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The age of multiple bank accounts as a way to hide from the taxman is long over and therefore, it makes no sense to have so many of them. In this electronic age, PAN is an adequate marker to link accounts across banks, should the taxman decide to investigate. In any case, credit information bureaus are already linking loans across banks using the PAN. Other reasons why you should consolidate bank accounts 1) Minimum balance needs to be maintained. 2) Bank charges such as debit cards, SMS alerts, ATM use etc. 3) Ease of tax filling. 4) Avoid misuse.