The second installment of May has been released.

Not only this, the second installment of May has also been paid. In this phase, 74,534 women have received honorarium, for which Rs 18 crore 63 lakh 35 thousand have been transferred. That is, the Jharkhand government is continuously moving towards bringing change in the lives of lakhs of women every month.

What is the Chief Minister Maiya Samman Yojana scheme?

The aim of this scheme is to make women financially strong and self-reliant. Under this, the government gives an honorarium of Rs 2500 every month to every eligible woman, which is directly transferred to their Aadhaar-linked bank accounts. Women whose application has been approved, but their bank account is not linked to Aadhaar, are not yet eligible to get the benefit of this scheme.

Ranchi Deputy Commissioner Manjunath Bhajantri has appealed to all such beneficiaries to get their bank account linked with Aadhaar as soon as possible, so that they too can get the benefits of this scheme on time. The work of physical verification of beneficiaries is also going on rapidly in Ranchi district. Women who have not been verified yet have been asked to contact their Anganwadi worker, get the verification form and complete the necessary process to get the benefits of the scheme.

As per the directions of the Directorate of Social Security, all districts will start the process of transferring the amount for the month of June from this week. Officials have been asked to ensure that the amount reaches the Aadhaar-linked bank accounts of the beneficiaries on time. This step reflects the government’s commitment to provide regular financial assistance to women.

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On Monday, the central bank made this big announcement and issued a circular saying that ‘minor age limit of 10 years or above may be allowed to open and operate savings/term deposit accounts independently.

From ATM to cheque book for minors!

According to PTI, RBI has said that such minors can be allowed to open and operate accounts through their family members or legal guardians. The central bank also said that various banks can provide additional banking facilities to minors’ accounts based on their risk management policy. According to the circular, banks are free to provide necessary facilities including internet banking, ATM/debit card, cheque book to minor account holders.

This is the objective of RBI behind the rule change.

According to the circular issued by the central bank in this regard, now a minor of any age can open a savings or fixed deposit account in his/her name. Minors below the age of 10 years will also be allowed to open such bank accounts by making their mothers the guardian. At the same time, children of 10 years and above can be allowed to operate their accounts independently, although the concerned banks can set limits and conditions according to their policies. These should also be clearly explained to the minor account holders.

Apart from this, when the minor turns 18, the bank will ask for new operating guidelines and sample signature. In such a situation, if the account is being managed by the guardian, the bank will verify the balance. According to RBI, the purpose of these changes (RBI Rule Change) is to promote financial literacy among children under the guidance of parents.

New rules will come into effect from July 1!

Regarding the amendments made by the Reserve Bank of India (RBI) in its guidelines for opening and operating bank accounts for minors and children below the age of 18 years, banks have been advised to make their existing policies in line with the revised norms by July 1, 2025. That is, the existing rules may continue till then.

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The Reserve Bank of India (RBI) has given a big and important directive to the banks, due to which now children of 10 years and above will be able to open their savings account and fixed deposit and operate it themselves without the help of their parents or any guardian. Earlier, children needed their parents or a legal guardian to open any such account, but now after the age of 10, they can do this work themselves.

RBI issued a circular to all commercial banks and cooperative banks on Monday and gave this information. It says that a child of any age can open an account through his parents or guardian, but if his age is more than 10 years, then he can do it himself. He can also open an account by making his mother a guardian.

These are the highlights of the new rule

• If the child is 10 years or above, he/she can open and operate his/her own savings and term deposit account.
• Banks can decide how much money children can deposit and withdraw. All this will depend on the risk management policy of the bank.
• When the child turns 18, the bank will again take a fresh signature sample and account operation method from him.
• Banks can decide whether facilities like internet banking, ATM/debit card, cheque book etc should be given to children or not.

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Due to heavy workload, they are also demanding recruitment of staff. The government will first discuss with the RBI on the demand for 5 days working rules in banks.

Only after this will the next decision be taken. After the implementation of this rule, bank employees will get 2 days off in a week. After the implementation of the rule, many changes including new time table will be seen in banks. Indian Banks Association and bank employees’ unions have agreed to work five days a week in banks. This agreement was reached about a year ago. Now the Reserve Bank of India (RBI) and the government have to take a decision on this. If the government implements this rule, bank employees will get a holiday on every Saturday and Sunday.

The government will take the final decision –

There has been no official statement in this regard yet. So far, the demand for only a 5-day working week is being raised. If this rule is implemented, then both the government and private banks of the country will come under the purview of this rule. The government will take the final decision on this decision. To implement this rule, the government will also have to take advice from RBI (RBI news). Only after this, approval can be given. However, it is being said that the government may take a decision on this rule soon.

