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.

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According to the guidelines of RBI, if the amount left un-operated for 10 years in the savings and current account or if no one has claimed it within 10 years from the date of maturity, then it will be treated as unclaimed deposit. According to the guideline, banks will have to settle it from June 1.

Web portal launched by RBI

These amounts are transferred by the banks to the Depositor Education and Awareness (DEA) Fund created under the RBI. Recently RBI had brought a web portal to find out unclaimed deposits in many banks.

In April 2023, in view of the security of depositors’ money, the RBI had talked about returning the existing unclaimed deposit amount to its rightful owners. For this reason, RBI had recently decided to create a web portal to track unclaimed deposits in several banks. RBI Deputy Governor Rajeshwar Rao had said in April that this web portal for unclaimed deposits is expected to be ready in three to four months.

Campaign will start from June 1, 2023

After this, on May 12, RBI announced the ‘100 Din 100 Pay’ campaign to find out these unclaimed deposits. Under this, every bank in every district of the country will have to settle 100 unclaimed deposits within 100 days only. Banks have been instructed to start this campaign from June 1, 2023. RBI has been approaching from time to time through awareness campaigns to identify and contact the banks concerned to claim such unclaimed deposits.

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The government is soon going to change the rules for opening bank accounts and taking SIM cards in the country. The government is now considering a new rule to check the increasing cases of online fraud in the country. Under this, the government can further tighten the rules for issuing a new SIM card and opening a bank account.

Actually, the government is contemplating to bring such a rule so that all the information related to the person taking mobile SIM and opening a bank account can be fully investigated. With this, the details of any other person will not be used for these works. With this, fraud can be stopped in the case of banking and SIM.

What is the government’s plan?

According to a media report, in the coming times, it may be made mandatory for telecom operators and banks to do physical verification of the customer. However, at present, whenever someone makes an application for opening a bank account and getting a SIM, it is verified by taking details from Aadhaar through online e-KYC. But on the other hand, the account of companies is opened only with the certificate of incorporation.

But in the last few days, the cases of fraud in banks have increased rapidly. The biggest reason for this is because of the easy availability of SIM cards and the opening of a bank account. According to a report by the Reserve Bank of India (RBI), the amount involved in bank fraud cases stood at Rs 41,000 crore in 2021-22.

Now the rules will change

Now the government is preparing to issue a new SIM card and change the process of opening a bank account. For this, stricter KYC rules are being considered. According to the information received from the sources, the government can ask the telecom operators and banks to implement the new rules soon. The Ministry of Home Affairs has also held a review meeting with the Ministry of Finance and Telecom on this issue. The roadmap for this decision has also been discussed in the meeting.

The post Bank account rules: Big News! Government is going to make big changes in the rules for opening bank accounts ! Know the new provisions here first appeared on Rightsofemployees.com.