New Delhi, Oct. 16 -- It's always a good idea to keep your finances simple and organized. Tidying up finances is, however, easier said than done. One of the biggest culprits behind financial clutter is having too many bank accounts. While it's wise to maintain more than one for specific purposes, experts advise closing accounts rarely used or completely inactive. Withdrawing your own money from aa long idle bank account could get unbelievably cumbersome.

This is mainly because after two years of no transactions, a bank account becomes inoperative. When that happens, all debit transactions are frozen, and a fresh KYC is required to reactivate the account. Even to close it, the account must first be reactivated by completing a fresh KYC on...