Multiple Bank Accounts

[dhiraz]

Dear Community Members!

We All Know in This Community Every Person Have Multiple Bank Accounts. Now I Just Wants to Know What is the Advantages and Disadvantages of Multiple Accounts and the Consequences of Having Multiple Accounts.

I Have These
1. HDFC - Savings Max (25K MAB)
2. IDFC - Signature DC (25K MAB)
3. Axis - Liberty (25K MAB)
4. ICICI - Regular (10K MAB)
5. Kotak - 811 (0 MAB)
6. SBI - Lotus Saving Bank-ADHAR-CHQ (0 MAB)
7. Union Bank - SBGEN (250 - 1k QAB)
8. Central Bank - HSS Account (500-2k QAB)
9. Fi - Neo Bank (0 MAB)
10. Jupiter - Neo Bank (0 MAB)
11. IPPB - Payments Bank (0 MAB)
12. NSDL - Payments Bank (0 MAB)

If You Are Comfortable With Sharing Which Accounts You Hold Please Share. Also Share Your Experience, Charges and Benefits. Currently Which One You Planning to Close or Opening Any & Give Useful Advice To Me and To Other Community Members.

Edit: Please Explain One More Things If We Have Multiple Accounts and We Usually Send Money From Own Account To Another Account How These Transaction Considered By Eyes of ITD?

 

[TheTrickySid]

Dear Community Members!

We All Know in This Community Every Person Have Multiple Bank Accounts. Now I Just Wants to Know What is the Advantages and Disadvantages of Multiple Accounts and the Consequences of Having Multiple Accounts.

I Have These
1. HDFC - Savings Max (25K MAB)
2. IDFC - Signature DC (25K MAB)
3. Axis - Liberty (25K MAB)
4. ICICI - Regular (10K MAB)
5. Kotak - 811 (0 MAB)
6. SBI - Lotus Saving Bank-ADHAR-CHQ (0 MAB)
7. Union Bank - SBGEN (250 - 1k QAB)
8. Central Bank - HSS Account (500-2k QAB)
9. Fi - Neo Bank (0 MAB)
10. Jupiter - Neo Bank (0 MAB)
11. IPPB - Payments Bank (0 MAB)
12. NSDL - Payments Bank (0 MAB)

If You Are Comfortable With Sharing Which Accounts You Hold Please Share. Also Share Your Experience, Charges and Benefits. Currently Which One You Planning to Close or Opening Any & Give Useful Advice To Me and To Other Community Members.

I have:
1. HDFC - Classic (1L MAB)
2. Indusind - Partner (1L MAB but zero for me)
3. ICICI - Regular (10K MAB)(Will Close once I get pre approved cc)
4. Kotak - 811 (0 MAB)
5. SBI - Savings Plus (0 MAB)
6. Au Bank - Digital Savings Account (0 MAB)
7. Central Bank - Regular Account (2k MAB)
8. BoB - B3 Savings Account (0 MAB)
9. Airtel Payments Bank - Payments Bank (0 MAB)
10. Paytm Payments Bank - Payments Bank (0 MAB)

Going to close Centra Bank Account very soon had kept it open since it was my first account and had many memories attached.
But now they have crossed their limits.

 

[dhiraz]

I have:
1. HDFC - Classic (1L MAB)
2. Indusind - Partner (1L MAB but zero for me)
3. ICICI - Regular (10K MAB)(Will Close once I get pre approved cc)
4. Kotak - 811 (0 MAB)
5. SBI - Savings Plus (0 MAB)
6. Au Bank - Digital Savings Account (0 MAB)
7. Central Bank - Regular Account (2k MAB)
8. BoB - B3 Savings Account (0 MAB)
9. Airtel Payments Bank - Payments Bank (0 MAB)
10. Paytm Payments Bank - Payments Bank (0 MAB)

Going to close Centra Bank Account very soon had kept it open since it was my first account and had many memories attached.
But now they have crossed their limits.

Same with Me
Central Bank in My First Account But Their Service is Useless. But i did a mess i used my Central Bank Account for Mutual Fund SIP But Now I am going to change my account from All AMC and closed the Central Bank & Union Bank Both.

 

[SC_23]

Same with Me
Central Bank in My First Account But Their Service is Useless. But i did a mess i used my Central Bank Account for Mutual Fund SIP But Now I am going to change my account from All AMC and closed the Central Bank & Union Bank Both.

You can have different account for redemption and sip.

 

[dhiraz]

You can have different account for redemption and sip.

What is the process for changing Bank Account with Mutual Fund AMC's.
Currently i paid my SIP via Groww.

 

[SC_23]

What is the process for changing Bank Account with Mutual Fund AMC's.
Currently i paid my SIP via Groww.

Idk bro maybe you have to contact each and every amc and get it changed because sip will execute even if primary account is different

 

[Karthik:]

I have 4 accounts in total. Have savings accounts in BOI, Axis (Liberty Family), HDFC (Classic Family) and salary account with ICICI. I do almost all card transactions in HDFC millennia DC and moneyback+ CC as I get better RP. Use ICICI for UPI transactions. Planning to close Axis account and open another in HDFC with Platinum debit card which will be part of classic group. I don't find any advantage in having too many accounts as it can be a bad investment. Better to have only those accounts that we use. We can have 3 to 4 accounts with atleast 1 account in Public sector bank. I am planning to restrict myself to 3.

