Multiple Bank Account: Be careful if you have more than one bank account, you may have to face these problems

Breaking News, Digital Desk- Nowadays banking has become an important part of our lives, where we do daily transactions with facilities like UPI and Internet Banking and for this bank accounts are necessary. However, some people have more than one bank account, which can cause them loss. 

In fact, a certain minimum balance has to be maintained to keep every bank account active. If a person has more than one account, he has to keep money in all of them so that they do not become inactive. 

For this reason, having multiple accounts can result in a large amount of your money being stuck in different banks, which you are unable to use immediately.

You get a maximum of 4 to 5 percent annual return on this amount kept in the bank account. On the other hand, if you invest the money in other schemes instead of keeping it in the savings account, you will get higher annual returns and you can earn more money through this.

Maintenance fees and service charges also have to be paid-

If you have more than one bank account, you will have to pay annual maintenance fees and service charges for each account. Apart from this, banks also charge for other banking facilities like credit and debit cards, which can cause you to bear an additional financial burden. Therefore, you can avoid these expenses by closing unnecessary accounts.

Impact on credit score-

If you have more than one inactive account, it also has a bad effect on your credit score. Your credit score gets affected due to not maintaining the minimum balance in your account. Due to this, you may face difficulty in getting a loan from the bank.

There is also difficulty in filing tax -

If you have more than one bank account, you may face difficulties while filing income tax. Having more accounts means more paperwork and tracking all the information related to each account. 

Matching various bank statements and keeping a record of them can be complicated. Apart from this, not disclosing all bank accounts can make you come under the scrutiny of the Income Tax Department.

Many times when you change your job, you have to change your bank account as well. In such a situation, when salary is not credited to the salary account for three months, that account gets converted into a savings account. Please note that the rules for both salary and savings accounts are different.

In such a situation, banks treat your salary account like a savings account. According to the bank's rules, it is necessary to maintain a minimum amount in the savings account. 

If you do not maintain it, you may have to pay a penalty and the bank deducts money from the amount deposited in your account.