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.

 

[akashsuresh]

Hi Guys,

My first post here.

The following are the accounts I hold:

S.No	Bank	Use	AQB	Status
1	HSBC Premier	Family Accounts, Excellent Service	40 Lakhs	Open
2	DBS Treasures	Salary, Excellent Service	5 Lakhs	Open
3	SCB Priority	Family Account, Excellent Service	30 Lakhs	Open
4	Axis SBEZY(Previously Priority- Downgraded)	Have Credit Card Linked	12K	Open
5	HDFC	Previously Salary, Hold due to CC	10K	Open
6	IndusInd	Previously Exclusive, Now Maxima, In a Dispute over Non Maintenance with RBI Ombudsman	20K	Open
7	IDFC	General Payments, Good Service	25k	Open
8	ICICI	Because it was 0 Balance	0	Open
9	Yes Bank	For CC, and forex free debit card	10K	Open
10	AU	Took because I have linked CC	0	Open
11	SBI	First PSU, for SBI JCB Debit	0	Open
12	BOB	2nd PSU	0	Open
13	PNB	For my travels to Rural India	5000	Open
14	Canara Bank	For Select DC	2000	Open
15	Union Bank	Don’t know why I took this, maybe for my trips to North east india	1000	Open
16	Bank of India	For Select DC	500	Open
17	Central Bank of India	Don’t know why I have this	2000	Open
18	Niyo Equitas	Took it due to the hype	0	Open
19	FI	Took it due to the hype(Closing it soon)	0	Open
20	Niyo DCB	Took it due to the hype (works well though)	0	Open
21	Niyo SBM	Took it due to the hype (works well though In 2024)	0	Open
22	Jio Finance	God Knows	0	Open
23	Airtel Payments Bank	Took it for Delhi Metro NCMC Card	0	Open

S.No 18 to 22 I am thinking of shutting down (thinking not finalized yet)

Bank	User	AQB	Status
Kotak (Dormant)	Previously Salary, Haven’t used for 4 years.	20K	Dormant
Karur Vysya Bank	First bank account in college	5K	Closed
SBI	Opened digital account , Closed due to Full KYC not done	0	Closed
Paytm Payments Bank	Shut Down	0	Closed
Axis Bank	Opened in college, dormant since stopped using it due to new account at AXIS	10K	Dormant

Hope this helps.

 

[Aniket]

Hi Guys,

My first post here.

The following are the accounts I hold:

S.No	Bank	Use	AQB	Status
1	HSBC Premier	Family Accounts, Excellent Service	40 Lakhs	Open
2	DBS Treasures	Salary, Excellent Service	5 Lakhs	Open
3	SCB Priority	Family Account, Excellent Service	30 Lakhs	Open
4	Axis SBEZY(Previously Priority- Downgraded)	Have Credit Card Linked	12K	Open
5	HDFC	Previously Salary, Hold due to CC	10K	Open
6	IndusInd	Previously Exclusive, Now Maxima, In a Dispute over Non Maintenance with RBI Ombudsman	20K	Open
7	IDFC	General Payments, Good Service	25k	Open
8	ICICI	Because it was 0 Balance	0	Open
9	Yes Bank	For CC, and forex free debit card	10K	Open
10	AU	Took because I have linked CC	0	Open
11	SBI	First PSU, for SBI JCB Debit	0	Open
12	BOB	2nd PSU	0	Open
13	PNB	For my travels to Rural India	5000	Open
14	Canara Bank	For Select DC	2000	Open
15	Union Bank	Don’t know why I took this, maybe for my trips to North east india	1000	Open
16	Bank of India	For Select DC	500	Open
17	Central Bank of India	Don’t know why I have this	2000	Open
18	Niyo Equitas	Took it due to the hype	0	Open
19	FI	Took it due to the hype(Closing it soon)	0	Open
20	Niyo DCB	Took it due to the hype (works well though)	0	Open
21	Niyo SBM	Took it due to the hype (works well though In 2024)	0	Open
22	Jio Finance	God Knows	0	Open
23	Airtel Payments Bank	Took it for Delhi Metro NCMC Card	0	Open

S.No 18 to 22 I am thinking of shutting down (thinking not finalized yet)

Bank	User	AQB	Status
Kotak (Dormant)	Previously Salary, Haven’t used for 4 years.	20K	Dormant
Karur Vysya Bank	First bank account in college	5K	Closed
SBI	Opened digital account , Closed due to Full KYC not done	0	Closed
Paytm Payments Bank	Shut Down	0	Closed
Axis Bank	Opened in college, dormant since stopped using it due to new account at AXIS	10K	Dormant

Hope this helps.

