How many Savings Account one should ideally have?

#1
I have seen people with more than 5 or 5 savings account but is it worth or sensible to have so any account when we have average income and not an extraordinary one...
 

Vmaster369

Active Member
#2
not necessarily ...
it;s best to have atleast 3 account

1 primary saving account (You never use debit card of this account for ONLine shoping NEVER) (This account should not have more then 10 lakhs) if u have more then
best to choose HDFCBANK or ICICBANK OR any BIG BANK only spread out account and don;t keep more then 10 Lakhs in any account.

If bank goes bust RBI will give u only 5 lakhs remember that no matter how much u had in account.

second saving account for investing (this account will always have only 11k or 10k as min balance and at time may be 2 lakhs in ipo days lol )
this can be kotak bank ^^ lol

third for buying online site like amazon / flipkart (this account will always have only 11k or 10k as min balance )
put money here only when u want to buy from main primary account so if your debit card got hacked u loose is 10K not more
sbi bank is preffered as sbi card have offer

this is way i do it 3 be sufficient

There is 4th hidden bank account too....
THIS account NEFT online transfer Be disabled (Dont give mobile number while opening).
ONly Debit card be working that u never use unless you have too
this account you only deposit money to be used in case of emergency .
Hospital money / vacation money can be stored here


So yeah 1 must have atleast 3 saving account
 
#3
I think this depends upon one’s need as everyone has his own style of parking funds. I think one should have a minimum 2-3 accounts to mitigate the risk of bankruptcy. I also use 2 savings accounts in different banks to park my funds.
 
#4
It only makes sense to open multiple savings account, if it is linked to financial goal/objective. If you can manage all your goals through a single account then nothing like that.

To hold multiple savings account has its own advantages and disadvantages. You may evaluate the same depending on your requirement. If you are planning to open 1 or 2 then you may open in a bank with the highest number of branches/ ATM network. It is advisable to open 1 account in a bank with a strong regional presence. In my case, I hold an HDFC Bank savings account and have never faced any issues to date as they have a simple user interface for internet banking which has been a great help for me.
 
#6
I have seen people with more than 5 or 5 savings account but is it worth or sensible to have so any account when we have average income and not an extraordinary one...
depends on what age you are & bank balance you have !
1) if you are aged 20-35 & have scooter loan, car loan ,house loan, & other personal loans- + you bank SB balance is less than 1 lakhs average ,no need more than 2 to 3 banks depending which card gives better points or gives better offers during online sales.
2) If you are aged 35-50 & have a bank balance of say 5-10 lakhs any given time - still 3 major banks will do ( remember ₹40000 annual interest income is the thresh hold for TDS deduction in any single bank as a non senior citizen)
3)If you are above 60 years & you have no loans of any kind & say you have substantial FD deposits & living off FD interest . Then you dont keep in any single bank FD more than ₹6-6.5 lakhs . Still FD interest is less than ₹50,000/year for senior's so no TDS . never file 15H if your expected income is above ₹2.5 lakhs .
4) If your cash on hand is in ₹50 lakhs - few Crores , open as many bank accounts always keeping ₹5 lakhs in any single bank (RBI Govt gouarantee is 5 lakhs only per pan . but same time more than 1-2 bank failing is not possible) . There around 30 reasonably sound banks in India !(public sector+ private sector)
 
#7
I believe in diversification of funds. I am having 3 bank accounts out of them one is a salary account. You should not keep your whole savings in one basket
 

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