Unlike in the past, it is mandatory now to declare all your bank accounts in Income Tax Return Forms. Also, as per Income Tax Laws, you have to maintain account statements of the past 7 years for any verification by the Income Tax Officers. To be able to comply with these rules easily, you should keep only as few a bank accounts as necessary. This will not only help you track your bank transactions better but also be aware of all service charges deducted by bank from time to time. After all, there are always some hidden charges and it is up to you to trace them!
