Since 1 lakh is the maximum amount that one is insured out of their deposits under DICGC. So keeping this as context, how many savings accounts are really needed according to you?
P.S I do not invest in mutual funds and stuff like that. I keep my money in savings, have FDs and insurance covers. Hence a lot of money is there in savings accounts.
It’s important to understand the benefits of having more than one savings account. One can hold an individual savings account in ICICI Prudential and also hold a joint savings account. Investing in an emergency fund is also a wise choice. You have to make an analysis of the benefits accruing from many accounts. In the case of ample savings, the best option would be ICICI’s mutual funds for long-term returns.
ICICI Prudential Savings Account? But ICICI Pru is not a bank. ICICI Mutual Funds as savings account??