I was in 12th grade when I first created my bank account. At that time, I used to participate in radio shows and contests and win prizes. The prizes were given away in the form of demand drafts that could be deposited only into the account directly. That's how the first account was created. Since then, I have been using bank accounts, and I still hold that bank account, which is also active.
For every different need I have, I usually create a new bank account, and now I have accumulated a total of 6 to 7 bank accounts. There are advantages to having multiple bank accounts because we can allocate each to each task. That's why I created multiple accounts in the first place. When it is convenient, there are also headaches in holding multiple bank accounts. The problem with multiple bank accounts is that it is very hard to keep track of everything and maintain them.
KYC issue
I had to deal with a KYC issue in the last few months. All my bank accounts asked me to do a re-KYC, and it was a painful process where I had to visit the bank and stand in the queue to complete the process. The good thing, maybe, is that I don't have to do that again for the next 5 years. I still have two more banks where I'm yet to do the re-KYC, and they are calling me regularly. When we do KYC online, there is a mismatch in the name, and they are asking me to visit the nearby bank in person and complete it. This process should get better.
Unwanted bank charges
The next problem with multiple bank accounts is that we have to pay SMS charges and other charges on every account. Maybe this value may not be a big one but it is a waste because I don't use the other banks regularly. I primarily use either one or two banks; the other bank accounts are still idle, and I have them because I either have a loan or deposit over there. There are no benefits in holding multiple bank accounts, I think. I want to keep my finances simple, and maybe one good way to do it is to reduce the number of bank accounts I have, and this way, I can reduce the headache.
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