How many bank accounts do you have and for what purposes?

[raghavx]

I hold following bank accounts

1. ICICI Bank (Savings) - For salary crediting and investments
2. IDFC First Bank (Savings) - for savings purposes, it gives good rate of interest.
3. DBS - Idk why I am still holding this.
4. Paytm Payments Bank - Had opened it long back, not sure why I am holding this too.
5. Fi.money - For day to day transactions as my primary savings account would get cluttered with few hundred rupees transactions.
6. Jupiter - Had opened alongside with Fi, thinking to close this.

 

[simplegarv]

I keep money in only two account (hdfc & icici).
Hdfc for saving & transfer.(upi shifted to rupay cc)
ICICI for investment..

You can segregate the account & bases on different usage..

Certainly, I admit that I made a mistake, but it's important to consider that I'm only 19 years old. I'm currently taking steps to rectify my past errors by consolidating my accounts. I have decided to maintain just two accounts:

1. HDFC Preferred: I've chosen this bank because it is widely recognized as one of the top private banks.

2. Union Bank: This is a public sector bank, and I've opted for their Rupay Select Debit Card, which comes with a modest annual fee of 400 INR.

I appreciate your understanding as I work towards making more responsible financial decisions going forward.

 

[simplegarv]

ICICI for investment..

May I inquire about the nature of these investments? If they pertain to mutual funds, could you kindly clarify if regular mutual funds entail any additional charges? Alternatively, if the discussion is centered around equity investments, would it be possible to discuss the associated costs of a demat account?

 

[COSMOCRAT]

May I inquire about the nature of these investments? If they pertain to mutual funds, could you kindly clarify if regular mutual funds entail any additional charges? Alternatively, if the discussion is centered around equity investments, would it be possible to discuss the associated costs of a demat account?

Always buy direct mutual funds. Regular ones come with a higher expense ratio. Netbanking apps only sell regular type.

Mutual funds will require you to map a bank account to transfer funds in and out (Mandates, if you want this automatic). So try to choose either of the big banks like SBI, HDFC, or ICICI for that as the same account can also be used for PPF and NPS. Try not to do anything else from whichever bank you choose for investment, for simplicity of maintaining.

 

[gowthamv]

Always buy direct mutual funds. Regular ones come with a higher expense ratio. Netbanking apps only sell regular type.

Mutual funds will require you to map a bank account to transfer funds in and out (Mandates, if you want this automatic). So try to choose either of the big banks like SBI, HDFC, or ICICI for that as the same account can also be used for PPF and NPS. Try not to do anything else from whichever bank you choose for investment, for simplicity of maintaining.

Off-topic

Before having a proper knowledge about MFs, I used the Axis App to buy Regular Mutual Funds.

Now I am using Groww for regular ELSS investments and SIPs. It is giving me the option to switch the existing Regular MFs (bought in Axis) to Direct Plans.

Can I proceed and switch them? Any hidden fees/issues?

 

[shashank08]

Off-topic

Before having a proper knowledge about MFs, I used the Axis App to buy Regular Mutual Funds.

Now I am using Groww for regular ELSS investments and SIPs. It is giving me the option to switch the existing Regular MFs (bought in Axis) to Direct Plans.

Can I proceed and switch them? Any hidden fees/issues?

Capital gain Tax and applicable exit load are 2 things which will be there..

 

[COSMOCRAT]

Off-topic

Before having a proper knowledge about MFs, I used the Axis App to buy Regular Mutual Funds.

Now I am using Groww for regular ELSS investments and SIPs. It is giving me the option to switch the existing Regular MFs (bought in Axis) to Direct Plans.

Can I proceed and switch them? Any hidden fees/issues?

Yes, you should switch to direct. One-time capital gains tax will apply, and exit load if sold before 1 year. ELSS has a lock-in period, so you cannot sell before 3 years, and this is for each SIP in it.

 

[gowthamv]

Yes, you should switch to direct. One-time capital gains tax will apply, and exit load if sold before 1 year. ELSS has a lock-in period, so you cannot sell before 3 years, and this is for each SIP in it.

yeah ELSS is fine. I started SIP in ELSS Direct Funds in Groww only.

Others are normal small cap and mid cap and those were lumpsum amounts only. Not SIP. Invested around 1.5 years ago. So I guess there will be no Exit Load.

And what about capital gains tax? Any exemption amount like profit<10000?

 

[COSMOCRAT]

And what about capital gains tax? Any exemption amount like profit<10000?

Capital gains have two types of taxes based on how long you hold them. (Each SIP)

If held for less than 1 year then 15% of profit goes to taxes. (STCG)
If held for 1 year or more then 10% of profit goes to taxes, but profit up to 1 lakh is exempt. (LTCG)

 

[connectabjp]

1. Union Bank of India - First even bank account opened during college admission. - Active

2. DBS Bank - one of the first digit bank offered end to end services and really cool card. - after they applied MAB closed within same month 😅

3. Kotak JIFI - it was supposed to be an savings ACC but not sure how they converted to Current acc. - using this for all the investment purposes.

4.Axis bank salary account - Dormant now

5. ICICI Bank salary account - Active

6. PAYTM PAYMENTS BANK - ACTIVE - Used to collect gifts contribution 😂

7. Airtel payments Bank: dormant/Closed

8. Jupiter - Used to do day to day transactions - Inactive now.

9. FI - currently using for day to day transactions and zero markup on international transactions.

10- IDFC Bank - Emergency fund.

