Suggestion - Closing Bank Account(s)

[sahil1033]

I've several bank accounts and almost all of them served some purpose or the other but now I'm thinking of closing a few of them.

NSDL Payments Bank :
I had opened it for virtual RuPay Platinum DC but now that the offer on Amazon is gone, there's no point in keeping it alive and shell out Rs. 5.9 monthly for no reason/benefit.

Paytm Payments Bank :
I had withdrawn all the amount when RBI took strict action on them but it's still alive and I don't find any reason to even continue having an account with them. Earlier when RuPay CC on UPI wasn't available, I used it to pay with UPI but now I've shifted to paying with either RuPay CC wherever possible and for rest of the places, I use my main bank account.

DBS Bank :
I had opened it long time ago for its Big Basket co-branded DC and was going to close the account but then got to know that they've started offering RuPay Platinum DC at Rs. 150 + GST, so, continued using it. Now, thinking of closing it since MAB is Rs. 10k and currently I only see offers on Big Basket using DC. I'm thinking of closing the bank account before DC completes annual fee cycle.

Kotak Mahindra Bank :
I'm not going to close this account soon but the devaluation it has gone through has made me re-think my choices. I opened Everyday Savings A/C for Everyday RuPay Platinum DC which used to give 30% off upto Rs. 1k on EazyDiner 4 times a month. Now the benefit has been slashed to 30% upto Rs. 500 once a month. Previously MAB was Rs. 20k and now it's Rs. 10k but the devaluation with its DC is brutally brutal. I'll keep using it as of now since 30% off is still good but Rs. 250 + GST annual fee will hurt for sure with Amazon offer gone as well.

Rest of the bank accounts I'll continue to hold :
HDFC Bank Imperia (Salary)
SBI
PNB
IDFC First Bank Wealth
Bandhan Bank (for FD)
Unity Small Finance Bank (for FD)
Bank of Baroda Super Savings (for RuPay Select DC)

I don't have a problem with maintaining several bank accounts, I handle around 20+ CCs but I'm pretty sure to close NSDL Payments Bank Savings A/C once it completes 18 months and even DBS Bank as well.
Although I'm having second thoughts of continuing with Paytm Payments Bank and start using it again for UPI payments as I really don't want my main account statement to be cluttered.

I hold IndusInd Bank Legend CC and was thinking to somehow get LTF upgrade to Pinnacle CC so that I can open IndusInd Exclusive Savings A/C (ZERO balance) but they're not giving LTF upgrade to me.

Need your suggestions and I'm even open to hear about any other savings account which is beneficial. Even alternative to Paytm Payments Bank would do.

 

[akiratoriyama]

Close nsdl and Paytm. Does dbs not have other offers on its debit card? Used to be a lot of them before.

Kotak eazydiner benefit will probably not be devalued again before Indusind Legend Platinum gets the Signature treatment.

 

[praful47]

I've several bank accounts and almost all of them served some purpose or the other but now I'm thinking of closing a few of them.

NSDL Payments Bank :
I had opened it for virtual RuPay Platinum DC but now that the offer on Amazon is gone, there's no point in keeping it alive and shell out Rs. 5.9 monthly for no reason/benefit.

Paytm Payments Bank :
I had withdrawn all the amount when RBI took strict action on them but it's still alive and I don't find any reason to even continue having an account with them. Earlier when RuPay CC on UPI wasn't available, I used it to pay with UPI but now I've shifted to paying with either RuPay CC wherever possible and for rest of the places, I use my main bank account.

DBS Bank :
I had opened it long time ago for its Big Basket co-branded DC and was going to close the account but then got to know that they've started offering RuPay Platinum DC at Rs. 150 + GST, so, continued using it. Now, thinking of closing it since MAB is Rs. 10k and currently I only see offers on Big Basket using DC. I'm thinking of closing the bank account before DC completes annual fee cycle.

Kotak Mahindra Bank :
I'm not going to close this account soon but the devaluation it has gone through has made me re-think my choices. I opened Everyday Savings A/C for Everyday RuPay Platinum DC which used to give 30% off upto Rs. 1k on EazyDiner 4 times a month. Now the benefit has been slashed to 30% upto Rs. 500 once a month. Previously MAB was Rs. 20k and now it's Rs. 10k but the devaluation with its DC is brutally brutal. I'll keep using it as of now since 30% off is still good but Rs. 250 + GST annual fee will hurt for sure with Amazon offer gone as well.

Rest of the bank accounts I'll continue to hold :
HDFC Bank Imperia (Salary)
SBI
PNB
IDFC First Bank Wealth
Bandhan Bank (for FD)
Unity Small Finance Bank (for FD)
Bank of Baroda Super Savings (for RuPay Select DC)

I don't have a problem with maintaining several bank accounts, I handle around 20+ CCs but I'm pretty sure to close NSDL Payments Bank Savings A/C once it completes 18 months and even DBS Bank as well.
Although I'm having second thoughts of continuing with Paytm Payments Bank and start using it again for UPI payments as I really don't want my main account statement to be cluttered.

