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]

If you had regularly handled Lakhs of transactions then probably they won't freeze.

Basically one needs to update income details on the Kotak Net banking and they will never freeze it. I checked with the Customer care today & they were very straight forward so it doesn't create 2nd doubt or confusion for us

 

[kjs]

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

Update income details and it should not be a problem

 

[palen]

Update income details and it should not be a problem

I've already done that. But 811 seems very unreliable and has lost my trust. I'll stop using this account.

 

[AritraSaha]

I've already done that. But 811 seems very unreliable and has lost my trust. I'll stop using this account.

Account got frozen? 🙂

 

[kjs]

I've already done that. But 811 seems very unreliable and has lost my trust. I'll stop using this account.

U can talk to BM , In case you are maintaining more amount then you can upgrade account

 

[palen]

Account got frozen? 🙂

Don't want to take the risk. I've already withdrawn whatever balance I had.

 

[cardio_guy]

I hold only 2 accounts -
SBI - savings account - for regular day-to-day work and UPI etc.
ICICI - salary account - only for salary credit.

 

[hellobois]

I hold only 2 accounts -
SBI - savings account - for regular day-to-day work and UPI etc.
ICICI - salary account - only for salary credit.

I started with 2 , now I have 9. But I recommend not to open so many bank accounts as it may lead to confusion.

 

[kjs]

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

For that I need to open a new account again with IDFC first bank , read some reviews online ppl are not much satisfied with IDFC its similar to HDFC

I have 4 bank account , Probably have to close one before I open account with any new Bank will give a try to walk in the branch and check for salary account related benefits in little more detail as I also want to open spouse account and link it with account variant that salary has.

AS IDFC is tied up with my organization , do you think it will make any difference in terms of benefits if I go to Branch vs Talking to POC of IDFC linked to my organization

 

[quino]

For that I need to open a new account again with IDFC first bank , read some reviews online ppl are not much satisfied with IDFC its similar to HDFC

I have 4 bank account , Probably have to close one before I open account with any new Bank will give a try to walk in the branch and check for salary account related benefits in little more detail as I also want to open spouse account and link it with account variant that salary has.

AS IDFC is tied up with my organization , do you think it will make any difference in terms of benefits if I go to Branch vs Talking to POC of IDFC linked to my organization

first try talking with the poc, get a sense of the person. if you find them good, then ask them to connect you with a good senior banker for account opening.

 

[Trust Me]

1) is this applicable for all banks ? Or atleast large banks like SBI, HDFC, BOB, ICICI etc.

Depends on the bank. PSBs used to not allow this.

2) does the FD show in net/mobile banking ?

Sure, but not necessarily all investments made through various arms of the bank.

3) what if we lost the FD receipt ? Then what's the solution?

Not an issue. These days FD Certificates are just printed receipts. Just talk to your bank.

4) And I hope bank would just not hand out cash to anybody who possesses FD receipt in someone's else. Kindly confirm this.

Nope. The receipts have no value on their own. It's not like the olden days. You don't even have to sign any indemnity bonds or such (not sure about PO investments like NSCs though).

 

[Raghav_Go]

• PNB Savings AC - Primary account usually for cash deposit and some transactions
• DBS - Secondary Account for Savings and Large Transactions and CC Bills
• Indian Bank - Oldest Account , rarely does transactions
• 1 more Indian Bank - account was opened when I was minor ; not operational now
• Paytm Payments Bank - Mostly used for online Transactions, transfer etc

 

[Deleted member 19066]

Few days ago I Opened Fi account and just Kyc takes some time after that I Never Faced any Issues...

Fi is Good With NIL MAB

 

[hellobois]

• PNB Savings AC - Primary account usually for cash deposit and some transactions
• DBS - Secondary Account for Savings and Large Transactions and CC Bills
• Indian Bank - Oldest Account , rarely does transactions
• 1 more Indian Bank - account was opened when I was minor ; not operational now
• Paytm Payments Bank - Mostly used for online Transactions, transfer etc

Any benefit of DBS for credit card bill payment?

 

[ajitshukla19]

SBI - for regular use and CDM
BOB - SALARY
IDFC - WEALTH ACCOUNT
INDUS - SELECT FOR CC BILLS

 

[Saiv]

I personally don’t know, how many is too much, so I’m asking you guys, same goes for CC’s also, please share your opinion(s)

 

[shrewdoc]

As many 0 balance accounts as you can collect are all good.

MAB accounts upto ₹5k are good too. SBI, PNB, UBOI all have these accounts, MAB in the range of 0 to ₹2K.

For Emergency Funds, go for Savings accounts with good interest rates or Sweep-in facility like Kotak 811, IDFC First Bank, RBL, etc.

For your day-2-day usages, go for a reliable bank nearby your home with almost 0 downtime and with free services like IMPS, RTGS, NEFT, Free Debit Card, limited Free Cheque Leaves, etc. like HDFC, Kotak, ICICI, (don't know about Axis)

 

[TheGuy]

IMPS is not free in HDFC. Need to use UPI in case of Instant Transfer.

 

[D₹V]

I personally don’t know, how many is too much, so I’m asking you guys, same goes for CC’s also, please share your opinion(s)

Whatever number of accounts/cards benefiting you is fine.

 

[helloworld]

I personally don’t know, how many is too much, so I’m asking you guys, same goes for CC’s also, please share your opinion(s)

my opinion and ideally for monthly income people (infact applicable for all, some says they need more so adjust as per your need):

1 - Salary account (Temporary)

- We don't know when we'll change Job or which bank that company has tie-up, so consider this account as temporary and keep the lowest attachment.
- It usually comes with good benefits like 0 balance account, better interest rates, and sometimes better credit cards
- but still suggesting you do not do any excessive transactions like UPI, NEFT from this account and especially do not link your savings, SI, SIPs etc. to this account.
- Keep this solely for salary credits, anything else should be short term with no long term or change effect.

Note: Reason for limited transactions is when you apply for any loan/cc they usually ask salary account statement only, you don't have to show them how many times you pay for lunch or tea with multiple transactions of UPI etc. - keep minimum transactions.

Mostly 99% - 0 balance accounts, so no need any balance but enjoy any benefits it offers till it lasts.

2 - Savings (Permanent)

- Link most of your savings, SIPs etc. to this account. And make sure you choose some long term stable bank for this not neo or SFBs.
- Every month whenever salary credited transfer to this account and save them for whatever purpose you desire.
- Keeping SI, SIPs etc. to this account helpful whenever you change Job where you don't have to pre-close anything.

Note: Suggest not use UPI from this account either. If this has high FD rates you can keep all money from Salary to this account.

3 - Day2Day Transactions (temporary or permanent)

- Select a reliable and should be able to work 24x7 bank.
- Keep your spend amount in this and use freely for UPI etc. no matter how many pages your bank statement comes, no issues.

Alternative (just in case downtime) - use UPI Lite or Wallets like those work without this bank.

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These are sufficient for 90% of people. Some opt for more banks for security but IMO that usually comes from us, even with that 3 accounts mostly sufficient and secured.

If still want more usually pick when,

- some bank offering you high FD.
- better ROI for secured loan (non-secured loans usually doesn't require bank account in that bank and if it is long term loan use 'savings' here).
- getting locker by opening this account (in this case, you can use this account as 'Savings' or 'D2D' you don't need 4th account).