RBI New Rules: In the new year, many rules can be changed to make banking easier. Last year, RBI did things like check rules to make online transactions for up to 24 hours. Changing the rules in banking is quite common. But, the difficulty comes when there is more than one bank account. Actually, the benefit of having more than one account is more harmful than that. There are more chances of fraud in keeping more accounts. If you also have more than one bank account and have become inactive, then close them. Otherwise, there may be a big loss in the coming time.
Scope for financial loss
Financial loss is also caused by not using a dormant account properly. For example, suppose you have four accounts, in which the minimum balance should be Rs 10,000. On this, you get an annual interest at the rate of 3.5-4 percent. Meaning you are getting interest of about 1600 rupees. Now, you close these four accounts and put this money in the scheme of mutual funds and you will get 3200 rupees even if you get interest at the rate of at least 8 percent, while saving only 1600 rupees from the savings account. Therefore, instead of leaving money in the inactive account, putting it out in another account is a profitable deal.
Penalty may have to be pay
If the salary does not come in any salary account for three months, it gets converted into a savings account. The bank’s rules regarding the account change as the savings account is converted. Then the banks treat it as a savings account. According to the bank’s rule, it is necessary to maintain a minimum amount in a savings account. If you do not maintain this, you may have to pay a penalty and the bank can deduct money from the amount deposited in your account.
Credit score can be bad
Having more than one inactive account also has a poor effect on your credit score. Credit score deteriorates due to no minimum balance maintained in your account. Therefore, never take a dormant account lightly and close that account along with leaving the job.
Not even right from the security point of view
Having an account in many banks is also not correct in terms of security. Everyone operates the account through net banking. In such a situation it is very difficult to remember everyone’s password. Not using inactive account increases the chances of fraud or fraud, as you do not change its password for a long time. To avoid this, close the account and delete its net banking.
Difficulty in filing income tax
Due to having an account with more banks, many problems are faced while depositing tax. Even more paperwork has to be done in paperwork. Also, while filing income tax, information related to all bank accounts has to be kept. Often, it becomes very complicated to collect the record of his statement.
These seem to be extra charges
Due to having multiple accounts, you have to pay annual maintenance fees and service charges. Apart from credit and debit cards, the bank also charges you for other banking facilities. So here to you have to lose a lot of money.