I hold IndusInd Bank Legend CC and was thinking to somehow get LTF upgrade to Pinnacle CC so that I can open IndusInd Exclusive Savings A/C (ZERO balance) but they're not giving LTF upgrade to me.

Need your suggestions and I'm even open to hear about any other savings account which is beneficial. Even alternative to Paytm Payments Bank would do.

Close all the accounts which you have decided.

But in addition I would like to give one opinion, transfer your fd from bandhan Bank to some other bank .
You will face problem in future with this bank .

 

[cardy]

Close all the accounts which you have decided.

But in addition I would like to give one opinion, transfer your fd from bandhan Bank to some other bank .
You will face problem in future with this bank .

Is something wrong with Bandhan bank going..

 

[praful47]

Is something wrong with Bandhan bank going..

Kyc issues .

 

[cardy]

Kyc issues .

In general, Like Paytm? 😳
Or in some cases

 

[hender]

I've several bank accounts and almost all of them served some purpose or the other but now I'm thinking of closing a few of them.

NSDL Payments Bank :
I had opened it for virtual RuPay Platinum DC but now that the offer on Amazon is gone, there's no point in keeping it alive and shell out Rs. 5.9 monthly for no reason/benefit.

Paytm Payments Bank :
I had withdrawn all the amount when RBI took strict action on them but it's still alive and I don't find any reason to even continue having an account with them. Earlier when RuPay CC on UPI wasn't available, I used it to pay with UPI but now I've shifted to paying with either RuPay CC wherever possible and for rest of the places, I use my main bank account.

DBS Bank :
I had opened it long time ago for its Big Basket co-branded DC and was going to close the account but then got to know that they've started offering RuPay Platinum DC at Rs. 150 + GST, so, continued using it. Now, thinking of closing it since MAB is Rs. 10k and currently I only see offers on Big Basket using DC. I'm thinking of closing the bank account before DC completes annual fee cycle.

Kotak Mahindra Bank :
I'm not going to close this account soon but the devaluation it has gone through has made me re-think my choices. I opened Everyday Savings A/C for Everyday RuPay Platinum DC which used to give 30% off upto Rs. 1k on EazyDiner 4 times a month. Now the benefit has been slashed to 30% upto Rs. 500 once a month. Previously MAB was Rs. 20k and now it's Rs. 10k but the devaluation with its DC is brutally brutal. I'll keep using it as of now since 30% off is still good but Rs. 250 + GST annual fee will hurt for sure with Amazon offer gone as well.

Rest of the bank accounts I'll continue to hold :
HDFC Bank Imperia (Salary)
SBI
PNB
IDFC First Bank Wealth
Bandhan Bank (for FD)
Unity Small Finance Bank (for FD)
Bank of Baroda Super Savings (for RuPay Select DC)

I don't have a problem with maintaining several bank accounts, I handle around 20+ CCs but I'm pretty sure to close NSDL Payments Bank Savings A/C once it completes 18 months and even DBS Bank as well.
Although I'm having second thoughts of continuing with Paytm Payments Bank and start using it again for UPI payments as I really don't want my main account statement to be cluttered.

I hold IndusInd Bank Legend CC and was thinking to somehow get LTF upgrade to Pinnacle CC so that I can open IndusInd Exclusive Savings A/C (ZERO balance) but they're not giving LTF upgrade to me.

Need your suggestions and I'm even open to hear about any other savings account which is beneficial. Even alternative to Paytm Payments Bank would do.

Very well calculated, Good planning, Can close - NSDL ,Paytm, DBS. you can use any of account which don't have TOO much money parked for UPI.
(PNB, Kotak, SBI, BOB)

 

[praful47]

In general, Like Paytm? 😳
Or in some cases

If your account gets frozen or due to certain circumstances where your account needs rekyc , branch will make you fill kyc form attached with documents.
Now , the game begins their system sucks ... They will send scanned copies to higher authority where kyc gets completed.
But that department will repeatedly reject that document stating image not clear or something like that ...
It can take months , but doesn't guarantee success ...

Another problem is home loan emi .
Once the emi amount and tenure is set you can't change according to your needs like prepayment, reducing tenure or emi ..

They will reject your request.

 

[cardy]

If your account gets frozen or due to certain circumstances where your account needs rekyc , branch will make you fill kyc form attached with documents.
Now , the game begins their system sucks ... They will send scanned copies to higher authority where kyc gets completed.
But that department will repeatedly reject that document stating image not clear or something like that ...
It can take months , but doesn't guarantee success ...

Another problem is home loan emi .
Once the emi amount and tenure is set you can't change according to your needs like prepayment, reducing tenure or emi ..

They will reject your request.

Then avoiding bandhan is better

 

[sahil1033]

Close all the accounts which you have decided.

But in addition I would like to give one opinion, transfer your fd from bandhan Bank to some other bank .
You will face problem in future with this bank .

I keep less than 5L worth FD including interest at any given point of time. Hoping things remain stable but in case anything happens, hoping I'll get my money back ASAP.