The Reserve Bank of India has no limitation on the number of accounts a customer can open.
Opening a bank account has become easier over the years, and most people have more than one bank account. Several banks offer lucrative schemes to open accounts, and the facilities offered can vary from one bank to another. Sometimes having more than one bank account helps manage finances but is also a little difficult to navigate. The Reserve Bank of India has no limitation on the number of bank accounts customers can open. Thus, making it easy for a customer to open 4 or 5 accounts as per their choices.
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There are certain things that you need to keep in mind:
Financial planning: Having multiple bank accounts can lead to disruptive financial planning or make it difficult for you to keep track of them. Having a separate, dedicated account for your financial goals can help you ensure that you don’t affect your planning or goals.
Minimum bank balance: Having multiple bank accounts might make it difficult for you to maintain a minimum balance in all your accounts. Every savings account has its limit to have a minimum balance in your account. If you don’t maintain the amount, the bank will charge you some amount, and it might become invalid.
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Cost to benefit: It is always better to have a list of benefits the bank is providing and compare the costs. If the benefits are greater than the cost, maintain the bank accounts.
Several types of accounts: Nowadays, banks allow you to open different types of accounts like current accounts, salary accounts, fixed deposit accounts, recurring deposit accounts, NRI accounts, NRO accounts, and many more. Customers can open their choice of account as per their needs; most people open savings accounts because of the benefit of interest. There are also a variety of options in the savings account.
It is easy to check the activities in your bank account and keep track of them. There are fewer chances of your account becoming inoperative. So the RBI gives freedom to the citizens of India to open any number of bank accounts they want.
