look news india
At present almost everyone has a bank account. Many times it is also seen that a person has more than one bank account. As banking services have become digital, opening a bank account is now a priority. It has become easier than before. This is why people now have more than one account in different banks. However, even if you have more than one bank account, you may face some disadvantages. In such a situation, let us understand what losses we may have to face if we have more than one bank account.
There are also some monetary benefits if you have a savings account as you only have to pay debit card AMC, SMS service charges, minimum balance charges etc. for one bank.
Experts say it is best to have a single savings account. This makes it easier to maintain minimum balance. Because in many banks one does not have to pay charges like debit card, AMC and SMS.
This loss occurs due to having more than one bank account-
1 Possibility of fraud: 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 changes job from one company to another and leaves the salary account there. In such a case, the salaried account becomes inactive and as stated 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, the possibility of being fined is high. This is linked to your CIBIL rating.
3 Service Charges: Having a bank account requires paying a service charge for a bank. If you have more than one bank account, you will have to pay service charges for all the banks in which you have an account.
4. Impact on investment: It is important to maintain minimum bank balance in the bank. If you have accounts in many banks, then a lot 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 will get stuck. If this same Rs 40,000 is invested then a return of 8 percent can be obtained on it. Whereas keeping deposits in the bank will give returns of about 4-5 percent.