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.

 

[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.

-------------------
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).

 

[ak0r]

HDFC Preferred - Primary A/c
IDFC - Investments
Axis - Daily transactions (will be closing this soon)
FI - For international travel purposes

 

[manureddy148]

Its time for your own bank or Account with subaccount concept, many new age bank doing this

Your suggestion is still valid.


I have 17 bank accounts now.... roughly 12 in use....5 for investment related.....3 for payments and 2 is specific like trips etc and other 2 is salary and savings

 

[AritraSaha]

Your suggestion is still valid.


I have 17 bank accounts now.... roughly 12 in use....5 for investment related.....3 for payments and 2 is specific like trips etc and other 2 is salary and savings

 

[asahi]

So Many people said about bank Accounts.
So Out of all these Banks & Accounts. What are the Must Have Accounts?
My list
1.ICICI- Great Overall Experience -Private
2.AU-Great Offers on DC- SF
3.Airtel-Rewards 123 -Payments Bank
4.PNB- less Crowd(compared to other PSU)- Public

 

[image]

ICICI Bank (Oldest) - Saving

HDFC Bank - Saving (near my home)

SBI (Earlier it was SBBJ) - For Locker (near my home, small branch, not crowded)

AU Bank - For Rupay Platinum Debit Card which I never got with 25k MAB account but have Visa DC,CC now.

Fi.Money - For smaller transaction AND now for Zero forex charges (planning a visit in Jan, might close after that because I got a Zero forex RBL World Safari CC LTF).

Earlier I have used for various reasons (now closed):
* OBC (later merged with PNB after I closed)
* Axis Bank (Bank got greedy with charges) - (Got AXIS MZ CC offer and I got it before closing account)
* DBS
* IDFC (Got IDFC Select CC offer and I got it before closing account)
* Kotak 811 (Got Kotak CC offer and I got it before closing account)
* SBM/Niyo (No zero forex DC RBI ban)

 

[clark_kent]

ICICI Bank - Salary
HDFC Classic - Savings
Axis Bank - First account
SBI - For auto loan

 

[Raghav_Go]

Any benefit of DBS for credit card bill payment?

I mean there isn't any effectively , it's just that it's fast and never faced any issue

 

[devanshgadda70]

1. ICICI - For Investments and other important payments like Insurance/Credit Card Bills/Other Fees etc.

2. Kotak - For UPI transactions and other miscellaneous things

3. Standard Chartered Bank - Salary

 

[manureddy148]

It become 18. I opened an post office bank account for there insurance purpose.

 

[AritraSaha]

It become 18. I opened an post office bank account for there insurance purpose.

Mention the banks name 😁

 

[John Since]

It become 18. I opened an post office bank account for there insurance purpose.

Ladka jawaan hogaya 😂😂😂

 

[manureddy148]

Mention the banks name 😁

I'm 23 year old......I do have lots of bank accounts.....one is i used to handle rent,
And even now I handle insurance and House expense of my house. .....as my parents r not so interested in credit card.....it took me lots of efforts to get 4 cards for my dad........then I handle expenses of my friends

And I'm active investors and I apply IPOs in 7 different people.......so I created different accounts so I can sort it than spending hours segregation of transactions......it's was a lot of difficult task to do it.
So now, different account for different usage....I use khatabook , cashbook for maintaining of payments.....excel for credit card...and Leo to give detailed house expenses in each category statment to my parents.


Kotak ace- main account will be my salary account
Kotak 811 - need to close, no use now. I had given request but they didn't close it.

Jupiter - everyday normal spending.

Paytm and Airtel payments bank- need to close.
As I'm using Jupiter

Fi- spends for travel, group spending.

Equitas- used to send cash for my friends who r brother for regular expenses who was away from family.
No use...need to close soon.

DBS- one of old account.....kept it like this because after few years have plan to go to Singapore for studies. Now I keeping my investment profits in this

IDFC- for FD .... behalf of my parents when I handled rent income on behalf of my father.

ICICI - ipo and investment related ( I apply in my friends acc so I transfer to my friends, as transaction limit is very high). ELSE I WOULDN'T OPEN IT
HDFC, AXIS - linked with my various demat accounts. I hold huge trading. Reason they have huge transaction limit and my turnover of short term and long term run into tens of lakhs. So dfc told convert into current account... that's why I opened axis to split it.
BOB - initially took it for education loan. Now government bonds and above 1 lakh bonds. Investments in grip. Etc
IDBI- linked with my demat.... useless now as it's one of old account and now I opened axis and HDFC.

AU bank- opened just for LIT card and I didn't get even after 3rd application. Was rejected 1st time due to kyc and details mismatch in cibil. now I use to get cash from parents , as I handle all house and parents expenses, so I kept seperate account.

Fincare - don't know why I opened. My cousin forced me as he used to intern as sales there😂😂. Now I use to get cash and split bills from friends. I order a lot for my friends who r like my brother's using my HDFC swiggy, Amazon....so they send a lot of people, it will come to this....at least 100 transactions per month.

