Different banks offer lucrative schemes to open a savings account, and the services and facilities offered may vary, prompting some to open multiple accounts. While it may seem good to have more than one bank account, there are certain things to keep in mind.
1. Minimum Balance:
It should be noted that a minimum balance must be maintained in the account. Banks decide on this minimum balance taking into account the costs of maintaining and maintaining an account, and they may also charge specific fees if the minimum balance is not met.
While keeping a minimum balance in one or two savings accounts is helpful, doing the same with multiple accounts can be challenging.
2. Withdrawal Limit:
The debit cards associated with some savings accounts have a daily limit for withdrawing money. In such a scenario, it can be useful to have multiple accounts. You can withdraw a large amount from different accounts.
Yes, there is no limit to the number of savings accounts you can have. But if the bank doesn’t detect any activity on your account for a while, it can be classified as dormant.
In addition, keeping the account inactive can also incur various costs, which will ultimately lead to a lower bank balance.
3. Bank charges:
Banks offer many services for free, but there are also some that are paid. As a customer, you need to know the different fees and charges of banks.
Often customers are not even aware of many of the costs. You must collect all the information while opening an account or purchasing their products.
Here are some of the common charges levied by the State Bank of India, Punjab National Bank, HDFC Bank and ICICI Bank.