2024-02-10 09:26:45
Bank Account: Almost everyone has a bank account in this era. Opening a bank account used to be a daunting process in earlier times. There was also a perception that only the well-educated could go to a bank and open an account. However, with time it was realized that this was wrong. Uneducated people and common people can open bank accounts very easily. That too in today’s age where technology has grown so much, opening a bank account has become an easy matter.
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Unused bank accounts
There is no limit for opening a bank account. Due to this, in today’s era, one person has many bank accounts. However, people who have multiple accounts do not use most of them. Although these accounts are active, there is not much use in them. Do you have unused bank accounts? If so it is better to close them immediately. If you also have bank accounts that are not activated or used, you may incur losses and face some problems. You can find details about it in this post.
Many people open multiple bank accounts. But not all are used. However, if there are unused bank accounts, they are of the opinion that we will not incur any loss. However, this is a misunderstanding. Here’s a look at the potential pitfalls of having multiple unused bank accounts.
A minimum balance is required
Most bank accounts are required to maintain a minimum monthly balance. The amount of this balance can be anywhere from 500 rupees to 15 thousand rupees. Failure to maintain this amount will result in charges as per respective banks’ policies.
Salary Account
If the salary is not credited for three consecutive months, the customer’s salary account with zero balance will be converted into savings account. In this way you will face financial losses without any reason. So it is better to close a bank account when it is not opened.
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There are various charges to be paid
Banks usually charge debit card and SMS fees. Debit card charges can range from Rs 100 to Rs 1000 per year. SMS charges are also generally high. These fees must be paid even if you do not use your bank account. It can be profitable to close unused bank accounts to avoid these unnecessary payments.
Problem during ITR filing
While filing Income Tax Return we have to provide information about all the bank accounts we have. For this we need to get statements from all the banks where we have accounts. Statements of accounts should be obtained and mentioned in ITR even if the accounts are not used. Doing so much work for an unused bank account would be an unnecessary task. So it is better to close unused accounts.
Bank accounts can be misused
If a customer’s bank account remains unused for a long period of time, fraudsters are more likely to use it to commit larger frauds. We have heard reports of several instances of money transactions being made using bank accounts that have not been used for a long time. The account holder does not even know that such frauds are happening in their account. Therefore, it is considered necessary to close unused bank accounts to avoid misuse of our account by someone else.
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