Also Read- PPF Account New Rule: Big news! Now there will be no charge for this work, Finance ministry issued order

Bank employees’ hours will change-

Currently, the opening time of banks is 10 am and closing time is 5 pm. If the 5-day week rule is implemented, then banks will be open from 9:45 am to 5:30 pm. Currently, they have to work only 7 hours, later this will be increased by 45 minutes a day. Currently, banks have a holiday on every second Saturday and every Sunday of every month.

If the 5-day week rule starts in banks, it will have an impact on the banking system and the time of bank employees. If five days of work are allowed in a week, the opening and closing times of banks may change. In such a situation, employees may have to work longer hours in lieu of taking more leave. This will provide convenience to customers and employees will get more rest. This can improve the efficiency of employees. This can also improve the banking system.

This arrangement was made earlier –

The rules for bank employees have already been changed. Many bank unions in the country have been demanding holidays on every Saturday and Sunday for almost 10 years. However, earlier in 2015, after discussions with the IBA and RBI, the government had arranged holidays for employees on every second and fourth Saturday of the week (bank holiday news). Changes have been made in the holiday rules earlier too, so this time too, bank employees are hopeful that the government can soon implement new rules (bank holiday rules) in the interest of the employees.

Also Read- 8th Pay Commission Salary Hike: Salary will increase by Rs 19000, Great news for central government employees

There has been a demand for 5-day working in banks for a long time and the Bank Confederation and the employee unions have also supported it. The problem after this is that the government has neither given any official statement in this regard nor has it given the green light to this matter. Bank employees are believing that the government may approve the five-day working update by the end of this year.

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The nomination facility is intended to reduce the hardship of family members on the death of the depositor / depositors and to settle claims quickly. However, according to the central bank’s circular, based on the assessment of the Reserve Bank, it has been found that nominees are not available in a large number of deposit accounts.

It said, “In order to avoid inconvenience and unnecessary hardship to the family members of the deceased depositors, we emphasize the need to obtain the name of nominee for all existing and new customers holding deposit accounts, safe custody articles and safety lockers.”

RBI said that the Customer Service Committee (CSC) of the Board of Directors should review the achievement of enrollment coverage on a fixed period. The progress report in this regard should be given on the Reserve Bank’s Daksh portal on a quarterly basis starting from March 31, 2025.

Further, the frontline staff at the branches may be suitably trained to receive the nominees as well as settle the claims of the deceased constituents in a proper manner and to deal with the nominees/legal heirs, the circular said.

RBI said that the account opening form may be suitably modified (if not done already) to provide for the customer to avail or opt for the designated facility.

Apart from informing the customers directly, the concerned banks and NBFCs have also been asked to publicise the benefits of using the nomination facility through various media, including launching campaigns from time to time to achieve full coverage of all eligible customer accounts.

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What are inactive bank accounts

Dormant bank accounts are those in which there is no transaction for a period of 12-24 months depending on the bank policy. If there is no transaction in the account for this period, then the account is considered inactive.

These bank accounts will be frozen

RBI has asked banks to reduce the number of inactive accounts. They have been asked to provide the number of such bank accounts on a quarterly basis, in which there has been no activity for a long time. RBI has asked the banks to take necessary steps to reduce the number of inactive or frozen accounts ‘immediately’ and also provide information about their number on a quarterly basis.

Expressing concern over the increasing amount of funds lying in such accounts, the RBI said its supervisory inspections have revealed several problems leading to the accounts becoming inactive or ‘frozen’. The RBI’s Department of Supervision recently conducted an analysis, which revealed that the number of inactive accounts/unclaimed deposits in many banks was high in terms of their total deposits as well as in absolute terms.

The notification issued to the heads of all banks said, “Banks are advised to take immediate necessary steps to reduce the number of inactive/unclaimed accounts and to make the process of activating such accounts easy and hassle-free.” It suggested that banks may consider enabling seamless update of KYC (Know Your Customer) through mobile/internet banking, various branches and video customer identification process.

They should take necessary steps to reduce the number of inactive or frozen accounts ‘immediately’ and also provide information about their number on a quarterly basis. Expressing concern over the increasing amount of money lying in such accounts, RBI said that its supervisory inspections have revealed many problems, due to which accounts are becoming inactive or ‘frozen’. RBI’s supervision department recently conducted an analysis, which revealed that the number of inactive accounts / unclaimed deposits in many banks was high in terms of their total deposits as well as in absolute terms.

