Several banks offer lucrative schemes to open a savings account, and the services and facilities offered can vary, which prompts some to open multiple accounts. Generally, when you have more accounts, it is difficult to manage them, but different types of fees are imposed on the bank accounts. Bank New Rules: Do you have many bank accounts? What happens if it is more?
Yes, due to this, the financial burden will increase on you without any reason. Apart from this, having multiple bank accounts also increases the chances of cyber fraud. Banks will charge a certain amount for maintaining a bank account, SMS charges, service charges etc.
Yes, the more bank accounts you have, the more charges you will have to pay. Yes, having more than one dormant bank account can affect your credit score too. The bank will also charge you a penalty if you don’t have the minimum balance anymore. The more penalties you incur, the more likely your credit score will be affected.
So close non-essential inactive accounts immediately. Now you have to give complete details of each bank account in ITR. If there are accounts in multiple banks then all the accounts have to be given while filing income tax return. If you have one or two bank accounts you have less work to do than a year’s worth of savings or checking accounts that become inactive.
Even if there is no transaction for two years then it will be converted into inactive account. Chances of fraud increase with such bank accounts as fraudsters reactivate these accounts either by working with bank employees or otherwise. Yes you will lose if you don’t use a passive account almost all banks ask you to maintain a minimum balance.
Now if you have money in savings account here you will earn at least 4 percent interests. Yes in this sense you can spend around Rs. 1600 as interest. If you close these accounts and invest in mutual fund investments here you can earn at least 10 percent profit.
Also Read: Bank New Rules: Do you have many bank accounts? What happens if it is more?
Financial advisors also say that a person should not have more than three bank accounts. Vineet Iyer, co-founder of Wealth Creators Financial Advisors, says that one should have a bank account for their entire permanent income. Yes husband and wife can also keep a joint account for household expenses and a third account can be opened for personal expenses. Having more than three bank accounts is not a good idea, says Iyer.
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