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]

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.

Are you doing investment in niyo?

 

[hs23]

Are you doing investment in niyo?

Not yet.

 

[AritraSaha]

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.

For mutual fund investment its might be okay as they liked with your pan...(u can't see them mf central app)

If you switch your broker, it will be very time consuming to switch bank...

& If niyo app business in touble they might close your account & refund the money...

 

[AritraSaha]

Not yet.

I will recommend to have zero balance with icici or sbi for investment...

 

[hs23]

Thanks.

Any suitable use of Niyo SBM and Niyo DCB accounts? I am thinking to keep 10% for education in SBM and 5% for donation in DCB. I really like Niyo customer service (they reply on chat on sunday also) and these accounts are based in Mumbai and not Kerala like Jupiter and Fi (still working on getting my fi account unfreezed).

Please give me some input on this account mix. Total 6 Accounts needed to create Jars. To simplify no of accounts, I am thinking of using HDFC for both savings and investments.

Accounts	% breakup	Use	Examples
ICICI	55%	Necessities Fund	food, shelter, transportation, utilities, bills
HDFC Classic	10%	Long-Term Savings Fund	For emergencies, big purchases, and “just-in-case” scenarios.
HDFC Classic	10%	Financial Freedom Fund	stocks, mutual funds, real estate, affiliate marketing, automated business.
Indusind Exclusive	10%	Play Fund	fancy dinners, spa days, travel, concerts.
Niyo SBM	10%	Education Fund	books, courses, coaching, mentoring
Niyo DCB	5%	Give Fund	non-profits, faith-based groups, NGOs, personal contacts in need.
RBL Aspire	-	CC payments Fund	1.46% returns upto 12L CC spends

 

[AritraSaha]

Thanks.

Any suitable use of Niyo SBM and Niyo DCB accounts? I am thinking to keep 10% for education in SBM and 5% for donation in DCB. I really like Niyo customer service (they reply on chat on sunday also) and these accounts are based in Mumbai and not Kerala like Jupiter and Fi (still working on getting my fi account unfreezed).

Please give me some input on this account mix. Total 6 Accounts needed to create Jars. To simplify no of accounts, I am thinking of using HDFC for both savings and investments.

Accounts	% breakup	Use	Examples
ICICI	55%	Necessities Fund	food, shelter, transportation, utilities, bills
HDFC Classic	10%	Long-Term Savings Fund	For emergencies, big purchases, and “just-in-case” scenarios.
HDFC Classic	10%	Financial Freedom Fund	stocks, mutual funds, real estate, affiliate marketing, automated business.
Indusind Exclusive	10%	Play Fund	fancy dinners, spa days, travel, concerts.
Niyo SBM	10%	Education Fund	books, courses, coaching, mentoring
Niyo DCB	5%	Give Fund	non-profits, faith-based groups, NGOs, personal contacts in need.
RBL Aspire	-	CC payments Fund	1.46% returns upto 12L CC spends

Bro takes diversification on next level

 

[AritraSaha]

Thanks.

Any suitable use of Niyo SBM and Niyo DCB accounts? I am thinking to keep 10% for education in SBM and 5% for donation in DCB. I really like Niyo customer service (they reply on chat on sunday also) and these accounts are based in Mumbai and not Kerala like Jupiter and Fi (still working on getting my fi account unfreezed).

Please give me some input on this account mix. Total 6 Accounts needed to create Jars. To simplify no of accounts, I am thinking of using HDFC for both savings and investments.

Accounts	% breakup	Use	Examples
ICICI	55%	Necessities Fund	food, shelter, transportation, utilities, bills
HDFC Classic	10%	Long-Term Savings Fund	For emergencies, big purchases, and “just-in-case” scenarios.
HDFC Classic	10%	Financial Freedom Fund	stocks, mutual funds, real estate, affiliate marketing, automated business.
Indusind Exclusive	10%	Play Fund	fancy dinners, spa days, travel, concerts.
Niyo SBM	10%	Education Fund	books, courses, coaching, mentoring
Niyo DCB	5%	Give Fund	non-profits, faith-based groups, NGOs, personal contacts in need.
RBL Aspire	-	CC payments Fund	1.46% returns upto 12L CC spends

What this funds , freedom fund,play fund, give fund.

