is much better than IIFL. Haven't used a big variety of DEMAT Accounts, and don't plan to.

And the minimum balance is just 1k, which gives some flexibility.

I use zerodha/groww..

What the minimum balance in demat account?

 

[ismail]

i have
1) SBI saving account - keeping it as i have PPF, and a homeloan linked
2)HDFC savings - have Homeloanm DCB credit card linked
3)Axis Priority Salary - keeping it as salary acc, free imps, free ATM cash deposit

4)ICICI - it was ex salary acc, dont know if its still salary, MAB shows Zero requirement, though BM says its just savings. have some SGB linked
5)IDFC - started some 2 yrs back as gives highest interest then, now its called some IDFC First Select account, still using as primary UPI account, free IMPS

planning to close ICICI and IDFC and shift funds to HDFC, to see for Infinia upgradation. Does it help though?

 

[SarPanch]

HDFC - Savings max - best for HDFC Billdesk
Axis - zero balance
Kotak 811 - Back up account and offers good rate of interest on FD
NSDL - RUPAY DC Offer
Jupiter Pro - best for international transactions - 0% forex dc

Confused if I should open IDFC and close any of the above or Just stick to what I have.

 

[SarPanch]

i have
1) SBI saving account - keeping it as i have PPF, and a homeloan linked
2)HDFC savings - have Homeloanm DCB credit card linked
3)Axis Priority Salary - keeping it as salary acc, free imps, free ATM cash deposit

4)ICICI - it was ex salary acc, dont know if its still salary, MAB shows Zero requirement, though BM says its just savings. have some SGB linked
5)IDFC - started some 2 yrs back as gives highest interest then, now its called some IDFC First Select account, still using as primary UPI account, free IMPS

planning to close ICICI and IDFC and shift funds to HDFC, to see for Infinia upgradation. Does it help though?

Dont close IDFC or ICICI, but you can temporarily tranfer funds to create portfolio.

 

[ismail]

Dont close IDFC or ICICI, but you can temporarily tranfer funds to create portfolio.

i cant understand sir, is there any thing i should look for with Icici and idfc in future? are they going to be of some use?

 

[Shubham Yadav]

HDFC - Savings max - best for HDFC Billdesk
Axis - zero balance
Kotak 811 - Back up account and offers good rate of interest on FD
NSDL - RUPAY DC Offer
Jupiter Pro - best for international transactions - 0% forex dc

Confused if I should open IDFC and close any of the above or Just stick to what I have.

Axis Zero balance ? which variant

 

[kjs]

HDFC - Savings max - best for HDFC Billdesk
Axis - zero balance
Kotak 811 - Back up account and offers good rate of interest on FD
NSDL - RUPAY DC Offer
Jupiter Pro - best for international transactions - 0% forex dc

Confused if I should open IDFC and close any of the above or Just stick to what I have.

If you use offline Banking more then IDFC can be really helpful. Probably you can think of opening one account with any PSU nearby

 

[AritraSaha]

HDFC - Savings max - best for HDFC Billdesk
Axis - zero balance
Kotak 811 - Back up account and offers good rate of interest on FD
NSDL - RUPAY DC Offer
Jupiter Pro - best for international transactions - 0% forex dc

Confused if I should open IDFC and close any of the above or Just stick to what I have.

Which axis account?
Whats the Jupiter pro offering?

 

[AritraSaha]

i cant understand sir, is there any thing i should look for with Icici and idfc in future? are they going to be of some use?

ICICI wealth management acc can be good option..

 

[sahil1033]

1. HDFC Preferred (Salary, 0 MAB) - main account
2. SBI (0 MAB) - because one should have it and it was probably the second account I opened after PNB
3. PNB (2k MAB) - first account opened and still using it for RuPay Platinum DC with one of the lowest charges out there
4. Paytm Payments Bank - for small UPI transactions
5. Airtel Payments Bank - dormant, no idea why I even opened it
6. Bandhan Bank (5k MAB) - for FDs (decent rate) and parking emergency fund
7. Unity Small Finance Bank (10k MAB) - for FDs (highest rate) and parking emergency fund (strictly no crossing 5L mark including principal and interest amount)
8. Bank of Baroda Advantage (2k MAB) - for FREE virtual RuPay Platinum DC
9. IDFC First (10k MAB variant offered as zero balance account) - simply wanted to experience the banking services but was also a lucrative offer as zero balance account as well as got FIRSTap RuPay Platinum DC for 99 + GST as introductory offer
10. DBS Bank (10k MAB) - opened it way back in 2018 for its Big Basket co-branded debit card offering good discount on Big Basket but now, Sodexo is my go-to payment method on Big Basket ... will close this very soon since they've recently increased MAB requirement from 5k to 10k and I see no reason to hold it anymore

 

[hs23]

One advice
For investment account the bank account should be permanent..
Imo it should be (sbi,hdfc,icici)

Is Niyo SBM account okay for investment purpose? What are cons?

A seperate Zero balance account can be useful tracking investments but if I need to withdraw, can it be done in any account or only the linked Niyo account? In the latter case HDFC, SBI or ICICI make complete sense.