Multiple Bank Accounts: If you have more than one bank account then this news is for you. Actually, let us tell you that having more than one bank account causes monetary loss. Experts say that it is best to keep a single savings account. This makes it easier to maintain minimum balance…
Having more than one bank account causes monetary loss which people do not pay attention to. If the earning person is a salaried person, it is better to have one savings bank account instead of multiple bank accounts. According to experts, maintaining a bank account is quite easy.
Having a bank account makes your job easier when you file your income tax return as most of your banking details are available in a single bank account. This is just a matter of convenience. Apart from this there are other benefits also.
If you have a savings account, there are some monetary benefits as you only have to pay debit card AMC, SMS service charges, minimum balance charges etc. for one bank.
Experts say that it is best to keep a single savings account. This makes it easier to maintain the minimum balance. Because charges like debit card AMC, SMS do not have to be paid in many banks.
This loss occurs due to more than one bank account-
1. Possibility of counterfeiting-
Having more than one bank savings account means the possibility of a dormant account. The possibility of fraud is highest in this. This happens when a salaried person leaves the salary account there and changes job from one company to another. In such a case, the salaried account becomes inactive and as said earlier, such accounts are most prone to fraud.
2. Negative impact on CIBIL rating-
If you have more than one bank account, you may face difficulty in maintaining the minimum balance. In such a situation, there is a high possibility of getting fined. This is linked to your CIBIL rating.
3. Service Charges-
Having a bank account requires paying service charges for one bank. If you have more than one bank account, you will have to pay service charges for all the banks in which you have the account.
4. Impact on investment-
It is necessary to maintain minimum bank balance in the bank. If you have accounts in many banks, then a large amount of your money remains stuck in the minimum balance issue. These days, private banks are asking for a minimum balance of Rs 20,000. If you have accounts in two such banks then your Rs 40,000 gets stuck. If this same Rs 40,000 is invested then 8 percent return can be obtained on it. Whereas keeping deposits in the bank will give around 4-5 percent returns.
