New Delhi: If you have also opened multiple bank accounts, then there is news of work for you. You may suffer financial loss from multiple bank accounts. Tax and investment experts also recommend keeping a single account, saying that having a single bank account makes it easier to file returns.
What are the disadvantages?
If you keep an account in many banks, then the first disadvantage is about the maintenance. Actually, every bank has its own separate maintenance charge, debit card charge, SMS charge, service charge, minimum balance charge. That is, the number of banks in which you have accounts, you will have to pay different charges for it. Also, if the minimum balance is not maintained, then banks charge heavy charges instead.Also Read:Best prepaid plan for 56 days, data up to 3GB daily and free OTT membership
Easy to file return in single bank account
According to tax experts, filing returns is easy if you have a single bank account. Because the complete information about your earnings is in a single account. Having different bank accounts makes this calculation difficult and big. In such a situation, the tax department can issue a notice to you. To solve such problems, Finance Minister Nirmala Sitaran had announced a new system in this budget.Also Read:IRCTC Great Offer: Now enjoy for free in beautiful places like Srinagar, Gulmarg – check list
Taxpayers will have to pay the calculation
Under this new rule, information about income from sources other than salary income, such as dividend income, capital gains income, bank deposit interest income, post office interest income will be pre-filled. Till now taxpayers had to calculate it separately. He used to have trouble because of forgetting this many times. Now all this information will come pre-filled. This information will be obtained with the help of PAN card.Also Raed:IndiGo starts boarding service on priority basis, passengers will get relief from long queues
Account will be inactive
If no transaction is done in a savings account or current account for a year, then it turns into an Inactive Bank Account. If there is no transaction for two years, it gets converted into Dormant Account or Inoperative. With such a bank account, the possibility of fraud increases. Bankers say that with these active accounts, the chances of internal and external fraud are highest. In such a situation, its details are kept in a separate ledger.Also Read:PM Modi will give Rs 1625 crore to 4 lakh people of the country today, who will get the money?
Private bank charges extra charge
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 Rs 5000. For not maintaining this balance, the penalty for one quarter is Rs 750. Similar charges are also applicable for other private banks. If you do not maintain the minimum balance by mistake, then you may have to pay hundreds of rupees every month unnecessarily. This also affects your CIBIL score.Also Reda:7th Pay Commission: Salary of government bank employees will increase, DA increased by 2 percent
Thousands will be in loss
If you have multiple bank accounts, then thousands of rupees will be spent every month just to maintain the minimum balance. This affects your investment. The money on which you should get at least 7-8 percent return, that money will be kept as your minimum balance. By investing this money in the right place, returns of up to 7-8 percent can be easily found.Also Read:Whatsapp Tips: Without creating a group on Whatsapp, you can send messages to 256 people at once, use this funny trick
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