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In such a situation, people also go to the bank for many of their works, but if you are also planning to go to the bank, then it becomes important for you to know how many days the banks will remain closed in the next month i.e. December? If you do not know this, then many of your works may get stuck. Therefore, you can plan your work according to the holidays of the banks. So let’s know how many days the banks will be closed in the month of December.

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At present, along with elders, children also have bank accounts. Most people in the country have a savings bank account. But some people use more than one account. If you have more than one bank account and you are not able to run them smoothly, it may cause monetary loss to you.

Axert says that if you are a salaried person, it is better for you to have a single savings bank account (one savings bank account benefits) than to have multiple savings accounts. According to tax and investment experts, maintaining a bank account is easy and makes your job easier when you are filing your income tax return, as most of your banking details are available in a single bank account.

If you have a single savings bank account, there are some monetary gains as you only have to pay bank service charges like debit card AMC, SMS service charges, minimum balance etc. Will have to do. If you maintain more than one bank account, let us know what loss they may cause.

There may be a possibility of fraud from more than one account

Let us tell you that having more than one bank savings account means the possibility of inactive account in multiple accounts, in which the possibility of fraud is highest. This happens when a salaried person forgets his old salary account while changing jobs. In such a case the salary account becomes inactive and then the possibility of fraud in these accounts is highest.

Danger for CIBIL rating

Having multiple savings accounts can lead to problems in managing your bank account with proper minimum balance etc. In such a case, even a single mistake can lead to penalty, which can directly impact your CIBIL score.

Problem of paying service charge

Regarding this, every bank customer knows that having a bank account involves various service charges, such as SMS alert service charges, debit card AMC etc. If you have a single bank savings account, you have to pay once, whereas in case of more than one bank account, the service charge increases.

income tax fraud

For your information, let us tell you that there is tax exemption on interest up to Rs 10,000 in bank savings account and hence TDS is deducted. Unless you are getting interest of Rs 10,000 in your bank savings account, your bank will not deduct TDS, but due to the number of bank savings accounts being multiple, it may happen that your bank does not deduct TDS like your single bank account. Not cut.

Rs 10,000 does not earn interest in a financial year, but after adding the entire interest in all your savings accounts, it may cross Rs 10,000, making you liable for TDS deduction. In such a situation, you will have to give this information to the income tax department during ITR filing. Failure to do so will result in income tax fraud.

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KYC Update: If you have more than one bank account and you have linked those bank accounts to the same phone number, then this news is going to be very useful for you. Account holders having the same phone number in more than one bank account may have to go through new changes in the coming days. Actually, Reserve Bank of India (RBI) can bring changes in this system in collaboration with banks. Which will affect the account holders having multi bank accounts.

More than one bank account holders will be affected

Whenever you go to open a bank account, you are made to fill the KYC Form. In that you have to register your mobile number. If you have more than one bank account and have entered the same number in KYC, then you may soon have to face new changes. Actually, RBI is preparing to take strict action regarding the security of bank accounts. RBI, in collaboration with banks, can make changes regarding the security of bank accounts. To keep the security of bank accounts tight, RBI can tighten the KYC rules in collaboration with banks. For this, an extra layer can be imposed for verification of bank account holders.

Extra layer for verification of bank account

According to the report of Economics Times, RBI is preparing to add an extra layer for bank account verification to make the bank account more secure. For this, KYC standards can be made stricter. RBI may take action due to negligence regarding KYC. For this, a committee headed by Finance Secretary TV Somanathan is working to ensure interoperable KYC rules in the financial sector. RBI may add additional layers to the verification layers for identification of bank accounts and account holders. The bank can update KYC in the accounts of those account holders who have more than one bank account linked to one phone number. KYC of bank accounts can be updated for those people who have more than one bank account opened with different documents.

What will be the change

Bank account holders having multiple bank accounts, whose bank accounts are linked to the same number, will be affected. They may have to enter another number in their KYC form. Those who have joint accounts will also have to update their other number in the KYC form.

This means that in the coming days, account holders having more than one account may have to undergo more verification. More documents may be demanded from them for KYC. Let us tell you that recently RBI took action against Paytm Payment Bank due to ignoring KYC rules. RBI does not want any irregularities in the KYC related matters of banks, hence it is in a mood to be more strict.

