Tuesday, October 4, 2022

Many Bank Accounts: Having multiple bank accounts might be dangerous! These large losses can occur for a variety of reasons, including budget cuts

If you’ve also opened several bank accounts, there’s good news for you. Multiple bank accounts may result in financial loss. Keeping a single account is also recommended by tax and investment experts, who claim that having a single bank account makes filing returns easier.

What are the drawbacks?

The first disadvantage is the maintenance if you have accounts in several banks. In reality, each bank has its own maintenance fee, debit card fee, SMS fee, service fee, and minimum balance fee. That is, depending on how many banks you have accounts with, you will have to pay different fees. In addition, if the minimum balance is not maintained, banks will levy significant fees.

It’s simple to file a return from a single bank account.

According to tax professionals, if you have a single bank account, filing returns is simple. Because your entire earnings history is stored in a single account. The fact that there are multiple bank accounts complicates and increases the size of this estimate. In this case, the tax agency may issue you with a notice. In this budget, Finance Minister Nirmala Sitaraman established a new method to address these issues.

Read More: Big news regarding the Aadhaar Card, which will affect everyone; UIDAI posted the information. UIDAI has tweeted information on the Aadhar Card

The calculation will be paid by the taxpayers.

Information about income from sources other than wages, such as dividends, capital gains, bank deposit interest income, and post office interest income, will be pre-filled under this new rule. Until now, taxpayers had to figure it out on their own. He used to have difficulties remembering this because he had forgotten it so many times. All of this data will now be pre-filled. The PAN card will be used to obtain this information.

The account will be disabled.

If there are no transactions in a savings or current account for a year, it becomes an Inactive Bank Account. It is turned to Dormant Account or Inoperative if there are no transactions for two years. The risk of fraud increases with such a bank account. According to bankers, the chances of internal and external fraud are greater with these active accounts. In this case, the details are recorded in a separate ledger.

A fee is charged by a private bank.

Private banks have an extremely high minimum balance charge. The minimum balance at HDFC Bank, for example, is ten thousand rupees. It is Rs 5000 in rural areas. The penalty for not keeping this balance for one quarter is Rs 750. Other private banks are subject to similar fees as well. If you fail to maintain the minimum amount by accident, you may be forced to pay hundreds of rupees every month. This has an impact on your CIBIL score as well.

Thousands of people will be affected.

If you have many bank accounts, you would be spending hundreds of rupees per month just to keep the minimal amount. This has an impact on your investment. The money on which you should expect a return of at least 7-8 percent will be held as your minimum balance. Returns of up to 7-8 percent can be easily discovered by investing this money in the proper area.



Please enter your comment!
Please enter your name here


Most Popular



Vistara Airlines Live TV Service: Vistara passengers will be able to watch World Cup matches during the flight, live streaming starts in the airline

Vistara On Board Live TV: If you travel by Vistara Airlines, then you will be happy to hear this news. Passengers will now be...

Six significant changes took effect on October 1st: cheaper cylinders, tokenization technology adopted for card payments, higher interest rates on small savings plans.

October 1st brought about a lot of changes. Income taxpayers will be unable to participate in the Atal Pension Scheme. In addition, a tokenization...

Card tokenization regulations that go into effect from October 1st prohibit businesses from saving credit and debit card information and require them, understand...

Beginning on October 1st, new rules will apply to cardholders who use debit and credit cards. The Reserve Bank of India's (RBI) Card-on-File Tokenization...

Digital Life Certificate: Pensioners get exemption on submission of life certificate, know new update, follow these steps

Deadline for submission of life certificate: If you take advantage of any pension scheme from the central government, then this news can prove to...

Toyota Cars Price Hiked: Toyota has increased the prices of these vehicles, now will have to spend 77 thousand rupees more

Toyota Fortuner, Innova Price: Toyota's SUV has a stronghold in the Indian market. Among these, Innova Crysta and Fortuner have a lot of sales....

Most Popular


* indicates required