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.

 

[raghav_mri]

I am just curious to know how many accounts you guys are managing and what is their use, I only have 1 account open currently

 

[mgforce]

ICICI Wealth - Salary, Main Account
HDFC Imperia - Family Grouping, Expense Account
Axis Burgundy - Family Grouping, for Credit Cards, for FD
IDFC Wealth - Family Grouping, for FD
DCB Bank - Family Grouping, for FD
IndusInd Bank Exclusive - Zero NMC Offer, Forex Card

 

[vbbehera]

currently i have 6 bank accounts. is it okay or i need more bank accounts ?
i have 6 bank accounts listed below:
1. SBI
2. HDFC
3. ICICI
4. BOB
5. Airtel Payments Bank
6. Paytm Payments Bank

 

[COSMOCRAT]

Axis Prestige - Salary
HDFC Regular - Spending/UPI
ICICI Silver - Investments and PPF
IDFC Signature - Emergency funds (24 months worth) for high liquidity. Also, a decent interest of 4% is paid monthly. Thinking of spitting 50% into some FDs.

Saraswat Bank - The oldest account, created by my parents when I was in school. Thinking of closing but the branch is very close by.
SBM Bank - Got created when testing out Vested. Deep regrets will be closing soon.
Federal Bank - Got created when testing out Jupiter. Deep regrets will be closing soon.
Airtel Bank - Created for 50rs cashback long ago for one use only 🤦‍♂️, will be closing soon.

 

[credblack]

Axis Prestige - Salary
HDFC Regular - Spending/UPI
ICICI Silver - Investments and PPF
IDFC Signature - Emergency funds (24 months worth) for high liquidity. Also, a decent interest of 4% is paid monthly. Thinking of spitting 50% into some FDs.

Saraswat Bank - The oldest account, created by my parents when I was in school. Thinking of closing but the branch is very close by.
SBM Bank - Got created when testing out Vested. Deep regrets will be closing soon.
Federal Bank - Got created when testing out Jupiter. Deep regrets will be closing soon.
Airtel Bank - Created for 50rs cashback long ago for one use only 🤦‍♂️, will be closing soon.!

Hey! Could you please share your experience using Vested and buying US stocks, I was looking to invest in some emerging companies (listed on NASDAQ) with a long term outlook. Were there some issues in the operations or hidden charges ? RBI halted operations of SBM bank recently, is that the reason for you regretting using them ? Thanks.

 

[COSMOCRAT]

It is alright. You'll be required to make at least 50$ for each purchase. They also have a thing called Vested Direct which is exactly why you need SBM bank account. Vested Direct speeds up the process quite a bit of buying and selling and lower commissions, instead of linking your bank of choice. Recently they have added OTC stocks. Didn't like their onboarding as they showed my account is created but was still showing create account option for months which did nothing and took a lot of back and forth over mail. Go for Vested if you've researched and want to buy specific US stocks. I'll stick to NASDAQ Index mutual fund, that's enough for me. My regrets about SBM are not remotely as high as with Jupiter. 😂

Hey! Could you please share your experience using Vested and buying US stocks, I was looking to invest in some emerging companies (listed on NASDAQ) with a long term outlook. Were there some issues in the operations or hidden charges ? RBI halted operations of SBM bank recently, is that the reason for you regretting using them ? Thanks.

 

[credblack]

It is alright. You'll be required to make at least 50$ for each purchase. They also have a thing called Vested Direct which is exactly why you need SBM bank account. Vested Direct speeds up the process quite a bit of buying and selling and lower commissions, instead of linking your bank of choice. Recently they have added OTC stocks. Didn't like their onboarding as they showed my account is created but was still showing create account option for months which did nothing and took a lot of back and forth over mail. Go for Vested if you've researched and want to buy specific US stocks. I'll stick to NASDAQ Index mutual fund, that's enough for me. My regrets about SBM are not remotely as high as with Jupiter. 😂

Thanks for the detailed reply! Yes, NASDAQ index mutual fund feels like a better idea. Investing in US stocks directly is still quite a hassle. SBM Direct is probably not working currently after SBM had an hiccup with RBI.

