We report on the design, in-depth analysis, and characterization of a novel elliptical array shaped core rectangular shaped cladded photonic crystal fiber (PCF) for multichannel communication and polarization maintaining applications of terahertz waves. The asymmetrical structure of air holes in both core and cladding results in increased birefringence, while a compact geometry and different cladding air hole size makes the dispersion characteristic flat. The modal characteristics of the PCF are calculated using a finite element method. The simulated results show a near-zero dispersion flattened property of ±0.02 ps/THz/cm, high birefringence of 0.063, low effective material loss of 0.06 cm-1, and negligible confinement loss of 5.45×10-13 cm-1 in the terahertz frequency range. Additionally, the core power fraction, effective area, physical attributes, and potential fabrication possibilities of the fiber are discussed.