You can open as many accounts as you want, but keep these things in mind

News India Live, Digital Desk: RBI’s New disclosure on Bank Accounts: Are you also among those who have many bank accounts? Or are you wondering how many bank accounts are right? Often people are confused about whether the Reserve Bank of India (RBI) has set a limit on the number of saving accounts.

How many savings can you have? RBI’s direct answer

First, the direct answer to the direct question: No limit has been set by RBI on the maximum number of saving accounts that can be opened by a person. This means that you can open as many savings accounts in different banks or the same bank as much as you want.

Many people feel that there is a fixed limit, or a new rule is about to come (as ‘2025’ is mentioned in the article), but there is no such restriction on the number of savings accounts according to the current guidelines of RBI.

Why do people open many bank accounts?

• Services of different banks: Some people keep several accounts to take advantage of better internet banking, investment options or branch services of different banks.

• manage money: Keeping separate accounts for income, savings, or expenses, so that financial management can be easier (eg salary account, savings account, emergency fund account).

• Financial needs: Separate accounts are also opened for special requirements or different investments.

But what are the harm to keep more accounts?

However, there is no restriction on the number, but there may also be some disadvantages and problems of keeping more bank accounts, which are important to take care:

1. The hassle of minimum balance: Most savings accounts have to maintain minimum monthly balance – MAB. If you do not keep it, the bank applies penalty on you. The more accounts, the more minimum balance burden.

2. Annual Charge and Service Fee: Banks often charge annual fees or other service charges for debit cards, SMS alerts, or other banking services, no matter how much you use the account.

3. KYC update problems: It is necessary to update the No Your Customer (KYC) information from time to time for all bank accounts. More accounts means more often these procedures have to be done.

4. Risk of Doorment Account: If an account is not used for a long time, it becomes ‘duorment’ or inactive. There is additional paperwork and trouble in re -activating such accounts.

5. Difficult in financial management: It can be difficult to keep an eye on all your transactions, interest and expenses when more accounts are, which can lead to financial disturbances.

6. Trouble in Income Tax Return (ITR): If you also have passive accounts, it may be necessary to show them in ITR, which can increase complications.

Then what should we do?

Avoid keeping excessive bank accounts. If you have eating that you do not use, it is prudent to close them. To keep your financial management easier, pay attention to the accounts you really need. Remember, the main thing is not the number of accounts, but their effective and responsible management.

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