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Suggestions for Reducing number of Savings Account

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rahulsoni070...
As the title suggests i need suggestions for closing some of my bank accounts, earlier i opened accounts in various bank or payments bank for different benefits but now i want to close some of them as either the benefits have been dried up or their is too much hassle for reaping benefits which i don’t want so i have accounts in following banks: 1. SBI: although right now i don’t use it much but this is my oldest and main account. 2. Au: opened for higher interest rates. 3. Kotak 811: opened for sole purpose of getting preapproved LTF credit card which i successfully got 2-3 months back. 4. Jupiter: opened for earning jewels on credit card bill payments but now since they have introduced mab for earning also hard to earn jewels on debit card so planning to close this. 5. Paytm payments bank: no special benefits but linked to my paytm merchant account. 6. Airtel payments bank: don’t know why I opened this but planning to close. Out of these 6 planning to close jupiter and airtel for sure but need suggestions for others apart from SBI all other accounts are zero balance
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As I already got kotak leauge platinum credit card which is good for occasional bank offers is there any point left for continuing with kotak 811 account??
Blogger Blogger
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Don't close 811 account. Once closed u can't open zero bal account in kotak. Personal experience.

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Generous Generous
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Close 4,5 and 6. Keep rest.

Helpful Helpful
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Some banks charge additional for closing an account within a year do you have any info on jupiter and airtel payments bank cause both of them are less than a year old

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Blogger Blogger
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Close 4 and 6

Paytm mainly i keeping for UPI txns for smaller amounts. Till now not faced any server issues when using Paytm in UPI. Because of that I linked my Paytm account with Amazon UPI.

Deal Cadet Deal Cadet
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I am using Amazon Pay Wallet UPI for same purpose

Critic Critic
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Keep kotak 811 & also keep sbi. Also keep paytm bank acc just for using the upi(it is the best bank for linking to & doing upi txns as least upi failure rate).

Deal Captain Deal Captain
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I have SBI, UBI, BoB, 811, indusind, idfc, paytm, nsdl, icici and hdfc

  I couldn't even close one after much thinking

Blogger Blogger
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If the Mab is more than 5k and account is not much rewarding, better to close it .

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Analyst Analyst
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@bohemian should we not have one single small finance bank like paytm/airtel? for chindi cashback transactions, chai shops etc (just a pov I'm keeping) , also as @Scorpion said, server issues (mainly in sbi and icici, in my case)

Generous Generous
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He has au sfb . I prefer Paytm full kyc wallet instead, linked with any othr bnk for upi. Mostly its personal preferences. I rarely use upi.

Generous Generous
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Only 2 full fledged savings account will be sufficient.

1. SBI

2. HDFC/ICICI

You can close all other accounts.



Finance Ninja Finance Ninja
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My Suggestions would be :

CLOSE - 

  1. JUPITER
  2. AIRTEL
  3. Paytm

KEEP IT -

1. SBI - One Government Bank Should be there as its your primary main bank

2. AU - Its a Very Good Digital Bank Account (Most work can be done online and also the customer support is good)

3. KOTAK 811- Personally I'm not too fond of Kotak Service but since its a ZERO Balance, no harm in keeping it

4. Paytm - Cant comment but instead of Paytm Link Kotak 811 UPI  to your merchant account because Kotak is good in UPI Success rate. and also likewise you will have only 3 bank accounts.

SBI is for Personal Purposes. 
AU for Day to Day Expenses
Kotal for Merchant Account (UPI Linked)
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my answer is simple, keep those accounts in which you can maintain the required minimum balance as long as you can, as there is no harm at all in holding multiple savings accounts.

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Bro apart from sbi all are zero balance accounts 

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Generous Generous
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Keep- SBI, Paytm, Au/Kotak

Close- Airtel, Jupiter, Au/Kotak

Deal Cadet Deal Cadet
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Do we get any noc or letter from bank while closing the account ?

I recently closed one of my bank account.

