Is it right for you to have multiple bank accounts? In today’s time, most of the people have accounts in many banks. Many times due to change of jobs, people also have many bank accounts, which they do not even consider it necessary to close them. it is not wise to keep your account in multiple banks.
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. There are many disadvantages of having more bank accounts. Having more bank accounts in the same name may have profound affect on your cibil score and income tax filing process.
Banks will continue to charge if there is no minimum balance
Many times people keep salary and savings account separately, but if the salary is not credited for several months, banks convert that account into a savings account. Banks levy charges based on the condition of not meeting the 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 significant amount as penalty together.
It is necessary to close the account
If you do not use an 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 will have to go to your bank branch and submit the de-linking and bank closing form there. After this, after some more process, the bank will close your account permanently. In this way you can get relief from many problems.