AQB for all above mentioned A/cs?

 

[akashsuresh]

AQB for all mentioned A/cs?

Yes mentioned in the second last column

 

[vine]

There's a story here
Please share with us

Previously Exclusive, Now Maxima, In a Dispute over Non Maintenance with RBI Ombudsman

 

[vine]

1
HSBC Premier
Family Accounts, Excellent Service
40 Lakhs
Open

2
DBS Treasures
Salary, Excellent Service
5 Lakhs
Open

3
SCB Priority
Family Account, Excellent Service
30 Lakhs
Open

Can you explain in detail for each of these what you mean by "Excellent service"?

 

[vine]

S.No 18 to 22 I am thinking of shutting down (thinking not finalized yet)

From #4 to #23, you actually have justification for only two SBI Bank and Bank of India.
You don't NEED to hold a savings account because you have a credit card. Looks like some agents dumped these accounts on you.
IMO there are some offers on Fi, so you can consider to keep it.
Pretty sure you can close everything else.
YMMV
..
..
Tagged @NShah the present record holder in number of savings accounts.

 

[akashsuresh]

There's a story here
Please share with us

I opened an Exclusive bank account in 2015. In 2021 , I decided to cancel the account, but I couldn't for some reasons. I withdrew all the cash though. Now fast forward to 2024 I opened the account with the intention of closing , I find the account still facing non maintenance charges . The amount is - 6022. I contacted Indus Ind bank and reminded them that as per the RBI CIRCULAR RBI/2014-15/308 , it is clearly mentioned that if the balance is 0, under any circumstances, non maintenance charges cannot be levied. The customer care refused and said max we will waive off 30%. I reported to RBI Ombudsman . Post this I have been getting calls over calls from the bank . Now on Friday, the last update is that I have got a message of a service request from IndusInd regarding Non Maintenance charges complaint, which all the while they were refusing to do.

I am confident it will be waived off as a result of this. One the balance is restored to 0, I will close the account.

 

[akashsuresh]

From #4 to #23, you actually have justification for only two SBI Bank and Bank of India.
You don't NEED to hold a savings account because you have a credit card. Looks like some agents dumped these accounts on you.
IMO there are some offers on Fi, so you can consider to keep it.
Pretty sure you can close everything else.
YMMV
..
..
Tagged @NShah the present record holder in number of savings accounts.

Nope, I hold an account if I have a credit card at a bank. No other reason.

Fi, I am definitely going to cancel because every couple of months they randomly initiate a VKYC for me . God knows why. And now they have initiated another vkyc 3 days back .

In fact I am now a bit wary of Neo Banks now having heard not so good stories, which is why I am contemplating 18 to 22. In addition to IndusInd

Others I plan to hold for the time being. I am a bit of a collector of accounts more or less because I want branches when I travel to north east etc in remote corners (which I undertake often). I know SBI alone will work but yeah still.

 

[akashsuresh]

Nope, I hold an account if I have a credit card at a bank. No other reason.

Fi, I am definitely going to cancel because every couple of months they randomly initiate a VKYC for me . God knows why. And now they have initiated another vkyc 3 days back .

In fact I am now a bit wary of Neo Banks now having heard not so good stories, which is why I am contemplating 18 to 22. In addition to IndusInd

Others I plan to hold for the time being. I am a bit of a collector of accounts more or less because I want branches when I travel to north east etc in remote corners (which I undertake often). I know SBI alone will work but yeah still.

Also Niyo Equitas sent me an email stating that since I am not in a serviceable pincode (Chennai) , the account will be closed. Two days later they said they sent it by mistake.

 

[akashsuresh]

Can you explain in detail for each of these what you mean by "Excellent service"?

Opened the HSBC family relationship in 2010, had people come over to my home to open the account. Got an HSBC Premier card with a 10 L credit limit even though personally I was a student and had not earnings. Haven't had to go to any branch , no matter which part of the country I have been in . Chennai or Delhi, or Gurgaon or Mumbai. Had my bank account in UK opened on the same day right from India when I was going for my studies. I had similar privileges in UK. The debit card has no forex charges if withdrawn at HSBC atm . Checked this in UK,Singapore,Dubai and Hong Kong, though not mentioned anywhere.

Near Similar privileges in SC Priority, Visa Infinite Priority card . Once got into trouble losing my wallet in Singapore , walked into a Standard Chartered Bank there. They pretty much got a cash advance from my debit card on the spot. The amount was debited directly from my bank account and I was sorted for my trip.

