If you also have an account in many banks you need to warn. Due to a multiple bank account you have to suffer a lot of damage. The worst thing is that it does not even know about the economic losses in it. Tax and Investment Expert also have to say that file is easy to file a single bank account.
If you have an account in many banks, the first disadvantage occurs in Maintenance. Each bank has different maintenance charges, debit card charges, SMS charges, service charge, minimal balance charge.
Every bank will have to pay all such charges. There is no advantage of this, but the economic loss is definitely. If minimum balance does not maintain, instead of banks charge heavy. In such a situation, the unnecessary bank account is advised to close.
File Return Complex
Tax experts say that if you have a single bank account, it is easy to file the return. The complete information about your earnings is in an account. This calculation becomes complicated because of a different bank account. Due to this, the total income calculation may false. The tax section in such a situation can give you notice. To solve the problems, Finance Minister Nirmala Sitarman announced a new system in this budget. Under the new rule, income information from sources except for salary income, such as dividend income, capital benefit income, bank deposit interest income, post office interest income will be filled in advance. So far the taxpayers had to calculate it separately. It was often distressed because of forgetting it. Now all these information will be pre-filled. This information will be received using the pan card.
The account will be disabled
If there is no transaction in a savings account or ongoing account for one year, it is turned into an inactive bank account. If there is no transaction for two years, it is dormant Account or inoperative. The possibility of cheating with such bank accounts increases. Bankers say that with these logical accounts, the possibility of internal and external fraud is the highest. His details in such a situation are kept in a different account.
Effect on your Cibil Score
The Minimum Balance charge of private banks is very high. For example, the Minimum Balance of HDFC Bank is 10 thousand rupees. For rural areas it is 5000 rupees. To maintain this balance, the penalty for a quarter is 750 rupees. Other private banks also apply the same charge. If you do not make a mistake minimum balance, you may have to pay hundreds of rupees in unnecessarily every month. This also affects your Cibil score. Cibil score in today's era is very important for everyone. Based on this score, you get a cheap loan from the bank. The disadvantage of the less Cibil score has to suffer in the form of high interest in the long run.
More expenses to maintain Minimum Balance
If you have a multiple bank account, thousands of thousands per month will be spent only to maintain Minimum Balance. This affects your stay. On the money you should get at least 7-8 percent return, it will be kept as your Minimum Balance of money. It is not that interest on Minimum Balance is not available, but it will be maximum of 3-4%. This money can easily get 7-8% compensation, by investing in the right place.
