Featuring decent interest rates, ease of transactions, and access to internet banking facilities, a savings account is a popular choice to secure and manage your funds.
With a digital saving account, you can access your money anytime, anywhere, without the hassle of carrying cash. All in all, a savings account is a must-have when you want to keep your funds safe and watch them grow.
But you know what’s better than a single savings account? Opening multiple savings account to enrich your financial management. As per RBI, there’s no limit to the number of savings accounts you can open.
Here’s why you should make your savings much more manageable with multiple accounts.
The Importance of Having Multiple Digital Savings Accounts
If you’re looking to save money to achieve various financial goals, it could make sense to have multiple digital savings accounts to enjoy the benefits that they offer.
- Setting up multiple accounts is an efficient way to track your financial goals.
- It allows you to be consistent towards your goals and be responsible.
- Multiple accounts with varying features help you make the most of your funds. For instance, if you have a daily withdrawal limit on one debit card, you can easily use another when you urgently need cash.
To make the most of your funds, here’s how you can leverage multiple digital savings accounts:
- Open a primary account: This account will act as your everyday bank account, where you can deposit your salary, pay bills, and make transfers between different accounts.
- Build an emergency corpus: You can open another account to build your emergency fund. Here, it is advisable to have at least 3-6 months’ worth of living expenses to help you cover the costs in case of a financial emergency.
- Use a joint account: Having a joint account makes sense for earning couples or family members with shared responsibilities and financial goals.
Things to Consider Before Opening Multiple Savings Accounts
While there’s no restriction to how many savings accounts you can have, it is only advisable to open up to three accounts. It can not only get difficult to manage, but you’ll have to ensure minimum balance in all accounts. Besides, banks can levy charges if you keep an account idle for a long time.
A savings account is an excellent way to get started with your finances. Get started on your savings journey with the IndusInd Bank savings account. A savings account at IndusInd Bank is a great option if you’re looking for a simple and convenient way to manage your finances.
Learn more about the IndusInd Bank digital savings account and apply today.
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