Several banks offer lucrative schemes to open a savings account, and the services and facilities offered can vary, which prompts some to open multiple accounts. While having more than one bank account may seem good, you must keep certain things in mind.
1. Minimum Balance:
It must be noted that a minimum balance needs to be maintained in the account. Banks decide on this minimum balance, considering the cost of servicing and maintaining an account, and they can also impose specific charges when the minimum balance is not maintained.
Now, while keeping a minimum balance in one or two savings accounts is convenient, doing the same with multiple accounts can pose a challenge.
2. Withdrawal Limit:
The debit cards linked to some saving accounts have a per-day limit on withdrawing funds. In such a scenario, having multiple accounts can be helpful. You can withdraw a large sum from different accounts.
Yes, there is no limit on how many savings accounts you can have. But, if the bank detects no activity in your account for a while, it can be marked dormant.
In addition, keeping the account idle can also attract various charges, which will eventually lead to a decreased bank balance.
3. Bank Charges:
Banks offer many services for free, but there are a few which come for a fee. As a customer, you should know banks’ different fees and charges.
Often, customers aren’t even aware of many of the charges. You should 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.