SBI- 2nd bank I opened and it's because of college hostel. They forced me. Have loan


Then I had SBM from vested. ..but I'm using vested a lot.

One through ind money, IND money for mistake. SBM through niyo global I guess


Requested for post office savings bank for there good insurance.

Give me guidence if I have to change any account and also to sort my accounts. If I get guidance and info it will be better

 

[cardenthu09]

IDFC: Salary Account
HDFC Imperia: Linked for SIPs
ICICI: For UPI and small transactions (Zero MAB)
SBI: Just to have one PSU bank ac and PPF
Kotak: Opened for Privy league status and good joining benefits (Zero MAB)
IndusInd: Select account debit card variant for HDFC CC bill payments (Zero MAB with Legend CC)

 

[AritraSaha]

IDFC: Salary Account
HDFC Imperia: Linked for SIPs
ICICI: For UPI and small transactions (Zero MAB)
SBI: Just to have one PSU bank ac and PPF
Kotak: Opened for Privy league status and good joining benefits (Zero MAB)
IndusInd: Select account debit card variant for HDFC CC bill payments (Zero MAB with Legend CC)

Do you maintain balance in kotak? Any downgrade?

 

[cardenthu09]

Do you maintain balance in kotak? Any downgrade?

Just 2k or something. It is Lifetime commitment zero balance account I got.

 

[abhiver]

I'm 23 year old......I do have lots of bank accounts.....one is i used to handle rent,
And even now I handle insurance and House expense of my house. .....as my parents r not so interested in credit card.....it took me lots of efforts to get 4 cards for my dad........then I handle expenses of my friends

And I'm active investors and I apply IPOs in 7 different people.......so I created different accounts so I can sort it than spending hours segregation of transactions......it's was a lot of difficult task to do it.
So now, different account for different usage....I use khatabook , cashbook for maintaining of payments.....excel for credit card...and Leo to give detailed house expenses in each category statment to my parents.


Kotak ace- main account will be my salary account
Kotak 811 - need to close, no use now. I had given request but they didn't close it.

Jupiter - everyday normal spending.

Paytm and Airtel payments bank- need to close.
As I'm using Jupiter

Fi- spends for travel, group spending.

Equitas- used to send cash for my friends who r brother for regular expenses who was away from family.
No use...need to close soon.

DBS- one of old account.....kept it like this because after few years have plan to go to Singapore for studies. Now I keeping my investment profits in this

IDFC- for FD .... behalf of my parents when I handled rent income on behalf of my father.

ICICI - ipo and investment related ( I apply in my friends acc so I transfer to my friends, as transaction limit is very high). ELSE I WOULDN'T OPEN IT
HDFC, AXIS - linked with my various demat accounts. I hold huge trading. Reason they have huge transaction limit and my turnover of short term and long term run into tens of lakhs. So dfc told convert into current account... that's why I opened axis to split it.
BOB - initially took it for education loan. Now government bonds and above 1 lakh bonds. Investments in grip. Etc
IDBI- linked with my demat.... useless now as it's one of old account and now I opened axis and HDFC.

AU bank- opened just for LIT card and I didn't get even after 3rd application. Was rejected 1st time due to kyc and details mismatch in cibil. now I use to get cash from parents , as I handle all house and parents expenses, so I kept seperate account.

Fincare - don't know why I opened. My cousin forced me as he used to intern as sales there😂😂. Now I use to get cash and split bills from friends. I order a lot for my friends who r like my brother's using my HDFC swiggy, Amazon....so they send a lot of people, it will come to this....at least 100 transactions per month.

SBI- 2nd bank I opened and it's because of college hostel. They forced me. Have loan


Then I had SBM from vested. ..but I'm using vested a lot.

One through ind money, IND money for mistake. SBM through niyo global I guess


Requested for post office savings bank for there good insurance.

Give me guidence if I have to change any account and also to sort my accounts. If I get guidance and info it will be better

How you handle them during ITR filing? Wise Government se sahi badla Nikal rahe ho, unke tracking ka kharcha badha ke 🤣🤣🤣

 

[manureddy148]

How you handle them during ITR filing? Wise Government se sahi badla Nikal rahe ho, unke tracking ka kharcha badha ke 🤣🤣🤣

It's very easy to handle during ITR u know..... before I used to struggle.

All rent will go into one account. .... total deposits in a year is rent income.

All money from parents in a month will come to AU bank. So it's exempted income.

My upcoming salary in kotak.

All spending in Jupiter and credit cards.

Investments I have spread into 4 accounts. I keep depositing and withdrawal from demat. So I see capital gains only.

All money from friends in one account..... especially my close friends.

Before everything in one account. Money from friends is an loan. Not gift.


It's super easy to sort my accounts you know

As for income tax from age of 19 I started filling. I'm 23 now. I do it myself.

 

[manureddy148]

How you handle them during ITR filing? Wise Government se sahi badla Nikal rahe ho, unke tracking ka kharcha badha ke 🤣🤣🤣

I'm going on trips like outings, trekking. So I use fi as even my friends payment will be in this. After wards will be split and return equally leftover cash. Before I used to use kotak only for this. This is best for me as I can get statment later on