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How many bank accounts do you have and for what purposes?

raghavx

TF Select
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.
 
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)

BankUserAQBStatus
Kotak (Dormant)Previously Salary, Haven’t used for 4 years.20KDormant
Karur Vysya BankFirst bank account in college5KClosed
SBIOpened digital account , Closed due to Full KYC not done0Closed
Paytm Payments BankShut Down0Closed
Axis BankOpened in college, dormant since stopped using it due to new account at AXIS10KDormant

Hope this helps.
 
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)

BankUserAQBStatus
Kotak (Dormant)Previously Salary, Haven’t used for 4 years.20KDormant
Karur Vysya BankFirst bank account in college5KClosed
SBIOpened digital account , Closed due to Full KYC not done0Closed
Paytm Payments BankShut Down0Closed
Axis BankOpened in college, dormant since stopped using it due to new account at AXIS10KDormant

Hope this helps.
AQB for all above mentioned A/cs?
 
Last edited:
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"?
 
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.
 
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.
 
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.
 
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.
 
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.
 
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?
 
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.
 
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.
 
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
 
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.
 
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