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EPFO On Paytm Payments Bank: Those EPFO subscribers who claim through Paytm Payments Bank account are going to get a big shock. The Employee Provident Fund Organization (EPFO) has issued a circular to its field offices and has ordered that from February 23, 2024, they should not accept such claims whose bank account is linked with Paytm Payments Bank.

Ban on settling EPF claims in Paytm Payments Bank!

EPFO has issued a circular to all field offices on 8 February 2024. It is written in this circular that the Banking Section had issued an order on 1 November 2023 to settle the payments of EPF claims in the accounts of Paytm Payments Bank and Airtel Payments Bank also. But on January 31, 2024, the Reserve Bank of India has banned credit or deposit transactions in the accounts of Paytm Payments Bank customers from February 29, 2024.

In this circular, EPFO has banned all field offices in such a situation from settling EPF claims in the bank account of Paytm Payments Bank from 23 February 2024. EPFO has also asked field offices to run an awareness campaign in this regard.

Difficulty increased due to strictness of RBI

In fact, on January 31, 2024, RBI took major action against Paytm Payments Bank and banned the addition of new customers. Paytm is accused of committing irregularities regarding banking regulation. After February 29, 2024, no customer will be able to deposit money or do credit transactions in Paytm Wallet nor will be able to top up Paytm Wallet.

The balance amount remaining in the customer’s wallet can be used till it is exhausted. However, in the next one week, RBI will issue FAQs to eliminate the confusion spread among customers regarding this entire matter.

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Keeping more than one bank savings account can lead to monetary loss which people do not pay attention to. If the earning person is a salaried person, it is better to have a single savings bank account than having multiple savings accounts. According to tax and investment experts, maintaining a bank account is easy and when you are filing your income tax return, your work becomes easier as most of your banking details are available in a single bank account.

However, apart from convenience, you will also get some monetary benefits if you have a single savings bank account. Like you can save bank service charges levied on debit card AMC, SMS service charges, minimum balance etc.

These 5 big losses can occur if you keep too many accounts-

Can be a victim of fraud-

Having more than one bank savings account means the account is likely to become inactive, with the highest possibility of fraud. This happens when a salaried person changes job from one organization to another, leaving the salary account there. In such a case, the salary account becomes inactive and as said earlier, such accounts are most prone to fraud.

Threat to CIBIL rating-

Having more than one savings account can make it difficult to maintain the appropriate minimum balance for your bank account. In such a case, even a single mistake resulting in penalty will directly impact your CIBIL rating.

Service charge will increase-

Having a bank account comes with various service charges like SMS alert service charges, debit card AMS, etc. If you have a single bank savings account, you have to pay once, while in case of more than one bank the fee payment is doubled.

Threat to your investment-

It is also necessary to maintain a minimum balance to keep a bank savings account. If you have multiple banks then there is a possibility of a large amount of money getting stuck in your savings bank account.

These days, private banks are asking for a minimum balance of Rs 20,000 and if you have three such bank accounts in three different banks, your Rs 40,000 will be lost in maintaining the minimum balance in the two additional bank savings accounts.

This additional Rs 40,000 can be used for investment purpose and a return of 8 percent can be obtained on it as debt funds attract at least 8 percent in short-term investments. At the same time, in bank savings deposits, interest will be 4 to 5 percent, which is almost half of the amount earned through investment in debt funds.

Income tax fraud-

Bank savings account interest up to Rs 10,000 is tax exempt and hence TDS deducted. So, unless you are getting interest of Rs 10,000 in your bank savings account, your bank will not deduct TDS, but due to the number of bank savings accounts being multiple, it may happen that your bank does not deduct TDS from your single bank account. Due to which TDS has not been deducted.

Rs 10,000 does not earn interest in a financial year, but after adding the entire interest in all your savings accounts, it may cross Rs 10,000, making you liable for TDS deduction. In such a situation, you will have to give this information to the Income Tax Department during ITR filing. Failure to do so will result in income tax fraud, which has happened unknowingly.

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Now there will be no need to go to RBI offices to deposit Rs 2,000 note in your account. Any person can send a note of Rs 2,000 to the issue office of RBI through any post office in the country and deposit it in his account.

Notes will be out of circulation from May 19

The Central Bank has taken this decision in view of the difficulties faced in exchanging notes. On the other hand, more than 97 percent of the Rs 2,000 denomination notes withdrawn from circulation have returned to the banking system. Now only notes worth Rs 10,000 crore are left with the people. RBI had announced the withdrawal of Rs 2,000 denomination notes from circulation on May 19 this year.

