how many bank accounts can a person have

Why Opening a Multiple Savings Account is Useful in India?

Why have multiple savings accounts?

We are always looking for better ways and means to achieve better savings and, thus, a better life for ourselves. If we talk about money management and saving for the future, there may be better ideas than having one bank account. Nowadays, it's important to consider having multiple savings account as a powerful way to optimise your savings and reach your financial goals. Not only does it allow for the utilisation of various benefits, but it also permits the pursuit of specific financial goals. 

This blog post will explore the benefits of having multiple savings account and how they can supercharge your savings. We will also discover the RBI's laws on multiple bank accounts and how many bank accounts a person can have in India. 

So let's get started.

Multiple savings account can bring many advantages to your financial planning and security. Let's look at the key reasons why having multiple savings account is a smart move.

Goal based savings

Having separate accounts for different financial goals can assist individuals in staying on track and maintaining a sense of achievement at accomplishing goal-based targets. Whether saving for a vacation, purchasing a car, or establishing an emergency fund, dedicated accounts for each objective enable effective progress monitoring while preventing inadvertent expenditures.

Improved budgeting

When managing multiple accounts, gaining a clearer understanding of your finances becomes possible. Automating transfers based on income and expenses makes sticking to your budget easier while safeguarding savings intended for specific purposes.

By setting up automatic transfers, you can eliminate the hassle of manually depositing money every time your pay cheque comes. This convenient and automated approach ensures consistent savings and guarantees that funds are allocated for all your different goals.

Emergency fund security

An emergency fund is crucial for maintaining financial stability. Keeping your emergency fund in a separate account decreases the chances of spending it on non-emergencies, ensuring its availability when you require it.

Experts recommend keeping enough money in your emergency fund to cover three to six months of living costs. With a dedicated account for this fund, you can easily track its growth and feel more secure in case of unexpected events.

Diversification and risk management

Diversifying your savings is not limited to investments. It can also bring benefits to your financial security. By spreading your funds across multiple banks, you minimise the risk of losing all your savings if one bank faces difficulties. Moreover, different banks may offer varying interest rates, so having accounts in various accounts enables you to seize better opportunities for higher returns on your money.

Accounts with multiple banks provide an added layer of protection for your savings. If one bank faces issues or temporarily suspends services, your other accounts remain unaffected. This diversification ensures the security of your funds.

Must Read: How To Find IFSC Codes For Seamless Banking?

How many bank accounts can a person have in India?

Here, one very obvious and important question arises. How many bank accounts can a person have? 

In India, individuals are not restricted from holding multiple savings accounts. However, the Reserve Bank of India (RBI) has implemented guidelines to prevent misuse or tax evasion. To ensure effective financial management, it is crucial to maintain a reasonable number of accounts. This includes appropriately managing your income and expenses.

Several savings bank accounts may require you to maintain the minimum balance in each account. In such a scenario, the Kotak 811 zero balance savings account is the solution. 

We at Kotak 811 can help you plan your finances through our unique products and services. 

Kotak811 zero balance savings account

Kotak 811 zero balance savings account is highly demanded due to its unique features and benefits.

Let's explore what sets it apart:

1. Zero balance

Kotak 811 gives freedom to spend and save without worrying about maintaining a minimum monthly average balance in your account. This enables users to start saving without worrying about maintaining a specific balance.

2. Free virtual debit card

Kotak 811 gives customers a free virtual debit card for all digital transactions. It offers convenience and security during online transactions.

Must Read: Difference Between Current & Savings Account

3. Hassle free account opening

Earlier, opening a bank account used to involve serious work. But Kotak 811 has made opening an online saving account super easy. Now, there is no need to go through the extensive paperwork and hassle. Just go to the Kotak811 website and open a zero balance savings account online in no time.

4. Speedy account opening journey

It takes only a few minutes to open an account with Kotak811. This quick and straightforward process enables customers to start their savings journey anytime, anywhere.

Kotak811 savings account holders have the opportunity to choose or upgrade their debit card with an Image Debit Card. This Debit Card is perfect for those leading a digital lifestyle. It offers customers the convenience of making secure transactions both online and offline.

Apart from this, Kotak811 offers its users Dream Different Credit Card. It's a secured credit card designed for those with low or no credit scores. Anyone can book a Fixed Deposit for as low as Rs.5,000 and unlock their #DreamDifferent credit card—no credit score or income proof needed.


Having multiple savings accounts can significantly impact your financial goals and security. Allocating funds to specific purposes and utilising innovative digital banking platforms like Kotak811 can turbocharge your savings journey. 

Also, opening an online savings account has become more convenient with Kotak811, so you can save time and energy. However, it's important to note that there is no limit on the number of accounts you can hold, but effective management is vital for maximum efficiency.

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This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empanelled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees, and contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.