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.

 

[Rahul Gupta]

No. Only around 50 lakhs at AU. Even that is temporary as I wanted to check out their Ivy programme and try and get a card. I don't keep a lot at IDFC beyond 20 to 30 lakhs as their interest rates are low on savings as well as fixed deposits. Earlier, I used to keep more when they had good savings rates. Now I use it park funds for a bit as needed, like between transactions.

Why don't you invest in real state? These days property is the best investment.

 

[hellobois]

Which spends count towards 25k on Axis Liberty for getting the voucher?

P2M spends. Any merchant purchase like grocery, food, travel etc.

 

[Lobogris]

Why don't you invest in real state? These days property is the best investment.

I have considerable investments in real estate. A lot of my income comes from it. However, you can't keep everything in just one sector. So things are kept diversified between real estate, stocks and bonds, metals like gold, FDs and then further each one is diversified between India and abroad.

 

[kjs]

1) HDFC Preferred : Salary + Investments (Equity , MF , PPF , LIC , EPFO , SGB)
2) Kotak Bank : Emergency Fund + big expense if any.
3) ICICI : Home Loan EMI
4) Union Bank : UPI

Planning to do
- I will probably move Salary to Kotak , transfer required amount to another accounts so I can get proper diversification.
- Close Union & use ICICI for UPI as I cannot close ICICI due to EMI deduction.

Please suggest if any better recommendations.

 

[hellobois]

1) HDFC Preferred : Salary + Investments (Equity , MF , PPF , LIC , EPFO , SGB)
2) Kotak Bank : Emergency Fund + big expense if any.
3) ICICI : Home Loan EMI
4) Union Bank : UPI

Planning to do
- I will probably move Salary to Kotak , transfer required amount to another accounts so I can get proper diversification.
- Close Union & use ICICI for UPI as I cannot close ICICI due to EMI deduction.

Please suggest if any better recommendations.

For UPI use a Neo bank or any zero balance type account like - kotak 811, Indie , Fi where you do not have to worry about maintenance and other charges.

Totally disintegrate the account where you have kept large amount.
Or create offline FD for safety purpose.
Using UPI from main/salary account would be troublesome.

 

[Shubham Yadav]

Using UPI from main/salary account would be troublesome.

Pls explain how so

 

[Lobogris]

I have way too many bank accounts. Here are the ones in India:

1. HDFC Imperia: opened to try and get a CC with them. Not very successful despite high amount of transactions. Now used for general transactions.
2. ICICI : not sure about variant. Opened to obtain CC. Have 3 now. Not used much. Relatively poor service.
3. Union Bank of India : was my main account earlier but hardly used now. Decent service.
4. IDFC Wealth : opened for earlier 7% savings interest rate. Used occasionally. Wealth debit card is useful for domestic and international lounges. Decent service.
5. Equitas Elite: used to park liquid money at 7% interest. Good FD rates as well at 8.5%. Discount on lockers as well. Good service.
6. Fincare: used to park liquid money at 7% and good FD rates at 8.5%. Ok service.
7. Utkatsh: same as above. Ok service.
8. Standard Chartered Priority: opened recently to try and get CC. Good service. Directly received by branch manager despite first visit in a large branch. Coffee served in a private lounge and again in manager’s office.
9 RBL Insignia : opened for FD diversification. Very good service with special lounge for Insignia.
10. SBM Wealth: for FD rates earlier. They offered special private rates not available to public. Fairly good service with lounge.
11. Indusind Exclusive: opened for FD diversification. Relatively poor service.
12. Yes Bank : used earlier for good savings and FD rates. Poor service.
13. AU Ivy: opened to try and get a CC. Fairly good service.

My main requirements are good FD and savings rate along with good personal service. I should not have to stand in line for anything. There should be a dedicated lounge or another area available to sit and coffee or tea should be offered on each visit. I should be received by the branch manager or someone senior. Apart from HDFC and ICICI, all other banks meet these requirements. Before people get concerned about too much allocation to FDs, I will clarify that FDs are only a part of my portfolio and there are other sectors like stocks, bonds, real estate, gold and so on.

Added a new bank account: Kotal 811. This seems like the best as you get 7% savings interest via Activmoney from 25k onwards. I don’t know why people don’t recommend it. They also issued their basic 811 card with 50k limit instantly.

 

[dvader]

Pls explain how so

I don't think he meant technically troublesome. Just logical separation of your daily expenses with you main account that is all.

