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.

 

[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.

 

[palen]

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

This is confusing because I just talked to a cc before writing that comment. I specifically mentioned that I'm a fully KYC account.

 

[sarathtg]

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.

Did you consider moving your salary account to IDFC first bank ? Due to its good rate of interest and more benefits with salary account?

 

[hellobois]

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

They give you FD invoice which can be used to break the FD. It is outdated but most secure considering current digital threats.

 

[hellobois]

Pls explain how so

For safety purpose. Today's digital fraudsters are way too smart to breach the banking security system. So it would be wise to keep publically shared details seperate from main bank account.
I do not even use my main bank account Debit card or UPI. I do IMPS to secondary account and just keep 50k in that account.
Credit card is sufficient for emergency needs.

 

[hellobois]

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.

In this era of digital banking there is no need to pay 1000 for maintenance charges. You need only 1 fully functional debit card and 1 UPI account.
Although I have 7 accounts but most of them are zero balance and they provide better flexibility for offers and pre approved loans/credit card.

 

[varun__goel_]

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

They(Branch Manager) freeze account if you have transactions more than your declared income And then force you to open a different account and close 811

 

[palen]

They(Branch Manager) freeze account if you have transactions more than your declared income And then force you to open a different account and close 811

Yeah, I don't remember what I declared. Do you know where we can check this limit?

 

[varun__goel_]

Yeah, I don't remember what I declared. Do you know where we can check this limit?

Go to your profile section in netbanking, there the income part must be available

 

[AritraSaha]

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

For full kyc account there is no limit. CC daily tooks unhealthy dose of green leaf

 

[palen]

Go to your profile section in netbanking, there the income part must be available

This one?

 

[palen]

For full kyc account there is no limit. CC daily tooks unhealthy dose of green leaf

I hope this is true.

 

[varun__goel_]

This one?

Yes, but still there is no guarantee that bm will not freeze. Kotak 811 is just good enough for upi, and not to park funds

 

[palen]

Yes, but still there is no guarantee that bm will not freeze. Kotak 811 is just good enough for upi, and not to park funds

Yep, confirmed with cc again just now. If they witness any sudden huge transaction they would freeze the account. She suggested I look at other account variants.

 

[varun__goel_]

Yep, confirmed with cc again just now. If they witness any sudden huge transaction they would freeze the account. She suggested I look at other account variants.

There are threads regarding 811 debit freeze check those if needed

 

[AritraSaha]

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.

Salary - maybe try axis..
And don't close the HDFC account as will a big hassle to change all the investment stuff.

use cc for upi whenever possible.can definitely use icici or kotak for upi. Both are good.

maybe try to get Rupay select dc from union Bank..

 

[John Since]

Yep, confirmed with cc again just now. If they witness any sudden huge transaction they would freeze the account. She suggested I look at other account variants.

Get your account converted to solo savings account which is also a zero bal account with no restrictions like 811 by calling customer care.
I'm aware if they would convert 811 a/c directly to solo savings but if you have any other variant, they do it over the call itself.

 

[AritraSaha]

Yes, but still there is no guarantee that bm will not freeze. Kotak 811 is just good enough for upi, and not to park funds

I think thay have a system where if your transaction (not cumulative) exceeded few they put your account on freeze

 

[AritraSaha]

Get your account converted to solo savings account which is also a zero bal account with no restrictions like 811 by calling customer care.
I'm aware if they would convert 811 a/c directly to solo savings but if you have any other variant, they do it over the call itself.

I thought solo account is for previous salary account holder..