Handling Multiple Bank Accounts with a Single UPI ID: Benefits and How-To

Unified Payments Interface (UPI) has transfigured how India handles the new emerging concept of performing digital transactions. One of the most influential characteristics of UPI is its capacity to link a number of bank accounts under a single UPI ID, providing users unparalleled availability and flexibility. With the ease of using UPI ID, you can flawlessly switch between accounts for payments, transfers, and do the transactions without any struggle of handling various banking applications or remembering bank account details.

What Is UPI?

UPI is recognised as a real-time and online UPI payment application developed by the National Payments Corporation of India (NPCI) that enables quick transfer of funds between bank accounts via the mobile devices. Unlike the transfers done through traditional banks in which there was a need for bank account details such as IFSC codes, UPI makes the procedure easy by enabling users to send or receive money by making use of just their UPI ID or mobile number.

Since its very foundation, UPI has gained a large amount of popularity because of its ease of use, speed, and protection. Most of the banks in India give active support to UPI, and with a broad range of applications such as Google Pay, PhonePe, and Paytm, users can conduct transactions without requiring to open individual banking applications.

Benefits of Handling several Bank Accounts with a Single UPI ID

Handling several bank accounts has initially been an unmanageable task, requiring users to recall the different account numbers, handle multiple applications, and log in differently to each account. UPI’s capacity to merge these accounts under one single ID provides different benefits:

Simplified Transaction Management:

One of the relevant and important advantages of UPI is the capacity to link all your bank accounts under a single UPI ID. Rather than configuring the UPI ID distinctly on different banking applications and remembering all the login credentials individually, users hold the ability to access all accounts through one single place. This immensely eases the procedure of handling the finances, specifically for those who hold multiple bank accounts.

Easy Access to Funds:

By linking all the accounts within a single UPI ID, enables one to switch between the various accounts flawlessly while conducting the payments or transfers. This is specifically useful when one is trying to handle the funds across the savings, salary, or business accounts. It enables users to choose the account from which the payment should be debited at the time of doing the transaction without the efforts of switching between applications or entering complicated and critical account details.

Enhanced Flexibility and Control:

Holding access to a number of bank accounts with a single UPI ID enables better power over your finances. For example, you can make use of one account for incurring the personal expenses, another one for bills, and a different one for savings. The flexibility and ability of selecting which account to debit for any mentioned transaction provides greater financial management authority.

Enhanced Security and Fraud Prevention:

By making use of UPI, it enables a user to prevent sharing sensitive bank details such as bank account number or IFSC code. UPI applications are designed in a way that multi-layered encryption and two-factor authentication, like their lies need for a PIN to authorise each payment. This security characteristic crucially decreases the risk of fraud in comparison to the traditional payment methods.

Rapid and More Efficient Payments:

UPI transactions are almost instant, abolishing the lag experienced while transferring the money through the traditional banking system. At the time of handling the multiple accounts, UPI offers real-time processing that enables a user to move funds between accounts with much effectiveness. Whether money is transferred to pay bills, doing purchases, or dividing costs with friends, UPI manages everything smoothly and securely.

How to Link Multiple Bank Accounts with a Single UPI ID

Configuring a number of bank accounts under one UPI ID is a much simpler and a straightforward procedure. Find below a step-by-step guide on how to perform it:

Select a relevant a UPI Application:

First, select an online UPI payment application that supports multiple bank accounts. Some of the renowned options consist of Google Pay, PhonePe, BHIM, and Paytm. Download the app from your phone’s app store and sign up using your mobile number linked to your bank accounts.

Register with Your Mobile Number:

Once the required application is downloaded, register with the help of a mobile number linked to your bank accounts. It’s significant to make sure that the same mobile number gets linked to all the accounts that one desires to handle under solely one UPI ID.

Set your UPI ID:

Most UPI payment applications will prompt you to generate a UPI ID during the setup process. The UPI ID critically looks like an email format, like- yourname@upi. One can customise it depending on the availability of unique names, and this ID will be always further utilised for transactions across all the linked accounts within that online UPI payment application.

Link Your Bank Accounts:

After UPI ID is being generated, the UPI payment application will ask to link your bank accounts. To fulfil the above task, select your bank from the list provided in the application. The UPI application will readily fetch the account details that are linked to the registered mobile number. Then another step following it is to verify the account with the help of an OTP (One-Time Password) sent to your registered mobile number.

Add Additional Bank Accounts:

To link a large number of accounts, navigate to the “Add Bank Account” option present within the online UPI payment application. Select another bank, and adhere to the similar verification procedure as performed earlier.

Set a Primary Account:

Most UPI apps allow you to set a primary account, which will be the default account for transactions. However, you can easily switch between accounts during transactions by selecting the desired bank account.

Configuring UPI PINs for Each Account:

Each of the accounts linked will need an entirely different UPI PIN for security motive. The UPI PIN is a 4 or 6-digit number that one would have to fill in each time one authorises to make a payment or perform any transaction. Always make sure to not forget the UPI PINs for each account.

Initiate Using the UPI ID:

With your bank accounts linked and UPI PINs set, everything is set to perform transactions and manage all the accounts within one single UPI ID. At the time of paying for expenses or transferring funds, one can select the desired bank account at the time of performing transactions.

Conclusion

Handling a number of bank accounts with a single UPI ID is a game-changer for anyone who was earlier found struggling in switching between different accounts. Bajaj Finserv – as a platform eases down the transaction procedures, provides better control, and improves a sense of protection, all while making sure to enable one to access and make use of your funds anytime, anywhere. By adhering to the steps mentioned earlier, one can readily link their bank accounts and start taking the benefits as UPI offers so laid forward by the online UPI payment application, turning financial management smarter and more efficient eventually.

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