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

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raghavx

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.
 
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RAMESH BABU N said:
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.
Click to expand...
I understand sir, however I declare all accounts and AIS has already been showing all these accounts with account numbers for the last 3 years and the savings account interest is already being taxed in my ITR.
 
akashsuresh said:
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.
Click to expand...
Indus Ind bank has credited the amount of 6022, the balance is restored to 0.
 
akashsuresh said:
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.
Click to expand...

Treasures need more right for AMB?
 
SBi savings account : Very first account ( holding cause of zero balance)
HDFC savings account: credit cards attached ( Millenia and plus rupay)
SBM Bank savings account: Opened via US stock broker ( ignoring for a long time)
IDFC first bank savings account: Monthly interest credit ( Wealth account, holding till I get wealth credit card after that will close)
federal bank : For current US stock broker
 
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Shams said:
SBi savings account : Very first account ( holding cause of zero balance)
HDFC savings account: credit cards attached ( Millenia and plus rupay)
SBM Bank savings account: Opened via US stock broker ( ignoring for a long time)
IDFC first bank savings account: Monthly interest credit ( Wealth account, holding till I get wealth credit card after that will close)
federal bank : For current US stock broker
Click to expand...
Does federal bank offer good outward remittance rates?
 
Currently I have these accounts :-

SBI - Salary Wealth account

Bob - Advantage saving account

ICICI - Wealth Management

HDFC - Imperia

Spouse :-

HDFC - Imperia

ICICI - Wealth management

Axis - Salary Burgundy

SBI - Wealth
 
I have two accounts -

1 in HDFc - primary savings and salary credit (+1 current account for reimbursements)
1 in BoM - my first account opened at age 18. Not used.
 
cardio_guy said:
I am still at only 2 account:
  1. SBI - primary (global debit card, mastercard)
  2. HSBC - salary (visa debit card)
Click to expand...

thats enough, moreover if anything went wrong in those accounts we're only responsible.

helloworld

Post in thread 'How many bank accounts do you have and for what purposes?'

asahi said:
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)
Click to expand...

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...
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TheTrickySid said:
  1. HDFC Classic - Savings
  2. ICICI
    • Regular - Rupay Platinum DC for Apay offer
    • Wealth Management Account - Savings
  3. Axis Liberty - Opened for Pre Approved CC offer. Recently Got Ace card via gpay, still thinking to continue for 750 voucher per quarter.
  4. Kotak 811 - All investment purposes.
  5. Indusind (International Transaction - 0 Forex)
    • Partner - Got under offer with 0 MAB
    • Exclusive - Got under offer with 0 MAB & Savings
  6. AU - Rupay Platinum DC for Apay offer
  7. RBL - Don't know.
  8. SBI - Savings & Govt Schemes like PPF
  9. BoB - 0 MAB and secondary Govt Bank Account.
  10. Paytm Payment Bank - Day to day UPI transactions.
  11. Airtel Payments Bank - Don't know why.
Also I don't keep fund's above 5L in any account except SBI, to be on safe side under DICGC insurance cover.

Will eventually close AU, RBL, ICICI Regular & Airtel once the purpose is accomplished.
Click to expand...
Updated List:
  1. HDFC
    • Classic - Savings
    • Salary - Salary
    • Speciale Gold - Choice Acc Number
  2. ICICI
    • Regular - Rupay Platinum DC
    • Privilege Account (Downgraded from Wealth Management Account) - Savings
    • Family 360 Account
  3. Kotak 811 - All investment purposes.
  4. Indusind (International Transaction - 0 Forex)
    • Partner - Got under offer with 0 MAB
    • Exclusive - Got under offer with 0 MAB & Savings
    • Pioneer - Metal DC
  5. IDFC Wealth - Great Digital Experience
  6. AU - Rupay Platinum DC for Apay offer
  7. RBL - Don't know.
  8. SBI - Savings & Govt Schemes like PPF
  9. BoB - 0 MAB and secondary Govt Bank Account.
  10. Airtel Payments Bank - Don't know why.
  11. Jio Payments Bank - Day-to-day UPI transactions (replacement of Paytm Bank)
  12. Jana Small Finance Bank - Free Rupay Select DC (Going to close soon)
Closed:

  1. Axis Liberty (you know the reason)
  2. Paytm Payment Bank (Phuk gaya bank 😴)

Also I don't keep fund's above 5L in any account except SBI, to be on safe side under DICGC insurance cover.
 
Just a heads up to all people who may not understand the reality of the 5L DICGC insurance cover:
It does not mean that you will get the amount back upto 5L instantly.
It only means you will get it eventually.
You also need to consider the inflation and opportunity costs of your money being stuck for many years, please have second thoughts, if it's a large amount for you.
No one knows when you will get the amount if that particular bank goes under. While, RBI may not let that happen, there is a chance that some financial situations may compel RBI to focus on other priorities.
 
vine said:
Just a heads up to all people who may not understand the reality of the 5L DICGC insurance cover:
It does not mean that you will get the amount back upto 5L instantly.
It only means you will get it eventually.
You also need to consider the inflation and opportunity costs of your money being stuck for many years, please have second thoughts, if it's a large amount for you.
No one knows when you will get the amount if that particular bank goes under. While, RBI may not let that happen, there is a chance that some financial situations may compel RBI to focus on other priorities.
Click to expand...
Is it possible to privately insure our deposits? Like if I have say 2crore FD in a bank, can I insure it outside of DGCIC?
 
cardio_guy said:
Is it possible to privately insure our deposits? Like if I have say 2crore FD in a bank, can I insure it outside of DGCIC?
Click to expand...
No idea about that.
If you are concerned about any bank's collapse, please consider buying bonds from the RBI direct portal.
Our nation has executed enormous leaps in economic reforms over the past few decades.
Any banking collapse is a sign of systemic decay, which seems unlikely(buy not impossible) in the present economic situation.
 
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