Critic Critic
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NOC is required while closing loan acc to get written proof that no amt was due towards loan repayment in future. In case of savings acc the worst a bank can charge is for non-maintenance of minimum bal & even there rbi guidelines say acc balance can't be negative. Only other charge is acc closure charge which varies from bank to bank & acc won't be closed without payment of that charge anyway if applicable.
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Suggestion : Close Jupiter immediately,

Paytm Card is another liability,

So, Wherever there is Debit Card with Annual Fee, Get rid of that account

Deal Cadet Deal Cadet
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I don't use my SBI.. worth keeping it? if yes, any way to close the debit card as I dont want to spend 200 / year on something I havent used in years.. I keep paying it and havent used it for about 3-4 years/ 

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Although haven’t tried personally but ask for atm card at branch ideally it has zero amc

Hunk Hunk
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OFF TOPIC :

What's the Initial Funding requirement for opening the online Axis Liberty account? @Scorpion

Blogger Blogger
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Not sure on this. But i loaded 25k as initial funding.

@decideaim may help in this, as he opened recently.

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Deal Lieutenant Deal Lieutenant
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@Scorpion , I opened liberty account today. Account No. and e debit card number received. But account not activated yet.

Queries = 

  1. If account gets activated in December and I transact for Rs.60K in December then will I get 750/- voucher for Oct-Dec'2022 calender quarter?
  2. Do I need to transact using liberty debit card for 60K to get 750/- voucher? or overall transactions of Rs.60K to Cred for CC bill payment (using cred-UPI or Phonepe-UPI in cred) in a calender quarter will fetch the voucher?

@rahulsoni0706846

Hunk Hunk
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How much did you deposit as an Initial Fund for Liberty account? @Philosopher

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Blogger Blogger
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That doesn't covers debit cards and UPI txns i think. Regularly doing more than 15 txns. No extra charges levied.

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Deal Cadet Deal Cadet
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Anyone seen STV_WFH_599 it got updated u can use data unlimited from 12 midnight to 5am apart from 5GB/day & validity 84 days. Only plan left useful for my use, if bsnl alters this plan i will port out my all the bsnl sims

Hunk Hunk
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@KrSb0lZv Bro you posted in a wrong thread joy, but some useful info about BSNL blush

Deal Subedar Deal Subedar
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Have 1 account for making daily transactions

1 account for Salary

1 account for savings that which you never use for any online transaction.

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I have jupiter and fi . for some reason jupiter has blocked the debit card without any intimation but the fi app pays cash reward every time i transact using upi/debit card . so i just want to close the jupiter account but they bothe are on federal bank is there a way to close the jupieter account without affecting Fi account

Wishlist Champion Wishlist Champion
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Why you need to close saving account?

if any account not used for 6 months it automatically becomes dormant 

I suggest keep minimum balance or 0 if you dont wanna use it and leave it

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After 12 months it becomes inactive.

After 24 months it becomes dormant.

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Benevolent Benevolent
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@rahulsoni0706846 Don't close AU if it's AU 0101 zero balance account.Use Rupay Platinum DC for Amazon wallet topup offer,you will also get pre approved LTF CC if you haven't got it already.

Close Jupiter and Airtel Payment bank.

Deal Newbie Deal Newbie
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Don't go with any Neu banks because they are in there early stage such as jupiter etc.

Just SBI & Hdfc bank are enough

Deal Cadet Deal Cadet
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Keep hdfc, icici, yes one private and one sarkari sbi, pnb etc.

yes bank gives many benefits lounge access credit cards all free 

kotak is most fraud, they open account and every year charge debit card charges, even when for ace 

account its supposed to be zero, than after fighting they waive off,

the exchange rate they give is 2 rs less than market rate so you end up losing 4-6 thousand if any forex transaction is done

most fraud bank kotak

Deal Cadet Deal Cadet
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What's the reason for keeping a govt bank account? Earlier, the passbook could be used as an address proof.. with aadhaar and passports, that is no longer needed.. 

Any real reason to keep the SBI account?  The offers are very sparse.. that isnt of interest. Any thing that I'm missing??

Deal Hunter Deal Hunter
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I have an Axis Priority account ( haven't checked the benefits in 2-3years) ... Is it better to convert it into Axis liberty account??

Deal Cadet Deal Cadet
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Any SBI account with no amc for debit card ? Bank has been deducting 236 every year.

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