Suggestion - Closing Bank Account(s)

[sahil1033]

UPDATE (5-Sep-2025) :

Closed NSDL Payments Bank and Paytm Payments Bank.

Next on target (for closing) is DBS Bank but I'm slightly skeptical whether to take Spark5 credit card or not since it's being offered LTF to me probably on the basis of savings account relationship. The card is of ZERO benefit but it will cover bank offers, so, not too sure whether I should take it or not.

Kotak Mahindra Bank Everyday Savings A/C - I'll keep it for now as the MAB has gone down to Rs. 10k and the Everyday debit card now gives 30% upto Rs. 500 only that too once a month. If there's any further devaluation, I'll simply close this bank account immediately.

I'm thinking of opening Union Bank of India Udaan Savings A/C for RuPay Select debit card. I've heard it also gives FREE virtual RuPay Select debit card. If that's true, it would be a good deal at Rs. 10k MAB.

 

[tuhin]

As per my opinion you can close accounts in phase manner. My recommendations are:

1. NSDL PBL: Worst bank, they have serious account freezing issue, if your amount gets stuck, it will be difficult to get the refund
2. Kotak Everyday SB -- You can close it too. If this is a 811 account, I shall not suggest you the same. Kotak also has account freezing issue. You are maintaining pretty good amount with Kotak, try to get a CC from them, it can help you in various shopping offers then close it.
3. DBS Bank -- unnecessarily, you are holding this account. There is no point of maintaining such amount as maintaining balance. Get rid of it.
4. PNB or BOB -- If you have any plan for opting loans from any of these 2 PSBs, then keep PNB close BOB. These two banks are comparatively similar. Being a customer, I can tell you, PNB is a good one for overall wholesome banking like SB to LOAN etc but if you need only Banking, like SB/DC/CC/CA then you may opt BOB only. BOB is a thuggery bank in terms of any Loan products. Don't think to avail any loan from BOB. You can keep either PNB or BOB, considering above scenario.
5. Unity SFB -- Try to close it, the reputation & past is not good at all. My suggestion to avoid any FD relationship with them.

Dont close:
1. SBI (best branch banking)
2. HDFC (overall banking)
3. BANDHAN BANK (best for FDs/RDs)
4. IDFC (service is good & reliable)
5. PayTM (once, best bank for UPI with almost zero outages/lag)

 

[stoptomove]

ho jaega toh 2k bhi nahi rakhna padega just like SBI 😎

If we have zero balance in our account and feel happy then its time to think. In past people used to store money in bank now we want zero 😒

 

[sahil1033]

As per my opinion you can close accounts in phase manner. My recommendations are:

1. NSDL PBL: Worst bank, they have serious account freezing issue, if your amount gets stuck, it will be difficult to get the refund
2. Kotak Everyday SB -- You can close it too. If this is a 811 account, I shall not suggest you the same. Kotak also has account freezing issue. You are maintaining pretty good amount with Kotak, try to get a CC from them, it can help you in various shopping offers then close it.
3. DBS Bank -- unnecessarily, you are holding this account. There is no point of maintaining such amount as maintaining balance. Get rid of it.
4. PNB or BOB -- If you have any plan for opting loans from any of these 2 PSBs, then keep PNB close BOB. These two banks are comparatively similar. Being a customer, I can tell you, PNB is a good one for overall wholesome banking like SB to LOAN etc but if you need only Banking, like SB/DC/CC/CA then you may opt BOB only. BOB is a thuggery bank in terms of any Loan products. Don't think to avail any loan from BOB. You can keep either PNB or BOB, considering above scenario.
5. Unity SFB -- Try to close it, the reputation & past is not good at all. My suggestion to avoid any FD relationship with them.

Dont close:
1. SBI (best branch banking)
2. HDFC (overall banking)
3. BANDHAN BANK (best for FDs/RDs)
4. IDFC (service is good & reliable)
5. PayTM (once, best bank for UPI with almost zero outages/lag)

Kotak Mahindra Bank Everyday Savings A/C I'm keeping for Everyday DC (EazyDiner benefit) and I already have League RuPay CC.

DBS Bank, yes, that's the first one to be closed

PNB I'm keeping as of now, but it has nothing, no physical DC, only keeping virtual DC.

Bank of Baroda I'm keeping for RuPay Select DC

Unity Small Finance Bank I'm keeping for now as my FDs will mature in November/December this year ... after that I'll try to get RuPay Select DC from them, else close it. I keep FDs less than Rs. 5 lakhs, so, it's fine.

Paytm Payments Bank I've already closed.

 

[Trust Me]

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 ...

My account was never frozen, but I was asked to do reKYC for some reason. It needed a branch visit, but the process was very smooth. I only needed to sign the appropriate form and hand it over to my RM. That was all. I wasn't even asked to resubmit any documents.

In my experience Bandhan has been one of the better private banks.
.

 

[Trust Me]

We must keep those psu account which have good branch experience and use that account as primary account too .
In case of any problem branch can help out .

A good branch experience is not a static thing. It can change majorly depending on the BM/ other staff at a given point in time.

My experience with various SBI branches over decades has spanned the whole spectrum: from excellent to atrocious (even for the same branch).

If any problem needs to be referred to the back end for some reason, no branch staff can help even with the best of intentions. Unfortunately, this applies to the large private banks as well.

The thing to look for is the basic service infrastructure of the bank, so one doesn't need to approach a branch very often.
.

 

[tuhin]

A good branch experience is not a static thing. It can change majorly depending on the BM/ other staff at a given point in time.

My experience with various SBI branches over decades has spanned the whole spectrum: from excellent to atrocious (even for the same branch).

If any problem needs to be referred to the back end for some reason, no branch staff can help even with the best of intentions. Unfortunately, this applies to the large private banks as well.

The thing to look for is the basic service infrastructure of the bank, so one doesn't need to approach a branch very often.
.

Main problem with SBI is the transfer policy. I have experienced with several branches where associates are getting transferred within a few years. So, if you create a good relationship with one asociate, they may not help you further. SBI employees transfer policy is the worst one among PSBs & too frequent now a days, making a good branch to a bad one.