If you had a single bank account in Yes Bank or had ECS mandates for EMIs or SIPs with Yes Bank; you must surely be cursing your stars. There is a way out. Look at having multiple bank accounts to avoid such an eventuality. There have been heated debates on social media about why you shouldn’t depend on just one bank account. The reason is simple. Multiple accounts provide higher flexibility, and better cash management. Also, with the deposit insurance cover limit of ₹5 lakh per depositor per bank, having multiple savings accounts would enable you to enjoy higher insurance cover. Having too many accounts may be a problem too as more money gets locked in. Also you have MAB requirements in each of these bank accounts and that can add to your cost and to your idle money. So, how many accounts should you have? It is a good idea to have one bank account with one of the leading private banks that has good financial health and the other account can be opened with a leading PSU bank. As long as you are with the leaders, you don’t have much to worry about. But don’t really go beyond 2-3 accounts. Also don’t mix your investment accounts, EMI accounts and your savings accounts. Keep them separate.