Multiple Bank Accounts: Why is it important to keep more than one bank account, the expert told the important thing..


In today's time, it is not wise to have only one savings bank account. Also, opening multiple bank accounts leads to loss instead of profit. Vineet Iyer, co-founder of Wealth Creators Financial Advisors, says that a person should not have more than three bank accounts. Let us know what benefits you can get by having up to 3 bank accounts.


Efficient financial management

According to a report by Live Mint, Amit Gupta, MD of SAG Infotech, says that a person has many financial goals. Like a child's education, emergency fund monthly expenses, etc. If you have a separate bank account for all financial goals, it will be easier for you to keep an eye on your savings and maintain each financial goal.

The financial crisis will not come

Having bank accounts for different financial goals will allow you to transfer funds from your main account to those accounts at scheduled times. The advantage of this will be that you will know how much you are saving after necessary expenses. This will make it easier for you to spend and there will be no shortage of money for important tasks.

Ease of withdrawal

There is a limit for withdrawing money from debit cards. Sometimes in case of emergency, we may have to withdraw more money. In such a situation, if you have more accounts then you will also have more cards. The advantage of this will be that you will be able to withdraw more money at once.


Security of capital

Chartered accountant Rajendra Wadhwa says that now the government gives Rs 5 lakh to each account holder if the bank collapses. If you have more savings accounts, the risk of losing your money also reduces.

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