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New Delhi. If you have also opened your account (More then 1 Bank Accounts) in more than one bank, then this news is of your use. Today we are telling you what problems you may have to face if you have more than one bank account. Having more than one bank account increases your chances of becoming a victim of financial fraud. Actually, the more accounts there are, the higher will be the risk. Along with this, your money is also stuck in the cycle of maintaining minimum balance in different accounts.
Difficulty in filing ITR
If you have an account with many banks, you may have to face problems while filing income tax return (ITR filing). Actually, you have to give information related to each of your bank accounts in it. Tax experts say that filing returns becomes very easy if you have a bank account.
At the same time, by paying separate maintenance charges for each account, you will also have to bear the financial loss. At the same time, if you do not maintain the minimum balance, then penalty is imposed on you. If you pay penalty repeatedly for not maintaining the minimum balance, then your CIBIL score gets spoiled. Let us know what else can be harmed by more bank accounts.
Inactive account is more prone to fraud
If there is no transaction in a savings or current account for a year, then it becomes inactive. If the transaction is not done for two years, it gets converted into a dormant account. The risk of fraud increases with such a bank account. Bankers say that with such accounts, the chances of internal and external fraud are the highest. Therefore, their details are kept in a separate ledger. Every organization opens a separate salary account after changing jobs frequently. So the account with the previous company becomes almost inactive. If the salary is not received in any salary account for three months, it automatically gets converted into a savings account.
There may also be loss of returns
If you do not use an inactive account, you may also suffer financial loss directly. Suppose you have four bank accounts, in which the minimum balance should be Rs 10,000. On this you get annual interest (Bank Rate) at the rate of 4 percent. Accordingly, you will get interest of about Rs 1600. Now, if you close all the accounts and invest the same amount in mutual fund investments, then here you can get a return of at least 10 percent. Let us know what to do to avoid these problems.
Fill account closure form
>> You have to fill the de-linking account form while closing the account. Account closure form is available at the bank branch.
>> You have to give the reason for closing the account in this form. If there is a joint account then the signature of all the account holders is required on the form.
>> You will also have to fill a second form. In this, you have to give the information of the account in which you want to transfer the money of the account to be closed.
>> Banks do not charge any charges for closing the account within 14 days of opening.
>> After this closure charge may have to be paid if the account is closed before the completion of one year.
>> Normally closure charge is not levied on closing the account which is more than one year old.
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