Many People have bank Accounts in Multiple Accounts. People Opens these Accounts due to their Relations. Suppose You have your 2-3 Friends who work in different Banks and To achieve their Targets they ask you to open Savings Account In their Bank. To help them you also say yes and now you have 2-3 Savings Account which is not good for You Financially. Here we will tell you 5 Financial Losses which you can face because of these Multiple Savings Bank Account
1- Account Maintenance
This is the Biggest Loss that everyone Faces. If You have 2-3 Bank Accounts then You have To Maintain a Minimum Balance In every Account. If You Are Unable To maintain the Minimum Account balance then they will deduct Non-Maintenance Charges from your Account. Also, these Banks have different Charges such as SMS Charges, Debit Card Charges are some of the Charges which you have to pay Every Year. So it is advised to close Non-usable Bank Accounts.
2- Income Tax Filing is Difficult
According to Tax Experts, Filing Income Tax Returns from 1 Single Account is Easy. Your all Income i.e Deposits, Withdrawals, and Other Types of Investments can be tracked Easily. If you have several Bank Accounts then Calculation of Total Income gets difficult. If any Mistake comes in the Calculation of Income Tax then you will get a Notice from Income Tax. To solve all these Issue Finance Miniter Nirmala Sitaramn announced that Your all Type of income such as Dividend Income, Capital Gain income, Bank Deposit Interest Income, Post Office Interest Income will be automatically filled. Currently, Tax Payers have to separately Calculate their Income from the above Income Sources. If they forgot to file any of the above income then Income Tax Departments sends Notice to Them. Now all this information will be filled in automatically. This information will be accessible through PAN Card.
3- Chances Fraud is there from Inactive Bank Accounts.
If You don’t do any Transaction from Savings or Current Account in Last One Year then Your Account can Become Inactive. If you don’t Do transaction from these Bank Account from Last 2 Years then these accounts can become Dormant or Inactive. So Chances of having Fraud from these accounts increases. These Frauds can be Internal or eXternal. So it is advised that you should do Transactions from these Account in 3-6 Months. if you cannot do transactions in this Time Interval then you should close these bank accounts.
4- Non-Account Maintenance Charges.
Minimum Balance Charges of Banks are very Much High. Suppose You have an account in HDFC Bank then you have to Maintain a Minimum Balance of Rs 10,000 per Month. For Rural Areas. this is Rs 5,000. If anyone Failed to Maintain Minimum Balance then a Penalty of Rs 750 per Quarter is imposed. If by chance you forget to Maintain minimum Balance then you have to pay this extra charge. So it is advised to have only 1 Savings Bank account.
5- Maintaining Minimum Balance decreases your wealth
If You Have Multiple Bank Account Then You have To put Thousands of Rupees in Maintaining Account balance. This stops you from creating wealth. The Amount in which you can easily get 10-12% Returns but you get Only 3% Return on this Amount. Because On savings account you get 3% Return Only. So it is advised to have only 1 Savings account and the Amount which you save from Maintaining other Bank Accounts Invest that amount in Right Place.