 

[hs23]

I have given the % of salary for allocation and example of fund uses. This is based on the money management concept I learned from a book I read recently (Book name - Secret of the Millionaire mind).

6 Jars Financial Management System | T. Harv Eker

Money management is at the core of financial freedom. T.Harv Eker's 6 jars money management system will get you on the fast track. Learn more in this blog.

www.harveker.com

 

[Shubham Yadav]

What this funds , freedom fund,play fund, give fund.

Freedom Fund = Wealth creation
Play Fund = High class Entertainment
Give Fund = For Donation

 

[AritraSaha]

Thanks.

Any suitable use of Niyo SBM and Niyo DCB accounts? I am thinking to keep 10% for education in SBM and 5% for donation in DCB. I really like Niyo customer service (they reply on chat on sunday also) and these accounts are based in Mumbai and not Kerala like Jupiter and Fi (still working on getting my fi account unfreezed).

Please give me some input on this account mix. Total 6 Accounts needed to create Jars. To simplify no of accounts, I am thinking of using HDFC for both savings and investments.

Accounts	% breakup	Use	Examples
ICICI	55%	Necessities Fund	food, shelter, transportation, utilities, bills
HDFC Classic	10%	Long-Term Savings Fund	For emergencies, big purchases, and “just-in-case” scenarios.
HDFC Classic	10%	Financial Freedom Fund	stocks, mutual funds, real estate, affiliate marketing, automated business.
Indusind Exclusive	10%	Play Fund	fancy dinners, spa days, travel, concerts.
Niyo SBM	10%	Education Fund	books, courses, coaching, mentoring
Niyo DCB	5%	Give Fund	non-profits, faith-based groups, NGOs, personal contacts in need.
RBL Aspire	-	CC payments Fund	1.46% returns upto 12L CC spends

Imo 3 acc can be sufficient for you..
1. For all the expenses (necessary fund and play fund)- can choose any bank for this..
2. For investment.. open icici wealth management..
3. For education (it's important and you definitely don't want to spend it on partying)- maybe psu..(IDFC bank also provide student account)

 

[AritraSaha]

I have given the % of salary for allocation and example of fund uses. This is based on the money management concept I learned from a book I read recently (Book name - Secret of the Millionaire mind).

6 Jars Financial Management System | T. Harv Eker

Money management is at the core of financial freedom. T.Harv Eker's 6 jars money management system will get you on the fast track. Learn more in this blog.

www.harveker.com

you should do it in Excel not in your bank..

 

[AritraSaha]

Freedom Fund = Wealth creation
Play Fund = High class Entertainment
Give Fund = For Donation

And what long term plan...

 

[AritraSaha]

Imo 3 acc can be sufficient for you..
1. For all the expenses (necessary fund and play fund)- can choose any bank for this..
2. For investment.. open icici wealth management..
3. For education (it's important and you definitely don't want to spend it on partying)- maybe psu..(IDFC bank also provide student account)

You need control you expences..
Maybe using some expence manager can help..

 

[Shubham Yadav]

And what long term plan...

As OP said Just in Case its created because if some unpredictable event came into life than we dont need to bother u can understand this by example

Agr Chor ne gale pr chaku rakh paise maanga andheri raat mai toh usi account se dene ka

 

[AritraSaha]

As OP said Just in Case its created because if some unpredictable event came into life than we dont need to bother u can understand this by example

Agr Chor ne gale pr chaku rakh paise maanga andheri raat mai toh usi account se dene ka

 

[Shubham Yadav]

Thanks.

