How many bank accounts do you manage?

[AleYmple]

How do u guys manage. I have 2 bank accounts.
Is it wise to keep multiple bank accounts? And the reason sticking with it..

 

[socrates]

Its a good idea to have more than one bank account. Since its all computerized now, if one bank where you have an account (God forbid) has problems then you still have something to fall back on. There was such an incident few years ago with a bank (not sorted out properly yet), they had many customers who only had one account. They were in a pitiable state as they could not pay their bills. This was really bad for people who were living away from home. Though that bank gave some BS about using other IT modes of making transactions, nothing really worked. There are many other reasons but consider this as the main.
Good to have more than one debit card. This was also in focus a few years ago.

In short don't trust any bank or their systems.

 

[godric_gt]

If a bank fails you get back only a maximum of 5 lakhs. As per my understanding, this is per depositor and not per account. So yes, its best to plan and own accounts across multiple banks. But I think its also important to select a bank wisely based on their performance and service reviews.

 

[Heyman]

It's good to have an online only account of any private bank as if your card details are leaked you won't lose all your money ( as these are zero balance accounts) or for doing a international transaction.

 

[Tejas01]

2 accounts..
Reasons already mentioned by above members.
Better to be safe than sorry, given how the banking situation is folding in India.

 

[Sushubh]

3 atm. Too many

 

[mhsabir]

I have a few - a couple of them I opened simply because of the zero balance but online only as a few pointed out and 1-2 based on some good benefits/offers - A couple got opened when I switched companies and the new company had only specific salary accounts. A Public sector bank account that dad had me open when I turned 18 a long long time ago. So yeah, a few as I said.

If I include both open and closed accounts - I have/had bank accounts with 10 different banks.

 

[godric_gt]

It's good to have an online only account of any private bank as if your card details are leaked you won't lose all your money ( as these are zero balance accounts) or for doing a international transaction.

As I understand, many online only accounts requires people to have debit cards to be able to signup/reset the netbanking password. I guess you will have to be careful with the password then, and the debit card ofcourse you can opt and then cancel.

 

[godric_gt]

3 atm. Too many

Many does has it perks, like the ability to withdraw more cash without having to pay extra fee.