The standard nonperturbative approaches of renormalization group for tensor models are generally focused on a purely local potential approximation (i.e., involving only generalized traces and products of them) and are showed to strongly violate the modified Ward identities. This paper is a continuation of our recent contribution [Phys. Rev. D 101, 106015 (2020)PRVDAQ2470-001010.1103/PhysRevD.101.106015, intended to investigate the approximation schemes compatible with Ward identities and constraints between 2n-points observables in the large N limit. We consider separately two different approximations: In the first one, we try to construct a local potential approximation from a slight modification of the Litim regulator, so that it remains optimal in the usual sense, and preserves the boundary conditions in deep UV and deep IR limits. In the second one, we introduce derivative couplings in the truncations and show that the compatibility with Ward identities implies strong relations between β functions, allowing one to close the infinite hierarchy of flow equations in the nonbranching sector, up to a given order in the derivative expansion. Finally, using an exact relation between correlations functions in large N limit, we show that strictly local truncations are insufficient to reach the exact value for the critical exponent, highlighting the role played by these strong relations between observables taking into account the behavior of the flow; and the role played by the multitrace operators, discussed in the two different approximation schemes. In both cases, we compare our conclusions to the results obtained in the literature and conclude that, at a given order, by taking into account the exact functional relations between observables like Ward identities in a systematic way, we can strongly improve the physical relevance of the approximation for an exact renormalization group equation.