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Do You Have Multiple Bank Accounts? Expert Tips To Effectively Manage Them All

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Last Updated: January 03, 2023, 12:45 IST

One can also open more than one savings account, in order to gain more profit.

One can also open more than one savings account, in order to gain more profit.

There is no restriction on the number of savings accounts you can have, but it is recommended to have no more than three accounts because managing multiple accounts can be challenging.

You can open a savings account with a bank as per your requirement. Savings accounts enable us to store our money safely and access it when necessary. Customers are often confused about which bank account is ideal for them, owing to the presence of a variety of banks. One must conduct well-detailed research and compare the banks to zero in on one. One can also open more than one savings account, in order to gain more profit.

People in India can open and maintain several savings accounts with various banks, according to Amit Gupta, MD of SAG Infotech. There is no restriction on the number of savings accounts you can have, but it is recommended to have no more than three accounts because managing multiple accounts can be challenging. But there is no designated number of bank accounts one can have because it entirely relies on an individual’s financial goals.

Let’s take a look at the key points one must consider while having multiple accounts.

Effective money management: Be it saving for your child’s education, an emergency fund or regular costs, it would be simple for you to manage and keep track of your savings for various purposes if you have separate accounts for each one. It will also lessen the possibility of wasting your cash.

Automated saving for goals: After creating separate accounts for each goal, you can also plan the automatic transfer of money from your primary account to other accounts, to make sure you never spend before you’ve saved for it. As you save money for different objectives, this will make it simple to manage, monitor and keep track of your finances.

Emergency withdrawals: A debit card has a set withdrawal limit, so you might not be able to take out a large sum of money during an emergency. Debit cards from various savings accounts may be available to you, which you can use in these circumstances.

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