At present, due to the promotion of digital banking, bank accounts can be opened very easily by people through mobile apps or by visiting online bank sites. People have taken a lot of advantage of this facility of the bank, because through this the bank account is opened sitting at home. And the bank gets KYC done through video call. That is why many bank accounts are opened by people. But if people have more than one account, then they get its benefits in many places and in many places the account holder also has to face difficulties. People have the following benefits by having more than one account.
 Through this article, you are being told in detail about the benefits of having more than one account –
1- Banks offer benefits on more than one bank account 2023–
In today’s time, along with bank account, banks provide locker, customer insurance, debit card and net banking as well as many other services. Bank offers discounts and rewards for paying mobile bills, electricity bills and water bills through your bank account. Banks provide offers on both online purchases or EMI purchases so that the customers of the bank are excited to make purchases. Having more than one account gives the bank’s customers the opportunity to make more purchases.
2- Having multiple accounts gives the advantage of free transactions from ATMs 2023–
At present, almost all the banks have made a limit of free transactions from ATMs in a month. Free withdrawal facility has been provided by most of the banks 5 times in a month. If you have opened an account in more than on e bank, then the banks in which you have accounts provide you their respective debit cards. Using which you can do free transaction from ATM many times in a month. And with this you will not have to pay any additional transaction fee.
3-More than one account is opened for a specific purpose 2023 –
In today’s time, many facilities are being given by the banks to their customers. That’s why accounts are opened by people in different banks for any specific purpose. For example, if someone has taken a loan and has to pay its installment every month, then he has to open a separate account to keep his savings safe. Those who do government or non-government jobs, a salary account is also opened by them. So that there is no problem in getting their salary.
4- Having more than one account gives the benefit of more insurance cover 2023 –
Deposits of up to Rs 5 lakh in bank bills are protected by the RBI through its subsidiary Deposit Insurance and Credit Guarantee Corporation. If the bank fails, you will get only Rs 5 lakh, even if the bank account has more than Rs 5 lakh deposited in it. In such a situation, by depositing additional money in the bank account, it can be ensured that insurance cover will be available on all bank accounts.
5- Easy to withdraw more cash in a day 2023-
Almost all banks have set limits on how much money can be withdrawn by the account holder in a day. Its limit has been set by the banks. Due to which one day they are not able to withdraw much money. But if you have more than one account, you can withdraw money through debit card as per your need. Apart from this, if you have only one account, then you can withdraw only limited money in a month as decided by the bank. If you withdraw more than the number of transactions prescribed by the bank in a month, then you have to pay an additional charge. By having more accounts, you get rid of such expenses and you can withdraw money from ATMs as per your requirement.
 Along with the advantages of having more than one account, there are also many disadvantages which are being explained to you in detail in this article-
1- The hassle of maintaining a minimum balance in a bank account 2023-
In today’s time, almost every bank has made it mandatory for its account holders to keep the fixed average minimum amount in the bank account. The bank imposes a penalty on its account holder for not keeping the minimum amount prescribed by the bank in the account. Many times it becomes very difficult for people to keep more than one account and keep the prescribed minimum balance in each bank. In such a situation, keeping more than one account by people becomes very harmful.
2- More charges have to be paid for opening more than one account 2023 –
If more than one bank account is opened by you, then you have to pay locker fees, ATM charges, account maintenance and annual fees for other facilities to more banks. Due to which your expenses are more on bank accounts. This expenditure is a kind of wasteful expenditure which can be reduced by not opening more than one account.
3- Having too many accounts leads to loss of interest 2023-
At present, the rate of interest on savings account varies from bank to bank. If you have accounts in more banks then you will get more interest in some bank and you will get less interest from some other bank. In such a situation, you may suffer loss of interest.
4- Having more than one account makes it difficult to maintain them 2023-
Having multiple bank accounts makes it very difficult to maintain them. For example, if you have more than one bank account, then you have to keep separate passbooks for all the accounts and also have separate debit cards for all, and having more debit cards makes it difficult to remember their PIN. As you have more accounts, their checkbooks also differ, which are also difficult to maintain. In addition, having more than one account requires you to go from bank to bank for work and if some banks are far away from your home, you have to spend more on travel.
5- Your credit score is adversely affected by 2023 –
It is difficult to maintain them when you have more than one account. Due to which having more than one inoperative account when your financial condition is bad, it has a very bad effect on your credit score. Not maintaining the minimum balance prescribed by the bank in your account leads to a bad credit score. So if your accounts become inactive then they should be closed immediately. So that there is no negative effect on your credit score.
6- Multiple accounts are not correct from the security point of view 2023-
In the present times, having an account in more banks is also not good in terms of security. Most of the bank related work is done by the account holders through net banking. To work on net banking you need to remember the user id and password. In such a situation, there is a lot of difficulty in remembering the user ID and password due to having more accounts. But the password of net banking should be changed from time to time.
Looking at the above, it can be concluded that it is not good to have more than one account. But even then you should take any action decision only after consulting a financial advisor. shall not be responsible for any direct and indirect loss incurred by the reader for taking any financial decision based on the information.