Multiple Bank Account Holders: New update for those having multiple bank accounts, see otherwise there will be loss
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Multiple bank accounts: Having more than one bank savings account can lead to monetary losses that go unnoticed. If the earning person is salaried, it is better to have a single savings bank account than to have multiple savings accounts. According to tax and investment experts, maintaining a bank account is easy and when you are filing your income tax return, your job becomes easier as most of your banking details are available in a single bank account.
However, apart from convenience, there are also some monetary benefits that you will get if you have only one savings bank account. As such you can save on bank service charges levied on debit card AMC, SMS service charges, minimum balance etc.
These 5 major disadvantages can be caused by keeping more accounts!
be a victim of fraud
Having more than one bank savings account means that the account is likely to be inactive, with the highest potential for fraud. This happens when a salaried person leaves a salary account and changes job from one organization to another. In such a case, the salary account becomes inoperative and as stated earlier, such accounts are most prone to fraud.
CIBIL rating at risk!
Having more than one savings account may make it difficult for you to maintain a reasonable minimum balance in your bank account. In such a situation, the penalty for even one mistake will have a direct impact on your CIBIL rating.
service charge will increase
Having a bank account attracts various service charges like SMS Alert Service Charges, Debit Card AMS, etc. If you have only one bank savings account, you will have to make the payment once, while in case of multiple the fee payment doubles. Bank.
risk to your investment
It is also necessary to maintain a minimum balance for having a bank savings account. If you have multiple banks then there is a possibility of getting a huge amount stuck in your savings bank account.
These days, private banks are asking for a minimum balance of Rs 20,000 and if you have three such bank accounts in three different banks, maintaining a minimum balance in two additional bank savings accounts will sink your Rs 40,000.
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