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.

 

[Dhruvit.S]

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

FedSelfie is discontinued. However do your research

 

[Arcade]

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

Oh, yes I can use both of the accounts through their fedmobile app now. Does it also work for netbanking now?

 

[ashwink]

Oh, yes I can use both of the accounts through their fedmobile app now. Does it also work for netbanking now?

Yup 😎

 

[Dhruvit.S]

Oh, yes I can use both of the accounts through their fedmobile app now. Does it also work for netbanking now?

Fed Mobile is so laggy.

 

[rjsudeep]

Oh that's great then, but what exactly is the benefit of netbanking over the already intuitive mobile apps from Fi and Jupiter?

 

[rjsudeep]

FedSelfie is discontinued. However do your research

Oh dang it, but let me check nonetheless!

 

[Arcade]

Fed Mobile is so laggy.

It anyways defeats the purpose of using "Neo" banking apps though it's nice to have as a back-up.

 

[rjsudeep]

I suggest don't 😜 they charge AMC..😅

Worthless in that case!

 

[ashwink]

Fed Mobile is so laggy.

I simply use Feb Mobile instead of Fi and Jupiter..it's great 👍

 

[rjsudeep]

Oh dang it, but let me check nonetheless!

Looks like they still have it, but have changed some procedures. It says you need to visit bank with KYC documents to activate the account.

Open an Account with Federal Bank – FedMobile

fedmobile.federalbank.co.in

 

[Lakshya Mahani]

I simply use Feb Mobile instead of Fi and Jupiter..it's great 👍

Is it accessible for both fi and jupiter?

 

[ashwink]

Looks like they still have it, but have changed some procedures. It says you need to visit bank with KYC documents to activate the account.

Open an Account with Federal Bank – FedMobile

fedmobile.federalbank.co.in

You are not need to do KYC again as you did completed VKYC already 🙂

 

[Arcade]

Is it accessible for both fi and jupiter?

It is now, yes.

 

[ashwink]

Is it accessible for both fi and jupiter?

Yeah 👍

 

[rjsudeep]

You are not need to do KYC again as you did completed VKYC already 🙂

Oh is it? Are you sure? If yes, then I could possibly try it.
But then again, I open accounts because I like to collect cards.

 

[ashwink]

It is now, yes.

I'm using it more than one year always works fine

 

[jyotimanb]

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

Wealth can be opened with Initial Funding of 10L. Some branch open with 5L only (my case).

Selfie is an online account with 0 MAB. It used to provide Rupay n MC physical cards. Rupay don't have any charges where as MC is charged at 150+GST pa.

 

[ashwink]

Oh is it? Are you sure? If yes, then I could possibly try it.
But then again, I open accounts because I like to collect cards.

As you wish 🤞

 

[rjsudeep]

Wealth can be opened with Initial Funding of 10L. Some branch open with 5L only (my case).

Selfie is an online account with 0 MAB. It used to provide Rupay n MC physical cards. Rupay don't have any charges where as MC is charged at 150+GST pa.

Any privileges of pre-approved premium cards with a wealth account?

 

[Arcade]

I'm using it more than one year always works fine

For some reason, Fi always worked for me but Jupiter one was always greyed out. It did not till April this year but then must've not noticed.