How many bank accounts one should have

 Having only 1 bank account for all your transactions is a huge risk. Here is why

• Hackers may gain access to your account and empty it
• If a cyber crime is reported say on some UPI transaction, police may order banks to freeze all accounts to which that UPI account sent money or received money, and your entire account may get frozen, locking your funds
• You will be asked to give your bank account details, cheque copy at various places, such as to link your LIC policy to bank account for maturity amount etc- there is a risk that this info gets into hands of people who may misuse it. 
• Banks may lock you out of your account for not doing KYC/reKYC, or multiple failed login attempts or other reasons and rules that keep changing from time to time.
• At times we might fall into temptation and end up spending more than what we can afford to (like some fancy item on discount, or betting app or stock market trading temptation which can end up causing huge loss if we don't exercise control) 

Hence keeping all money in one account is a huge risk.

I suggest creating 4 different accounts as below and splitting your funds.

It will be a bit of task every month to transfer money to different accounts but it reduces overall risk and gives you better control. 

Let me know what you think.

Similar: ETF vs Mutual funds *