How many savings accounts can a person have at a time?
Holding multiple savings accounts is difficult to manage
How many savings accounts can a person have at a time?
Vimla Dey, Bengaluru
There is no limit to the number of savings accounts that an individual can have. For purposes of income tax, it is important to disclose all your bank accounts and include the inflows into all of them for computing your gross taxable income. You could find it cumbersome to maintain multiple accounts and attach them to your income tax returns every year. Banks also impose charges on inactive savings bank accounts and accounts that do not keep minimum balance. In this age of ease in operating accounts across the country, there is merit in reducing, not increasing the number of accounts you have.