DBS, I opened only last year. Haven't faced issues considering the account is the lowest variant of DBS treasures. But good people at branch, specialized service etc. Visited the branch once for a mutual fund issue , but that was solved right at the branch.

 

[RadioactiveTabela]

Others I plan to hold for the time being. I am a bit of a collector of accounts more or less because I want branches when I travel to north east etc in remote corners (which I undertake often). I know SBI alone will work but yeah still.

But why do you need to visit these remote branches? What do these branches offer that cannot be done with netbanking or debit card?

 

[Sarjerao]

Salary - HDFC
Daily spends - ICICI
investment - SBI

 

[RAMESH BABU N]

One friendly suggestion :

Since last year, IncomeTax Dept (ITD) is insisting that each tax payer DECLARES DETAILS OF ALL BANK ACCOUNTS HELD by him/her. From this year onwards, they are likely to view it seriously if we miss declaring some accounts. Inoperative accounts are also expected to be included for declaration.

If you see RBI's directives to all banks yesterday/today, all banks are likely to take up toning up the inoperative accounts. Either one should close them or keep them active n operative. That's the idea.

My hunch is that ITD will try to match our voluntary declaration of all accounts with these various databases of all banks and may throw up some interesting info/data down the lane. ITD seems to be doing some serious work on this front.

So, it's better to prune down and close unwanted and rarely used bank accounts.

Better be prepared and be prudent than be sorry when the ITD starts functioning seriously on this front.

 

[vine]

One friendly suggestion :

Since last year, IncomeTax Dept (ITD) is insisting that each tax payer DECLARES DETAILS OF ALL BANK ACCOUNTS HELD by him/her. From this year onwards, they are likely to view it seriously if we miss declaring some accounts. Inoperative accounts are also expected to be included for declaration.

If you see RBI's directives to all banks yesterday/today, all banks are likely to take up toning up the inoperative accounts. Either one should close them or keep them active n operative. That's the idea.

My hunch is that ITD will try to match our voluntary declaration of all accounts with these various databases of all banks and may throw up some interesting info/data down the lane. ITD seems to be doing some serious work on this front.

So, it's better to prune down and close unwanted and rarely used bank accounts.

Better be prepared and be prudent than be sorry when the ITD starts functioning seriously on this front.

Definitely will happen.
This is one of the many reasons of making aadhar card and pan-aadhar linking.

 

[RAMESH BABU N]

How to activate inoperative bank accounts in SBI, HDFC Bank, and PNB as RBI asks banks to reduce these accounts

RBI has advised banks to urgently take the necessary steps to reduce the number of inoperative or frozen accounts and make the activation process of such accounts smoother. Some of the ways suggested by the apex body include enabling seamless updation of KYC through mobile/internet banking...

m.economictimes.com

Economic Times carried this news today.

 

[Dragon_slayer]

One friendly suggestion :

Since last year, IncomeTax Dept (ITD) is insisting that each tax payer DECLARES DETAILS OF ALL BANK ACCOUNTS HELD by him/her. From this year onwards, they are likely to view it seriously if we miss declaring some accounts. Inoperative accounts are also expected to be included for declaration.

If you see RBI's directives to all banks yesterday/today, all banks are likely to take up toning up the inoperative accounts. Either one should close them or keep them active n operative. That's the idea.

My hunch is that ITD will try to match our voluntary declaration of all accounts with these various databases of all banks and may throw up some interesting info/data down the lane. ITD seems to be doing some serious work on this front.

So, it's better to prune down and close unwanted and rarely used bank accounts.

Better be prepared and be prudent than be sorry when the ITD starts functioning seriously on this front.

Pan card is linked with the bank why they need us to mention it again ?? They can track themselves

 

[RAMESH BABU N]

.... why they need us to mention it again ?? They can track themselves

They (ITD) can n they will.
They have all the data.
They want to test how transparent n sincere you are (or, you will be) ?

 

[quino]

They want to test how transparent n sincere you are (or, you will be) ?

Mai Truth or Dare thodi khel rha hun ITD se.

 

[vine]

Mai Truth or Dare thodi khel rha hun ITD se.

It's not you, ITD is playing Truth or Dare with you.

 

[akashsuresh]

All my Bank accounts are declared on ITD . And all transactions are electronic transactions with 0 cash transactions. And all these bank accounts are visible on my AIS when I check on the IT Department website. I believe I can hold these accounts unless a law comes up on the number of accounts a person can hold. If that happens , I will close the excess.