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?

 

[Batmanbaba]

My non-dormant Accounts:

* SBI (0MAB): My second bank account (opened a full account as a minor with my minor PAN card) and my most active one till 2020. And surprisingly I have had a good experience with this bank, better than many private banks especially since I got a platinum DC as a minor.

* IDFC SA Alliances (0MAB) - Got this from Niyo, I use this like a Salary account. Their internet banking is nice so it became my main account. However I got a taste of their terrible email/phone service recently after trying to get them to process an inward remittance.

* HDFC DigiSave Youth (5k MAB) - Opened this recently, the Millenia DC with this is nice. Trying to get added to my father's Imperia family but he is a busy man. Hopefully that will happen before this card renews.

* Axis ASAP (0MAB) - Trash account. Debit card never worked properly for me and there are charges everywhere. Account went to -1000 once. Probably the reason why Axis keeps rejecting my CC.

* Kotak 811 (0MAB) - It's a simple account but the Visa classic that I got with it sucked due to no contactless. Ended actively using this account and Kotak services after closing my 811 DreamDifferent CC as it's impossible to get an unsecured card

* SBM (0MAB) - Have an account from Vested. Won't be using it anymore.

* Paytm Payments Bank - I don't know why I have this.

Closed or Dormant Accounts:

* Central Bank: Possibly one of the worst PSU banks relative to the size. Opened a minor account and employees kept bullshitting about cheque book, debit card, etc. And when I got the debit card it was a RuPay card (terrible in 2016) - didn't work in half of the places and stopped working after 12am.

* DBS: Shut it due to the MAB requirement. Never used it much - apart from the BB cobranded debit card there was nothing notable about this account.

* IPPB: Was never able to login to the app (this was all before the RuPay craze) and get KYC completed

*AU SFB: Account closed after 1 year and no advance notice. Still haven't encashed the 130rs cheque. Had good offers though.

Planning to open BOB B3 account.

Once u take a fdd card from kotak... Its very hard to get unsecured card even after closing the secured card.... Closed my 811 card in march 2022 till date no offer for credit card

 

[cardy]

make it zero mab

Did you do that? How?

 

[cardy]

Airtel Payments Bank - Payments Bank (0 MAB)

I thought Airtel bank has the worst fees structure in the segment
How much does it cost you yearly?

 

[TheTrickySid]

I thought Airtel bank has the worst fees structure in the segment
How much does it cost you yearly?

0


Fcuk 3 words

 

[hks789]

Did you do that? How?

Yes using liberty account with 25k merchant transactions. Its a hacky solution until the liberty cashback is stopped.

 

[Shraaj]

If anyone wants to ask me about these bank accounts feel free to ask.

 

[Navneeth09]

If anyone wants to ask me about these bank accounts feel free to ask.

How did you get federal 0 mab through Indmoney? Is it worth/ usable in upi without debit card?

 

[Shraaj]

How did you get federal 0 mab through Indmoney? Is it worth/ usable in upi without debit card?

The account was opened by INDMoney for My US Stocks Purchase and they have partnered with INDMONEY and yes it can use for upi but only with the bank app because it doesn't have debit card that's why

 

[hellobois]

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?

I don't know the disadvantages but add Utkarsh SFB, PNB, BoB, AU , Ujjivan SFB, Fincare SFB, Suryoday for me and delete ICICI, Idfc, Union Bank and Central Bank from the list.
I hold around 15 savings account. Just for fun

 

[Navneeth09]

The account was opened by INDMoney for My US Stocks Purchase and they have partnered with INDMONEY and yes it can use for upi but only with the bank app because it doesn't have debit card that's why

Thanks for the response. I will look it up. Also, on a related note, will there be any federal Bank offers like for credit cards if you have this account variant?

 

[sv004]

Have only hdfc classic savings acc. Very happy with simplicity