A multiple bank account: Nowadays everyone has a bank account, but there are many people who have more than one bank account. People open accounts in different banks but remain unaware of the losses from them. According to experts, it is easier to maintain one bank account while maintaining more bank accounts becomes difficult and it can also cause you financial loss.
Today, in this article, we are going to tell you about the losses from more than one bank account. If you also have more than one bank account, be careful today and keep a primary account active. Let’s know more…
Possibility of fraud
If you have more than one bank account, then any bank account can become inactive and there is a high possibility of fraud in it. It is often seen that when an employed person changes his job or goes to another company, he gets his account opened in another bank and forgets the old bank account. In this way, the old salary accounts become inactive and there is a high possibility of fraud in them.
Cibil rating risk
If you have more than one bank account, you must maintain a minimum balance in all accounts. If you do not have a minimum balance in your account, the bank charges you a penalty. This can put your credit rating at risk.
Concern over service charge
Having a bank account, you have to pay different types of fees, including SMS alert service fee, debit card AMC, etc. If you have a single bank savings account, you will have to make a one-time payment, while the service charge increases in case of more than one bank.
Income tax fraud
Apart from this, no TDS is deducted on the amount deposited in your savings account as long as the interest is not more than Rs 10,000. But if you have multiple savings accounts then you can be charged a fee or TDS.
If you do not get ₹10,000 as interest in your savings account in a financial year but the amount of interest in many bank accounts crosses Rs 10,000, then you are charged TDS. In such a situation, you have to give this information to the Income Tax Department during ITR filing. Failure to do so will result in tax evasion.