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If you have an account in more than one bank, then be careful! This will be a big loss including deducting money

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If you have also opened multiple bank accounts, then there is news of work for you. You may suffer financial loss from multiple bank accounts. Let us know the drawbacks of having more than one account.

Multiple Bank Account: If you also have more than one bank account, then definitely read this news. With multiple bank accounts, you can suffer financial loss as well as many other losses. Tax and investment experts also recommend keeping a single account, saying that having a single bank account makes it easier to file returns. Let us know the drawbacks of having more than one account.

What are the disadvantages?

If you maintain an account in many banks, then the first disadvantage is about the maintenance. Actually, every bank has its own separate maintenance charge, debit card charge, SMS charge, service charge, minimum balance charge. That is, for the number of banks in which you have accounts, you will have to pay different charges. Also, if the minimum balance is not maintained, then banks charge heavy charges instead.

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Easy to file return in single bank account

According to tax experts, filing returns is easy if you have a single bank account. Because the complete information about your earnings is available in a single account. Having different bank accounts makes this calculation difficult and big. In such a situation, the tax department can issue a notice to you. To solve such problems, Finance Minister Nirmala Sitaran had announced a new system in this budget.

Taxpayers will have to pay the calculation

Under this new rule, information about income from sources other than salary income, such as dividend income, capital gains income, bank deposit interest income, post office interest income will be pre-filled. Till now taxpayers had to calculate it separately. He used to have trouble because of forgetting this many times. Now all this information will come pre-filled. This information will be obtained with the help of PAN card.

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account will be inactive

If no transaction is done in a savings account or current account for a year, then it turns into an Inactive Bank Account. If there is no transaction for two years, it gets converted into Dormant Account or Inoperative. The possibility of fraud increases with such a bank account. Bankers say that with these active accounts, the chances of internal and external fraud are highest. In such a situation, its details are kept in a separate ledger.

Private bank charges extra charge

The minimum balance charge of private banks is very high. For example, the minimum balance of HDFC Bank is 10 thousand rupees. For rural areas it is Rs 5000. For not maintaining this balance, the penalty for one quarter is Rs 750. Similar charges are also applicable for other private banks. If you do not maintain the minimum balance by mistake, then you may have to pay hundreds of rupees every month unnecessarily. This also affects your CIBIL score.

thousands will be lost

If you have multiple bank accounts, then thousands of rupees will be spent every month just to maintain the minimum balance. This affects your investment. The money on which you should get at least 7-8 percent return, that money will be kept as your minimum balance. By investing this money in the right place, returns of up to 7-8 percent can be easily found.

Disclaimer: This story is auto-aggregated by a computer program and has not been created or edited by Prachand.in. Publisher: Zee News

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