Bank Account Rules- Most people do not close unused bank accounts. They feel that if the account is active then they are not facing any loss.
Opening a bank account has become very easy these days. There is no limit on opening bank accounts. This is the reason why nowadays many people have more than one bank account. Some of these accounts become almost useless over time. The account remains active but we do not use it. If you also have any bank account which you are not using, then close it immediately. If you do not do this, you will not only suffer financial loss, but you may also get into big trouble.
It is also true that most people do not close unused bank accounts. They feel that if the account is active then they are not facing any loss. However, his belief like this is not correct at all. Today we will tell you about the losses caused by not closing unused accounts.
Minimum balance will have to be maintained
A monthly average balance has to be maintained in most bank accounts. It can range from Rs 500 to Rs 15 thousand. For not maintaining this amount, the bank charges fees as per its policy. Your salary account with zero balance also gets converted into a savings account if you do not receive salary for 3 consecutive months. In this way you suffer financial losses without any reason. Therefore it is better to close the account.
Many charges have to be paid
Banks levy debit card and SMS charges. Debit card fees can range from Rs 100 to Rs 1000 annually. SMS charges are also quite high. Even if you are not using your account, you will have to pay this fee.
Trouble while filling ITR
While filing ITR, you have to give information about all your bank accounts. For this, statements have to be obtained from banks. Even if you are not using any bank account, its statement will have to be taken and that bank account will have to be mentioned in the ITR. This is an unnecessary hassle, which can be avoided by closing the account.
Account may be misused
With accounts that are not being used, someone else can commit a bigger fraud than that. Many such cases have come to light in which money transactions were done using bank accounts which were not being used for a long time. The special thing was that the person in whose name this account was registered got a glimpse of this fraud very soon. Therefore, to avoid such problems, you should close those accounts which you are not using.