Even if you dont care about bank accounts I would still recommend having at least two accounts, for those situations when your bank's UPI is down and you are F'ed. Everytime I go to a filling station, there is that one guy "Bhaiya ye paytm le ni rha h" 😂

 

[kshitij_0]

Added a new bank account: Kotal 811. This seems like the best as you get 7% savings interest via Activmoney from 25k onwards. I don’t know why people don’t recommend it. They also issued their basic 811 card with 50k limit instantly.

What is Activmoney scheme? How to activate it? Any disadvantages?

 

[Shubham Yadav]

I don't think he meant technically troublesome. Just logical separation of your daily expenses with you main account that is all.

Even if you dont care about bank accounts I would still recommend having at least two accounts, for those situations when your bank's UPI is down and you are F'ed. Everytime I go to a filling station, there is that one guy "Bhaiya ye paytm le ni rha h" 😂

Right but emergence of rupay cc makes difficult to separate upi account if merchant acceptance is not a issue

For small transaction use UPI Lite

 

[Lobogris]

What is Activmoney scheme? How to activate it? Any disadvantages?

Basically they have a threshold of 25k (can be changed by customer). So if you have savings account and you deposit 1.25 lakhs there, the amount over 25k, which is 1 lakh in this case, will automatically be converted to a 6 month FD which pays 7%. The beauty is that if you need to use that money, let’s say you do a debit for 35k, they will simply and automatically take 10k out of that 1 lakh deposit. There is no penalty and the rest of the amount (90k) will keep earning 7%. The 10k taken out will be given lower interest depending on how long it stayed in FD but still it would be around 4 to 5%. So seems like a great deal till they keep 7% interest rate on this 6 month FD.

 

[smz]

For UPI use a Neo bank or any zero balance type account like - kotak 811, Indie , Fi where you do not have to worry about maintenance and other charges.

Totally disintegrate the account where you have kept large amount.
Or create offline FD for safety purpose.
Using UPI from main/salary account would be troublesome.

Can the offline made FD be closed online ? If yes/no, is this applicable for all banks ?

 

[Lobogris]

Can the offline made FD be closed online ? If yes/no, is this applicable for all banks ?

Yes. Most banks allow that but not all.

 

[shutapdiya]

Can the offline made FD be closed online ? If yes/no, is this applicable for all banks ?

Yes. Most banks allow that but not all.

If you have made FD from Branch and they have provide you FD Certificate for the same then you cant close it from netbanking

 

[palen]

Added a new bank account: Kotal 811. This seems like the best as you get 7% savings interest via Activmoney from 25k onwards. I don’t know why people don’t recommend it. They also issued their basic 811 card with 50k limit instantly.

They freeze your account when there is a huge transaction. When I spoke to customer care about this, they said that if you exceed the limit set while creating your account - the freeze happens.

 

[palen]

They freeze your account when there is a huge transaction. When I spoke to customer care about this, they said that if you exceed the limit set while creating your account - the freeze happens.

I spoke to their cc again. Looks like the limit is 1-2L cumulatively for a financial year.

 

[kjs]

For UPI use a Neo bank or any zero balance type account like - kotak 811, Indie , Fi where you do not have to worry about maintenance and other charges.

Totally disintegrate the account where you have kept large amount.
Or create offline FD for safety purpose.
Using UPI from main/salary account would be troublesome.

I am using Kotak 811 for emergency fund which I am thinking to convert to Salary account due to the Activ Money feature . Kotak & SBI are only two banks as per my understanding where threshold is 25k for auto sweep In & Sweep out.

For FD's I have created account in Fincare which is under name of my spouse as I am 30% taxable.

Union Bank account is just 1k maintenance so have been using UPI from that , planning to close this in near future.

 

[kjs]

Added a new bank account: Kotal 811. This seems like the best as you get 7% savings interest via Activmoney from 25k onwards. I don’t know why people don’t recommend it. They also issued their basic 811 card with 50k limit instantly.

yes , its most optimal way to park idle funds which cannot be always kept in liquid fund.

 

[kjs]

I spoke to their cc again. Looks like the limit is 1-2L cumulatively for a financial year.

I already have more than that in the account , 811 full kyc account does not have any criteria for balance i guess..I have checked few videos related to KOtak 811 account none of the video said about any balance limitation. the limit you are talking is for 811 Limited KYC account

 

[palen]

I am using Kotak 811 for emergency fund which I am thinking to convert to Salary account due to the Activ Money feature . Kotak & SBI are only two banks as per my understanding where threshold is 25k for auto sweep In & Sweep out.

For FD's I have created account in Fincare which is under name of my spouse as I am 30% taxable.

Union Bank account is just 1k maintenance so have been using UPI from that , planning to close this in near future.

You can't convert 811 into any other account. You have to open the account separately.