Possibility of Multiple Accounts
- One person can legally hold multiple bank accounts.
- Accounts may be opened in the same or different banks.
- Each account serves specific personal or financial needs.
- No restriction exists on the number of accounts an individual can maintain.
- Separate account numbers are assigned to each account.
Purpose-Based Account Segregation
- Individuals may open savings accounts for different goals.
- Business transactions can be managed through a dedicated current account.
- Fixed or recurring deposit accounts may be used for planned savings.
- Separate accounts help organize expenses, savings, and investments.
- Multiple accounts offer financial flexibility and clarity.
Banking and Service Access
- Different accounts may provide varied interest rates and benefits.
- Customers can access services like debit cards, cheque books, and net banking for each account.
- Account-linked services may be tailored for specific needs.
- Mobile apps allow centralized monitoring of multiple accounts.
- Some banks offer account consolidation options for ease.
Compliance and Monitoring
- KYC compliance is required for each new account.
- PAN details are linked across all accounts for transparency.
- Income Tax authorities monitor high-value transactions across accounts.
- Customers must avoid duplication of government benefit claims.
- Responsible use ensures smooth operation and legal compliance.
Benefits and Considerations
- Multiple accounts support better budgeting and fund allocation.
- Risk is minimized by distributing funds across accounts.
- Interest earnings and service offers can be maximized.
- Customers must track and manage balances across accounts.
- Banks may charge fees for non-maintenance or inactivity.