Bank Account Tips: Those having more than one bank account should be careful, they may incur big losses…

At present, almost everyone has a bank account. At times, it is also seen that a person has more than one bank account. Since banking services have been digitalized, opening a bank account is now a priority. It has become easier than before. This is the reason why people now have more than one account in different banks. However, even if you have more than one bank account, you may have to face some losses. In such a situation, let us understand what losses we may have to face if we have more than one bank account.

There are also some monetary benefits if you have a savings account as you only have to pay debit card AMC, SMS service charges, minimum balance charges, etc. for one bank.

Experts say that it is best to keep a single savings account. This makes it easier to maintain the minimum balance. Because charges like debit card AMC, and SMS do not have to be paid in many banks.

This loss occurs due to more than one bank account-
1 Possibility of fraud: Having more than one bank savings account means the possibility of a dormant account. The possibility of fraud is highest in this. This happens when a salaried person changes jobs from one company to another, leaving the salary account there. In such a case, the salaried account becomes inactive and as said earlier, such accounts are most prone to fraud.

2. Negative impact on CIBIL rating: If you have more than one bank account, you may face difficulty in maintaining the minimum balance. In such a situation, there is a high possibility of getting fined. This is linked to your CIBIL rating.

3 Service Charges: Having a bank account requires paying service charges for one bank. If you have more than one bank account, you will have to pay service charges for all the banks in which you have the account.

4 Impact on investment: It is necessary to maintain a minimum bank balance in the bank. If you have accounts in many banks, then a large amount of your money remains stuck in the minimum balance issue. These days, private banks are asking for a minimum balance of Rs 20,000. If you have accounts in two such banks then your Rs 40,000 gets stuck. If this same Rs 40,000 is invested then a return of 8 percent can be obtained on it. Whereas keeping deposits in the bank will give around 4-5 percent returns.