Multiple bank accounts – If you have an account in more than one bank, then this is to alert the news. In such a situation, get your old accounts closed soon… Read the news till the end to know the complete information related to the bank.
Is it right for you to have multiple bank accounts? In today’s time, most of the people have many bank accounts. Due to changing jobs many times, people have many bank accounts, which they do not even consider it necessary to close. But unnecessarily in many banks at the same time. It is not wise to keep your account.
If you do not do any transaction in a bank account for more than 12 months, then the bank declares that account as a dormant account, whereas if you do not do any activity in your account for 24 months, then the bank declares it as a dormant account. There are many disadvantages of having more bank accounts. Having more bank accounts in the same name has a profound effect on your civil score to the process of filing income tax.
Banks will continue to charge for non-maintenance of minimum balance.
Many times people keep salary and savings account separately, but if salary is not credited for several months, banks convert that account into savings account. Banks levy charges on the basis of non-maintenance of minimum balance in the savings account. In such a situation, it is necessary that you close your account, otherwise the bank will continue to charge you. In such a situation, the customer may have to pay a substantial amount as penalty at one go.
It is necessary to close the account-
If you do not use any account, then it is better that you close it. Before closing the bank account, you have to withdraw all the money from the bank. After this all the services will also have to be stopped. After this, you have to go to your bank branch and submit the delinking and bank closing form there. After this, after some more process, the bank will close your account permanently. In such a situation, you can get relief from many problems.
