Disadvantage/Implications on having multiple bank accounts

[Dhruvit.S]

I hold 4 bank accounts and was intrested in Kotak 811 for Kotak Bank credit cards offer. I know it's not a clever idea however I wanted to know if there's other actual issue in holding too many bank accounts.

Would like to hear from the community.

P.S: I say intrested but I won't unless I get a very good reason other then Kotak White credit card to open 811 account.

You can mention reasons to open the account too.

 

[Arcade]

Which account closure was tedious for you? I have closed RBL account once it was fine

Tedious as in, you have to visit the branch & fill a form. It's not as easy as just a few clicks or filling some info like most banks have made it with the new digital account opening process.

 

[rjsudeep]

You have most Neo accounts. Are they beneficial? Also previously one couldn't open FI and Jupiter account both. Looks like it's fixed

I first got Fi, and then Jupiter. Both these accounts were opened quite some time ago before that issue of simultaneous accounts not permitted started. Now its fixed again, as just yesterday a friend of mine who already has Fi, successfully opened his Jupiter which was not working earlier.

As they are zero balance accounts, no harm in having them.

DBS has been a pain though as they switched to minimum 5000 amb. It was dormant for a year, and I didnt even have the sim linked to that number, so when I finally opened it, got a huge shock as my 3k balance which was there was reduced to just some 70 odd rupees. Fought with them but they waived only the last non-maintenance amount which was around 130rs. Lost about 2.8k in the process. Now I maintain the AMB of 5000. Plus annual fee of 300 for the EMT Signature Debit card.

Fi is pretty useless but recently got the 100+100 rupees poshvine offer on Visa Platinum for Federal cards on that. I maintain around 1k balance tops on that.

Jupiter was good with its rewards at the start but now is pretty useless, despite having upgraded it to pro salary (which may be downgraded next month as they are not considering manual self salary credits).

Union bank I maintain it as a dormant account with 500 rupees minimum balance requirement.

HDFC is my primary for all purposes, and Niyo Equitas is my backup. I keep getting salary rewards on manual transfers of 20k to Niyo Equitas every month, and this amount is pretty sizeable ranging from 50-300 rupees.

So overall, pretty decent to hold multiple neo accounts as long as they dont downgrade or ask for AMB.

 

[tuhin]

Multiple banks are never an issue, unless you forget where you parked your cash at a point!

Having multiple bank accounts is good when you need to transact many times at an ATM and suddenly some card gives up on you. Also, certain times they are bank-specific debit card offers.

As for me, I have the following bank accounts:

- HDFC Classic Salary
- Niyo Equitas
- DBS Digibank
- Union Bank
- Fi (Federal)
- Jupiter (Federal)

Might soon be opening a Kotak zero balance one as well.

Bro, can you use Federal Bank net banking with Fi & Jupiter Account? If yes, are they showing together in one Account ?

 

[Arcade]

Bro, can you use Federal Bank net banking with Fi & Jupiter Account? If yes, are they showing together in one Account ?

You can use net banking with the fi account, and while Jupiter account does show up but only for viewing balance, can't perform transactions.

 

[rjsudeep]

Bro, can you use Federal Bank net banking with Fi & Jupiter Account? If yes, are they showing together in one Account ?

Never tried it as the Fi and Jupiter app by themselves are pretty solid and have all the required features.

I doubt it would show under one account though as the account numbers and customer ids are different for both.

 

[rjsudeep]

You can use net banking with the fi account, and while Jupiter account does show up but only for viewing balance, can't perform transactions.

Oh interesting info! Good to know

 

[tuhin]

You can use net banking with the fi account, and while Jupiter account does show up but only for viewing balance, can't perform transactions.

Is Fi Account debit card free? I am asking, as I have one existing Federal NetBanking. If it can be clubbed together, I can block my existing Fed Debit Card which is charging me unnecessarily... If possible please confirm...

 

[rjsudeep]

Is Fi Account debit card free? I am asking, as I have one existing Federal NetBanking. If it can be clubbed together, I can block my existing Fed Debit Card which is charging me unnecessarily... If possible please confirm...

It was free for me when I applied, not sure what the case is now. I think there may/may not be a one-time issue fee. No annual charges though.

 

[Arcade]

Is Fi Account debit card free? I am asking, as I have one existing Federal NetBanking. If it can be clubbed together, I can block my existing Fed Debit Card which is charging me unnecessarily... If possible please confirm...

Yes, the Fi debit card is completely free. I don't know about the existing netbanking though as I registered when I opened Fi, and don't hold a normal federal account.

 

[rjsudeep]

BTW, despite these relationships with Federal, they rejected my CC application right away, and an unnecessary CIBIL enquiry!

Yes, the Fi debit card is completely free. I don't know about the existing netbanking though as I registered when I opened Fi, and don't hold a normal federal account.

 

[ashwink]

Is Fi Account debit card free? I am asking, as I have one existing Federal NetBanking. If it can be clubbed together, I can block my existing Fed Debit Card which is charging me unnecessarily... If possible please confirm...

It can't clubbed with your primary account.

 

[jyotimanb]

What are the accounts do you have? If possible, can you please give us a list... pretty interesting, no DC/SMS charges!!!

1. HDFC - 5 (different product codes)
2. IDFC (25k)
3. ICICI - 3 (Wealth, Instasave, Regular)
4. Federal - 2 (Selfie & Jupiter)
5. Axis Prime
6. Kotak 811
7. BoB
8. Bandhan

But that isn't always the case right. Banks can always downgrade you if they see you constantly not maintaining proper funds.

True, not always the case.
But ICICI doesn't degrade, HDFC too if you have relation with the RM/BM, they don't degrade. And if you have any privilege banking activated as per corporate relation, it wouldn't degrade.
Axis though degrade their HNI banking due to non maintenance of balance.

I don't mean HNI accounts or initial high funding.
I ment atleast you must have 10L+ stored in these banks to make sense of so many accounts

Not really! 😅

 

[rjsudeep]

It can't clubbed with your primary account.

Oh yes, if that was what he was asking, its not possible.

 

[ashwink]

You can use net banking with the fi account, and while Jupiter account does show up but only for viewing balance, can't perform transactions.

BTW I'm Using Fi and Jupiter both accounts working fine for transactions in netbanking and I loved their Fed Mobile app😍

 

[rjsudeep]

1. HDFC - 5 (different product codes)
2. IDFC (25k)
3. ICICI - 3 (Wealth, Instasave, Regular)
4. Federal - 2 (Selfie & Jupiter)
5. Axis Prime
6. Kotak 811
7. BoB
8. Bandhan

True, not always the case.
But ICICI doesn't degrade, HDFC too if you have relation with the RM/BM, they don't degrade. And if you have any privilege banking activated as per corporate relation, it wouldn't degrade.
Axis though degrade their HNI banking due to non maintenance of balance.





Not really! 😅

What's the criteria for ICICI Wealth? And what's Federal Selfie?

 

[ashwink]

Federal Selfie?

It's a zero balance account from Federal bank officially..

 

[rjsudeep]

It's a zero balance account from Federal bank officially..

Oh, can it be opened virtually through Aadhar or you need to visit a branch?

 

[ashwink]

Oh, can it be opened virtually through Aadhar or you need to visit a branch?

Vkyc 👍

 

[rjsudeep]

Vkyc 👍

Awesome, time to click a selfie then Hope they give a physical card as well.

 

[ashwink]

Awesome, time to click a selfie then Hope they give a physical card as well.

I suggest don't 😜 they charge AMC..😅