Maintaining Bank Accounts — The Hub & Spoke Strategy
A bank account is not just a wallet; it is your “Financial Identity”. Complexity is the enemy of wealth—managing 5 different “Salary Accounts” from old jobs is a recipe for fee leakage and fraud.
- The Financial Hub: Designate one “Master Account” for all income and investments to build a high-turnover credit profile.
- Zombie Accounts: Why “idle” accounts are the #1 target for internal bank fraud and “phantom debt” from MAB penalties.
- The UPI Spoke: Using a low-balance secondary account for QR scans to protect your main savings from digital theft.
Watch this video to learn the “Annual Bank Audit” checklist and simplify your financial life down to two accounts.