 

[Rex]

You need to prepare yourself for Axis Bank now

I'm thinking to close my Citibank Account, called the service center today, earlier it used to take 30s-1 minute to talk to a bank officer, it took me 15 minutes to talk to someone, that too got disconnected after someone picked my call. I was ready for little degradation after axis take over, but this is pathetic. I hope I can close my account online and they don't ask me to come to their branch...

 

[Nemesis]

I'm thinking to close my Citibank Account, called the service center today, earlier it used to take 30s-1 minute to talk to a bank officer, it took me 15 minutes to talk to someone, that too got disconnected after someone picked my call. I was ready for little degradation after axis take over, but this is pathetic. I hope I can close my account online and they don't ask me to come to their branch...

Mighty axis on the path of own destruction

 

[TechPrezzo]

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.

1. Citigold (For investments) but now moving to Kotak Privy since Citi is closing down.
2. HDFC for Car EMI
3. Standard Chartered Current Account.

 

[blacktiger]

i have around 10, mostly for friday amazon offers. when it gets over, ill close all account

3 is what you normally need. one for salary, one for investments (mutual fund, stocks), one for all kinds of small spends.

for mutual funds, better to link a second bank account as backup for fund withdraw.

 

[blacktiger]

I'm thinking to close my Citibank Account, called the service center today, earlier it used to take 30s-1 minute to talk to a bank officer, it took me 15 minutes to talk to someone, that too got disconnected after someone picked my call. I was ready for little degradation after axis take over, but this is pathetic. I hope I can close my account online and they don't ask me to come to their branch...

this is true. i too faced the same, the customer support is taking lot of time. i closed mine recently, can be done completely online.

 

[dungeonMaster]

HDFC - salary
ICICI - prev salary
SBI - first bank acc, zero bal, sometime useful, APY scheme
Kotak 811 - zero bal, sometime useful, got kotak ltf cc
Fi money - thinking to close, federal debit card could be useful sometimes
Rbl - just opened for signature debit card
PSB - not in use, was useful during college
Niyo - not in use, didn't know why I created it. Maybe closed by now
Paytm payment bank - same as niyo no use

 

[kaju]

ICICI Wealth - Salary, Main Account
HDFC Imperia - Family Grouping, Expense Account
Axis Burgundy - Family Grouping, for Credit Cards, for FD
IDFC Wealth - Family Grouping, for FD
DCB Bank - Family Grouping, for FD
IndusInd Bank Exclusive - Zero NMC Offer, Forex Card

what is the experience with DCB, and since when with DCB (time period)

 

[kaju]

Axis Prestige - Salary
HDFC Regular - Spending/UPI
ICICI Silver - Investments and PPF
IDFC Signature - Emergency funds (24 months worth) for high liquidity. Also, a decent interest of 4% is paid monthly. Thinking of spitting 50% into some FDs.

Saraswat Bank - The oldest account, created by my parents when I was in school. Thinking of closing but the branch is very close by.
SBM Bank - Got created when testing out Vested. Deep regrets will be closing soon.
Federal Bank - Got created when testing out Jupiter. Deep regrets will be closing soon.
Airtel Bank - Created for 50rs cashback long ago for one use only 🤦‍♂️, will be closing soon.

how to close SBM bank what are the steps ?

 

[mgforce]

what is the experience with DCB, and since when with DCB (time period)

My experience with DCB has been good - but then my use case is simple - Fixed Deposits.

Branches are limited, but then if you know BM, Ops Manager - all things do happen at decent pace.

 

[John Since]

SBI - Traditional account
Kotak Edge - 1st Private bank account. Not using now. Thinking to close it down. Any suggestions?
IndusInd Exclusive - Opened under offer last Nov 2022. Using it for savings purposes.
Jupiter Money - UPI payments and all other day to day expenses.

 

[palen]

1 HDFC salary/classic
1 SBI savings

I'm thinking about opening a new savings account, any advice or recommendations?

 

[0xfallup]

closED 4-5 accounts yesterday.. have only
HDFC- big transaction
CANARA-savings
SCB-regular(opened for pre-approved cc)
from now onwards will open and close one by one for pre-approved cc..finally having peace of mind

 

[John Since]

1 HDFC salary/classic
1 SBI savings

I'm thinking about opening a new savings account, any advice or recommendations?

For which purpose?