Any suitable use of Niyo SBM and Niyo DCB accounts? I am thinking to keep 10% for education in SBM and 5% for donation in DCB. I really like Niyo customer service (they reply on chat on sunday also) and these accounts are based in Mumbai and not Kerala like Jupiter and Fi (still working on getting my fi account unfreezed).

Please give me some input on this account mix. Total 6 Accounts needed to create Jars. To simplify no of accounts, I am thinking of using HDFC for both savings and investments.

Accounts	% breakup	Use	Examples
ICICI	55%	Necessities Fund	food, shelter, transportation, utilities, bills
HDFC Classic	10%	Long-Term Savings Fund	For emergencies, big purchases, and “just-in-case” scenarios.
HDFC Classic	10%	Financial Freedom Fund	stocks, mutual funds, real estate, affiliate marketing, automated business.
Indusind Exclusive	10%	Play Fund	fancy dinners, spa days, travel, concerts.
Niyo SBM	10%	Education Fund	books, courses, coaching, mentoring
Niyo DCB	5%	Give Fund	non-profits, faith-based groups, NGOs, personal contacts in need.
RBL Aspire	-	CC payments Fund	1.46% returns upto 12L CC spends

At First instance your category is quite good but it not necessary. Except Niyo DCB

All of your account is creating a Duplication of Efforts

ICICI HDFC Indusind RBL Niyo SBM could come into a only one category "Expenditure "

1. Expenditure Bank Account
2. Investment Bank Account
3. Donation Bank account

only 3 Account require. Dont make many sub category

 

[simplegarv]

2. For investment.. open icici wealth management..

Why? WM?

 

[AritraSaha]

I have given the % of salary for allocation and example of fund uses. This is based on the money management concept I learned from a book I read recently (Book name - Secret of the Millionaire mind).

6 Jars Financial Management System | T. Harv Eker

Money management is at the core of financial freedom. T.Harv Eker's 6 jars money management system will get you on the fast track. Learn more in this blog.

www.harveker.com

Don't blindly for this...
Cus the author lifestyle & your lifestyle are different...
The socio-economic environment is different..

 

[AritraSaha]

Why? WM?

Its probably one of the best 0 balance account

 

[hs23]

At First instance your category is quite good but it not necessary. Except Niyo DCB

All of your account is creating a Duplication of Efforts

ICICI HDFC Indusind RBL Niyo SBM could come into a only one category "Expenditure "

1. Expenditure Bank Account
2. Investment Bank Account
3. Donation Bank account

only 3 Account require. Dont make many sub category

Thanks for the advice.

The way I see is that each account also has unique benefits which makes it a must have for me (specially the HDFC, RBL and Indus). However I am not keen to use RBL and Indus for regular expenses or investments. So I need min 4 accounts. Since I already have Niyo accounts, might as well as just use it to keep Education and Donations funds. The zero forex feature is useful for making international spends.

Between ICICI and HDFC, which one is better for investments and why? please explain the benefits.

Accounts	Benefit	Use	Examples
ICICI Wealth	For free unlimited CIBIL checks	Necessities	food, shelter, transportation, utilities, bills
HDFC Classic	For HDFC CC	Long-Term Savings	For emergencies, big purchases, and “just-in-case” scenarios.
HDFC Classic	For HDFC CC	Financial Freedom	stocks, mutual funds, real estate, affiliate marketing, automated business.
Indusind Exclusive	0MAB, 0 Forex, 0 Atm charges worldwide	Play	fancy dinners, spa days, travel, concerts.
Niyo SBM	0MAB, 0 Forex	Education	books, courses, coaching, mentoring
Niyo DCB	0MAB, 0 Forex	Give	non-profits, faith-based groups, NGOs, personal contacts in need.
RBL Basic	0MAB, 17000 Rewards / 12L PA spends 4.25% , 5.5% > 1L for parking CC funds	CC payments	1.46% returns upto 12L, + 0.35% Interest earned per 30 days on CC fund.