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.

 

[gigachad]

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.

Isn't sbm bank is barred from international payment ?

 

[hs23]

Isn't sbm bank is barred from international payment ?

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.

 

[gigachad]

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.

Nahh. Its not worth it.
Idfc wow is just better..
Or even better if you got 0 markup charges debit card..

 

[hs23]

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.

 

[gigachad]

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.

No tcs till 7L

 

[gigachad]

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.

Don't get me wrong..
But won't you believe in niyo too much...

I don't really trust this fintech company..

 

[AritraSaha]

Isn't sbm bank is barred from international payment ?

Yup.. rbi blocked them..
Dc is blocked now

 

[coolangadfly]

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.

 

[COSMOCRAT]

SBM Bank- Opened to use with Vested unable to close the same. Feedback on whether should be kept is requested.

Same thing. Vested won't give the option to close. You will have to mail SBM care to close it along with a pic of one of your other account's canceled cheque. They are really slow but it worked out.

 

[telescope]

3. SBM Bank- Opened to use with Vested unable to close the same. Feedback on whether should be kept is requested.

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.

 

[Im_Gk14]

Which zero bal/ Initial funding bank account provides Virtual debit card without Physical ( like Kotak ). ?

 

[sahil1033]

Which zero bal/ Initial funding bank account provides Virtual debit card without Physical ( like Kotak ). ?

Bank of Baroda Advantage Savings Account does but it's highest QAB requirement is 2k for metro and urban areas.

 

[Im_Gk14]

Bank of Baroda Advantage Savings Account does but it's highest QAB requirement is 2k for metro and urban areas.

Can it be opened online? or only offline?

 

[varun__goel_]

Which zero bal/ Initial funding bank account provides Virtual debit card without Physical ( like Kotak ). ?

Indie by indusind

 

[varun__goel_]

Can it be opened online? or only offline?

Can be opened online

 

[AritraSaha]

Which zero bal/ Initial funding bank account provides Virtual debit card without Physical ( like Kotak ). ?

Bob b3 account.. 0 balance no initial funding, open online..

 

[Im_Gk14]

Bob b3 account.. 0 balance no initial funding, open online..

Without physical card, only virtual is it possible?

 

[AritraSaha]

Without physical card, only virtual is it possible?

Yeah.. by default they give you only virtual dc..

U have to apply for a physical dc..

 

[AritraSaha]

Yeah.. by default they give you only virtual dc..

U have to apply for a physical dc..

If you are applying for this account, plz note down the debit card details app is bit buggy

 

[Im_Gk14]

Indie by indusind

If you are applying for this account, plz note down the debit card details app is bit buggy

Yeah, it's not an issue. ll note down the debit card details somewhere