Many times when people change their jobs, the company opens an account in a new bank in the name of their salary account. In this way, many times people end up having more than one bank account even without wanting it. You can maintain one or two bank accounts, but having more than this causes loss to you. If you do not manage any of these accounts properly, then you may have to face many losses. Along with this, you may also have to pay many charges and your pocket may get cut. Know here how you have to bear loss on accounts that are not used.
Most banks charge a small fee for their debit cards and sending SMS. The fee for a debit card can range from Rs 100 to Rs 500 or Rs 1000 annually. SMS charges are different for every bank, it can be taken from you on a quarterly or annual basis.
If you do not make any transaction from the bank for 1 year continuously, then it can become inactive. But if no transaction is done from an account for two years continuously, then it is considered a dormant account. You can neither withdraw money from a dormant account nor deposit it in it.
A minimum balance of around Rs 10,000 has to be maintained in all the banks. If you are maintaining an amount of Rs 10,000 in each, then you have directly blocked Rs 40,000. It is better to close the account which is not being used and invest that money somewhere. At least you will earn interest.
Nowadays people use net banking, mobile apps, ATM etc. If you have more accounts, then it is a big problem to remember the passwords of all of them. If you are thinking of making everyone's password the same, then this is also not right because it will increase the risk of fraud.
Having accounts in many banks also creates problems while paying taxes because while filing taxes you have to provide information about all your bank accounts. In such a situation, collecting the record of their statements often becomes a very complicated task.
Your salary account with zero balance also turns into a savings account if your salary is not received for 3 consecutive months. It is necessary to maintain a monthly average balance in every savings account. It can usually be from Rs 500 to Rs 10,000. If you do not maintain the monthly average balance, the bank can deduct money from your account as per its policy.
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