11. Federal Bank - Dormant

12. Fincare payments Bank - dormant

13. sbm bank - Opened by IND money - dormant

- i actually did not knew untill now i had so many account opened 😬😬😆

 

[KLB@96]

ICICI - SALARY
IDFC-SAVINGS
AU- SAVINGS( DC OFFERS )
INDUSIND SELECT- FREE WITH LEGEND FOR SELECT DC FOR CC BILL PAY
JUPITER- MUTUAL FUNDS

 

[COSMOCRAT]

JUPITER- MUTUAL FUNDS

Jupiter has habit of randomly freezing accounts and no support, so beware of that.

You can still access from MFcentral, I guess not sure.

 

[srikant]

ICICI - SALARY
IDFC-SAVINGS
AU- SAVINGS( DC OFFERS )
INDUSIND SELECT- FREE WITH LEGEND FOR SELECT DC FOR CC BILL PAY
JUPITER- MUTUAL FUNDS

Free meaning no minimum balance? At the moment even Legend card is LTF. Does (RuPay?) Select debit card give any cashback for credit card bill payment? How does this work?

 

[srikant]

1. SBI - DEMAT
2. BoB - salary
3. IDFC - credit card bill
4. Equitas - liquid savings
5. Utkarsh - liquid savings

 

[skvignesh]

Free meaning no minimum balance? At the moment even Legend card is LTF. Does (RuPay?) Select debit card give any cashback for credit card bill payment? How does this work?

Yes indus select is zero mab with legend CC
Check here - https://www.technofino.in/community...savings-account-and-legend-credit-card.11232/

It's not rupay select, he is saying about indus select account debit card it's master world/select signature Debit card

Best Way to pay Credit Card Bill

Guys I am redacting this post as I have been asked by the bank for non disclosure as mentioned in TnCs else my account would be suspended. They had asked me to remove this as this violates the TnC related to not getting reward points for CC payments.

www.technofino.in

 

[srikant]

Yes indus select is zero mab with legend CC
Check here - https://www.technofino.in/community...savings-account-and-legend-credit-card.11232/

It's not rupay select, he is saying about indus select account debit card it's master world/select signature Debit card

Best Way to pay Credit Card Bill

Guys I am redacting this post as I have been asked by the bank for non disclosure as mentioned in TnCs else my account would be suspended. They had asked me to remove this as this violates the TnC related to not getting reward points for CC payments.

www.technofino.in

Thank you so much!

And the debit card comes free too?!

So we need to start the account with 50K, but after linking Legend with it, it becomes zero-MAB?

This is a bit of an academic interest for me I guess. I'm too used to paying card bills with scheduled NEFT. That said, over time I'll synchronize billing dates and put some cards on hibernation, and this might work out. But with elementary number crunching, this is probably going to get me much more than the 15-20 days' interest I'll get by having the money sit in the account between bill date and due date.

 

[KLB@96]

Jupiter has habit of randomly freezing accounts and no support, so beware of that.

You can still access from MFcentral, I guess not sure.

It’s mutual funds so not a problem. They don’t hold my money anyways. I can access through mf central so no big deal.

 

[nik007rock]

Here is my update :
ICICI- Salary(0 bal)
Fi-day2Day Transactions(0 bal)
Indus Select-BMS,lounge,offers etc(0 bal)
Indie-offers(0 bal)
IDFC -Savings etc(25k bal)

 

[simplegarv]

1. Union Bank of India - First even bank account opened during college admission. - Active

2. DBS Bank - one of the first digit bank offered end to end services and really cool card. - after they applied MAB closed within same month 😅

3. Kotak JIFI - it was supposed to be an savings ACC but not sure how they converted to Current acc. - using this for all the investment purposes.

4.Axis bank salary account - Dormant now

5. ICICI Bank salary account - Active

6. PAYTM PAYMENTS BANK - ACTIVE - Used to collect gifts contribution 😂

7. Airtel payments Bank: dormant/Closed

8. Jupiter - Used to do day to day transactions - Inactive now.

9. FI - currently using for day to day transactions and zero markup on international transactions.

10- IDFC Bank - Emergency fund.

11. Federal Bank - Dormant

12. Fincare payments Bank - dormant

13. sbm bank - Opened by IND money - dormant

- i actually did not knew untill now i had so many account opened 😬😬😆

Try to bring them down to 2-3 by categorising the use cases.

 

[skvignesh]

Yes check charges https://www.indusind.com/content/da...-account/Schedule-of-benefits-IndusSelect.pdf

Also go through above mentioned threads

Thank you so much!

And the debit card comes free too?!

So we need to start the account with 50K, but after linking Legend with it, it becomes zero-MAB?

This is a bit of an academic interest for me I guess. I'm too used to paying card bills with scheduled NEFT. That said, over time I'll synchronize billing dates and put some cards on hibernation, and this might work out. But with elementary number crunching, this is probably going to get me much more than the 15-20 days' interest I'll get by having the money sit in the account between bill date and due date.

 

[AritraSaha]

Certainly, I admit that I made a mistake, but it's important to consider that I'm only 19 years old. I'm currently taking steps to rectify my past errors by consolidating my accounts. I have decided to maintain just two accounts:

1. HDFC Preferred: I've chosen this bank because it is widely recognized as one of the top private banks.

2. Union Bank: This is a public sector bank, and I've opted for their Rupay Select Debit Card, which comes with a modest annual fee of 400 INR.

I appreciate your understanding as I work towards making more responsible financial decisions going forward.

No worries bud..
Ita not a big deal..
U will figure it out..