 

[BankExpertIndia]

There Is No Main Benefit In Having Multiple Bank Account... Only You Can Do Diversification Like Paying All Your Bills From One Account... And Use One Account For All Your Payments... Everyone Here Holds Multiple Accounts To Get Pre-Approved For Credit Cards.

 

[TheTrickySid]

What happened with Central bank?

 

[Shraaj]

1. Kotak 811- Zero Balance A/c - Only SMS Charges (17.70Rs*4 Times) = Total Charges- 70.80Rs/Year Charges- For Investment Purpose Like Stock Market / Mutual Funds / Dividend, etc

2. ICICI Mine - ZERO Balance A/c - Debit Card AMC (177Rs/Year)+ SMS Charges (17.70Rs*4 Times) = 70.80Rs/Year ,Total Charges - 247.80Rs - For Savings

3. AU Digital - Zero Balance A/c - Debit Card AMC (177Rs/Year)+ SMS Charges (17.70Rs*4 Times) = 70.80Rs/Year ,Total Charges - 247.80Rs - For Day to Day Expenses Like UPI,Bill Payments,Online Shopping (Like Current Account)

4. Central Bank of India - HSS (2k QAB)- Debit Card AMC (354Rs/Year)+ SMS Charges (17.70Rs*4 Times) = 70.80Rs/Year ,Total Charges - 424.80Rs - For RuPay Offer (Will Close Soon) My First Bank Account

5. Fi Money Neo Bank(Federal Bank) - Zero Balance A/c - Zero Charges Also has Free AMC On Debit Card - For ATM Withdrawal Purpose - 5 ATM Txns Per Month

6. NSDL Jiffy Account - Zero Balance A/c - Only SMS Charges - Rs.5.90/Month, Total -Rs.70.80 - For RuPay Amazon Offer (Will Close Soon)

Total Charges to Maintain all Above A/c- Rs.1062.

@HyperBeast @dhiraz

 

[Shraaj]

@HyperBeast @dhiraz

You know what, Central Bank is also my first bank account which was opened in 2013. I was a student and back then opened in the college campus.

Recently I went to the RBI Complaint portal and complained about the Delaying of the Rupay platinum card which I applied for in DECEMBER 2021 and Now this month, they delivered me. You can see how much delay just to get a basic service.

previously,I had no issues about the bank,but now there internet banking new website sucks a lot,no good credit card option like SBI,BOB .so,I will also close soon

 

[metal_heart]

Wow…. I always thought lesser the accounts better it Is. Just have 2 A/C and both were opened as salary A/C then

Closed PNB many years back due to their rigid policies to get everything done from
Home branch and pathetic services at branch

 

[aswinsegu]

I have following Bank accounts

Bank​	Type​	MAB​
HDFC Bank - Individual - Joint	Preferred	2 L per Customer ID/Family Group
ICICI Bank	Wealth	10 K (Previous Employer)
IndusInd Bank	Exclusive	0 (Promotional Offer)
Kotak Mahindra Bank	Privy League - Neon	10 K (Previous Employer)
State Bank of India (SBI)	Savings Plus	0

Mostly use HDFC x 2 and SBI accounts for day to day activities.
Maintaining ICICI, IndusInd & Kotak for upgraded status benefits such as Nil DD charges etc.

 

[Shraaj]

ICICI Bank Wealth Account 10K MAB- How?

 

[aswinsegu]

ICICI Bank Wealth Account 10K MAB- How?

Not sure how, but got auto converted to Wealth account but MAB still shows 10K. Even transactions are very less from last 5 years

 

[skvignesh]

What is the process for changing Bank Account with Mutual Fund AMC's.
Currently i paid my SIP via Groww.

Check mfcentral with cancelled cheque and proof you can change... It's managed by cams & kfintech

 

[hks789]

HDFC and ICICI are the primary accounts
SBI - First Account
PNB, BOB for Rupay Platinum Cards.
IDFC for savings, now planning to divide some to Fincare, 20k+ FD will make it 0 MAB.
Axis - Due to initial credit card rejections - planning to close or make it zero mab
IndusInd/Kotak for Pre-approved offers.
Fi and SBM for zero forex charge cards.

Want to check which all will report savings tax to AIS.

 

[Souvik]

HDFC-Imperia (Erstwhile salary account, now normal savings account, the most reliable bank of all, think its 30L TRV or 50L, not sure)
Axis-Salary account (would close in a while), 25k AMB if converted from salary to savings
SBI- Normal savings account (planning to close asap), 10k account
IDFC - Wealth 10L AMB
ICICI - 50k AMB

Advantage is bank deducts tax on FD after 2.5L interest in a financial year, after 15G. So splitting funds across banks help avoid tax deduction. During filing its your call and you can show deductions accordingly.

 

[FinoGuy]

How do you hold both fi & Jupiter account? I thought one can have only one of the two..

 

[Batmanbaba]

How do you hold both fi & Jupiter account? I thought one can have only one of the two..

First open jupiter and then fi... U can have both....i too have it