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

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raghavx

raghavx

TF Select
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.
 
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hs23 said:
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.

AccountsBenefitUseExamples
ICICI WealthFor free unlimited CIBIL checksNecessitiesfood, shelter, transportation, utilities, bills
HDFC ClassicFor HDFC CCLong-Term SavingsFor emergencies, big purchases, and “just-in-case” scenarios.
HDFC ClassicFor HDFC CCFinancial Freedomstocks, mutual funds, real estate, affiliate marketing, automated business.
Indusind Exclusive0MAB, 0 Forex, 0 Atm charges worldwidePlayfancy dinners, spa days, travel, concerts.
Niyo SBM0MAB, 0 ForexEducationbooks, courses, coaching, mentoring
Niyo DCB0MAB, 0 ForexGivenon-profits, faith-based groups, NGOs, personal contacts in need.
RBL Basic0MAB, 17000 Rewards / 12L PA spends
4.25% , 5.5% > 1L for parking CC funds		CC payments1.46% returns upto 12L, + 0.35% Interest earned per 30 days on CC fund.
Click to expand...
Isn't sbm bank is barred from international payment ?
 
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Trust Me Bro said:
Isn't sbm bank is barred from international payment ?
Click to expand...
SBM debit card is disabled for int payments but SBM credit card is supported. However I dont think its worth getting thia card as they do cibil credit card inquiry for Rs 100000 for a Rs5000 FD secured credit card.
 
hs23 said:
SBM debit card is disabled for int payments but SBM credit card is supported. However I dont think its worth getting thia card as they do cibil credit card inquiry for Rs 100000 for a Rs5000 FD secured credit card.
Click to expand...
Nahh. Its not worth it.
Idfc wow is just better..
Or even better if you got 0 markup charges debit card..
 
The problem with idfc wow is that you cannot increase the credit limit without increasing the FD. An interesting thing about niyo sbm card is that credit limit can be increased with prepayment.

Problem with debit card is that TCS is applicable.

RBL worldsafari is decent option if you can get FYF.
 
hs23 said:
The problem with idfc wow is that you cannot increase the credit limit without increasing the FD. An interesting thing about niyo sbm card is that credit limit can be increased with prepayment.

Problem with debit card is that TCS is applicable.

RBL worldsafari is decent option if you can get FYF.
Click to expand...
No tcs till 7L
 
hs23 said:
The problem with idfc wow is that you cannot increase the credit limit without increasing the FD. An interesting thing about niyo sbm card is that credit limit can be increased with prepayment.

Problem with debit card is that TCS is applicable.

RBL worldsafari is decent option if you can get FYF.
Click to expand...
Don't get me wrong..
But won't you believe in niyo too much...

I don't really trust this fintech company..
 
This is my first post, hoping for a few likes and suggestions.
1. SBI (0 MAB)- Opened in 2018 when I turned 18 and retained for linked PPF, NPS accounts. Currently linked to all investment apps. (Main Spending)
2. Axis Bank (Burgundy, Family linked)- Opened in 2018 for managing Business related spends.
3. SBM Bank- Opened to use with Vested unable to close the same. Feedback on whether should be kept is requested.
4. HDFC (Salary,Imperia)- Opened as a salary account, got approved for LTF Regalia, awaiting confirmation on a Infinia.
5. IDFC (Savings, 25k MAB)- Opened to save the rainy day fund.
6. BOB (0 MAB)- For payement of on going loans.

Also have USA based saving account
1. Bank of America BOFA (2500$ MAB, Checking and savings)- Just lying around for fun and bragging rights if uk.
 
coolangadfly said:
3. SBM Bank- Opened to use with Vested unable to close the same. Feedback on whether should be kept is requested.
Click to expand...
Email vested along with existing bank's cancelled cheque and they'll close within 1 week. SBM Bank international fund transfer doesn't work, so better to close this.
 
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