Do I need different bank accounts for different mutual fund investments?

I am a first time investor looking to invest in different mutual funds. Each fund house is asking for opening an account in their respective banks. Is it mandatory?
-RM Midha

It appears that you have been misguided. There is no such requirement for you to open a different bank account or hold multiple accounts to be able to invest in different mutual funds. With just one bank account you can invest in and redeem your money from all mutual funds.

This article was originally published on December 14, 2016.