If you have more than one bank account then be careful! There will be huge loss including cutting money
If you also have more than one bank account, then definitely read this news. With multiple bank accounts, you can incur financial losses as well as many other losses. Tax and investment experts also recommend having an account, saying that having a bank account makes it easier to file returns. Let us know the disadvantages of having more than one account.
If you hold an account with more than one bank, the first disadvantage is maintenance. Actually, every bank has its own separate maintenance charge, debit card charge, SMS charge, service charge, minimum balance charge. This means that for the number of banks with which you have an account, you will have to pay different charges. Also, if the minimum balance is not maintained, banks charge hefty fees instead.
According to tax experts, if you have only one bank account, then filing returns becomes easy. Because the complete details of your earnings are available in one account. Having separate bank accounts makes this calculation difficult and cumbersome. In such a situation, the tax department can issue a notice to you. To solve such problems, Finance Minister Nirmala Sitara announced a new system in this budget.
Under the 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 filled in advance. Till now taxpayers had to calculate it separately. He often got into trouble for forgetting this. Now all this information will be pre-filled. This information will be available with the help of PAN card.
If no transaction is done in savings account or current account for one year, it is converted into a dormant bank account. If there is no transaction for two years, it is converted into an inactive account or a dormant account. Such bank account increases the chances of fraud. Bankers say that these active accounts have high chances of internal and external frauds. As such, its details are kept in a separate ledger.
The minimum balance charge of private banks is very high. For example, the minimum balance of HDFC Bank is Rs 10,000. For rural areas it is Rs. 5000 is. There is a penalty of Rs 750 per quarter for not maintaining this balance. Similar charges apply to other private banks. If you do not maintain the minimum balance by mistake, you may end up paying hundreds of rupees unnecessarily every month. It also affects your CIBIL score.
If you have more than one bank account, thousands of rupees will be spent per month to maintain the minimum balance. It affects your investment. The money which should get you at least 7-8 per cent return will be kept as your minimum balance. By investing this money in the right place, you can easily get returns of up to 7-8%.