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Do you have Multiple Bank Accounts? Know that having Multiple Accounts can Extremely lead to Financial Losses

Multiple Bank Accounts: In today’s time, it is very important for everyone to have an account in a bank. There are many benefits of having an account with the bank. There will be hardly any person who does not have a bank account. But if you have more than one bank account, then you may face many financial losses. Tax and investment exports also recommend a single account. Experts say that having a single bank account makes filing returns easier. Let us tell you in detail what are the disadvantages of having multiple bank accounts.

Multiple Bank Accounts is Good or Bad

What are the Disadvantages of Having Multiple Bank Accounts?

If you keep accounts in more than one bank, then the first loss from this is your maintenance. In fact, each bank has its own separate maintenance charge, debit and credit charge, service charge, minimum balance charge. That is, you will have to pay different charges in the number of banks in which you have accounts.

Apart from this, you have to maintain a minimum balance in every bank and you have to pay a charge for it too. If you do not maintain this balance, then you have to pay a penalty. Which has a direct impact on your CIBIL score.

Minimum Balance of a Bank Charges More

The minimum balance of a bank is 5000 and that of any bank is up to Rs 10000, which is quite high. This will affect your investment. You should get at least 7 to 8% return on this money, which you have to keep as a minimum balance.
Apart from this, if you do not do transactions with your bank account, then your account becomes active after which this account becomes inoperative.

How to Close Bank Account

How to Close Multiple Bank Accounts?

Due to all these reasons, you should not have more than one bank account. Because keeping accounts in more than one bank causes loss of thousands instead of your profit. If you want to close your account, then you have to fill the D-Link form for this.

Closing a bank account is very easy. If you have any recurring transactions like life insurance premiums or mortgage payments, set them up on your new bank account first. Do the same thing for your direct deposit.

Then, withdraw all cash from the bank account you want to close, either by transferring it electronically or by writing yourself a check. To close an account, call your bank, visit the bank in person or write to their office. Your bank will ask you to sign an account closure form to authorize it.

Know more about Bank Account


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