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Thursday, 8 July 2021

Work news for people who have more than one bank account, if you make this mistake there will be a big loss

■ If you have more than one bank account, you may be at a loss

■ Many people open more than one account unnecessarily

■ Having more than one account causes many problems and losses to the customers


Having more than one account causes many problems and losses to the customers. This also increases the likelihood of fraud because the more accounts you have, the greater the risk. Along with this you will also have the tension of having a minimum balance. Let us tell you what the damage is.


Having an account in many banks can cause you many problems when filing taxes. You will need to provide information related to each of your bank accounts


As the savings account changes, so do the bank rules for that account. According to these rules, a minimum amount has to be kept in the account and if you do not keep this amount, the banks charge a penalty and the money is deducted from the account.


Nowadays people are changing jobs frequently, in such a situation each organization opens a salary account in its own way. So the account with the previous company becomes almost inactive. In case of non-receipt of salary in any salary account for three months, it is automatically converted into savings account.


Putting all the account statements along with this also becomes a very tedious task. You can also lose money if you do not use the inactive account properly. Suppose you have four bank accounts with a minimum balance of Rs. 10,000.


You will get interest on this at the rate of 4% per annum. This will give you an interest of around Rs. 1600. Now if you close all the accounts and invest the same amount in a mutual fund, you can get at least 10 percent return here.


Fill out the account closure form


You may need to fill out a de-linking account form when closing an account. Account closure form is available at the bank branch.


You must state the reason for closing the account in this form. If your account is a joint account, the form must be signed by all account holders.


You will also need to fill out another form. In this, you have to provide the information of the account in which you want to transfer the remaining money to the closed account.


You will have to visit the bank branch yourself to close the account.


How much is the account closing charge?


Banks do not charge for closing an account within 14 days of opening. If you close the account before the end of one year, you may have to pay an account closure charge. There is usually no closure charge for closing an account older than one year.


 

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Likely to be fraudulent


Having an account in many banks is also not good in terms of security. Everyone operates an account through net banking. It is very difficult to remember everyone's password in such a situation. If you do not use an inactive account, it is more likely to be fraudulent, since you no longer change its password. To avoid this, close the account and delete its net banking.

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