Extended deadline

People were given the facility to deposit these notes in banks and exchange them with notes of other denominations. The public and institutions holding such notes were initially asked to exchange them or deposit them in bank accounts by September 30. Later this deadline was extended till October 7.

Both deposit and exchange services in bank branches were closed on October 7. From October 8, individuals have been provided the option to exchange currency at 19 RBI offices or deposit the equivalent amount in their bank accounts.

However, now these notes cannot be deposited in banks but Rs 2,000 notes can be deposited or exchanged in 19 offices of the Reserve Bank. Meanwhile, long queues are being seen during working hours at RBI offices to exchange or deposit Rs 2,000 notes. RBI has also made it clear that Rs 2000 notes will still be considered valid.

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This is an easy option for those who live away from the regional offices of the Reserve Bank. Rohit P., Regional Director, Reserve Bank of India (RBI), said, “We encourage customers to send Rs 2,000 notes to RBI through insured post for direct credit into their accounts in the most convenient and secure manner.” Are. This will save them the hassles of traveling to designated branches and standing in queues.

He said that both TLR and insured post options are highly safe and there should be no fear in the minds of the public regarding these options. Delhi office alone has received around 700 TLR forms so far. He said that RBI is again including these two options in its communication in addition to the exchange facility at its offices. On May 19, RBI had announced the withdrawal of Rs 2,000 denomination bank notes from circulation. People were given the facility to deposit these notes in banks and exchange them with notes of other denominations.

According to RBI, in this way, till May 19, 2023, more than 97 percent of the total notes worth Rs 2,000 in circulation have now been returned. The deadline for exchanging these notes or depositing them in bank accounts was earlier September 30. Later this deadline was extended till October 7. Both deposit and exchange services in bank branches were stopped on October 7.

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These losses also include losses related to bank accounts. In fact, many times people’s bank accounts also get closed. There is an important reason behind this also. Let us know about it…

Bank account may become inactive

Many times, if there is no activity in a bank account for a long time, the bank account may also be closed. In fact, if there is no transaction in a savings account or current account for two years, then the bank account will be considered inactive or dormant account. According to the RBI notification, if there is no transaction in a savings or current bank account for more than two years, then such bank account will be kept under inactive or dormant account and a separate ledger will be used for it. Under this, transactions mean debit and credit.

Will not be able to do this work

At the same time, if an account becomes dormant or inactive then people may have to face a lot of trouble. During this period, people will not be able to log in to their bank account, make any payment, send money to anyone and will not be able to withdraw money from the account.

According to the information, whenever a bank account becomes dormant, all the credit and debit transactions related to that bank account are blocked. During this period, people are not allowed to do UPI, NEFT, RTGS etc. Along with this, transactions done through check book or debit card are also blocked.

This is how to activate again

RBI says that whether a savings account is active or not, interest will definitely be given in those savings bank accounts. These active or dormant accounts can also be reactivated. For this, some documents will have to be submitted to the bank. To restart dormant and inactive accounts, you will have to go to the branch of the bank in which you have your account. After this, you will have to apply there to reopen the bank account.

You will also have to submit self-attested identity certificates. After this, you will have to do any transaction from your bank account, the bank account will become active again.

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However, apart from convenience, there are some monetary benefits that you will get if you have only one savings bank account. Like you can save on bank service charges levied on debit card AMC, SMS service charges, minimum balance etc.

These 5 major disadvantages can be caused by keeping more accounts

Can be a victim of fraud

Having more than one bank savings account means the account is likely to be inoperative, with the highest probability of fraud. This happens when a salaried individual changes job from one organization to another leaving behind the salary account. In such a case, the salary account becomes inoperative and as stated earlier, such accounts are most prone to fraud.

Threat to CIBIL Rating

Having more than one savings account can make it difficult for you to maintain the proper minimum balance in your bank account. In such a case, even a single mistake leading to a penalty will directly impact your CIBIL rating.

Service charge will increase

Having a bank account comes with various service charges like SMS Alert Service Charges, Debit Card AMS, etc. If you have a single bank savings account, you will have to make a one-time payment, while the fee payment doubles in case of multiple banks.

Risk to your investment

It is also necessary to maintain a minimum balance for having a bank savings account. If you have multiple banks then there is a possibility of getting a huge amount stuck in your savings bank account.

These days, private banks are asking for a minimum balance of Rs 20,000 and if you have three such bank accounts in three different banks, maintaining a minimum balance in two additional bank savings accounts will sink your Rs 40,000.

The post Multiple Bank Accounts Holders: New updates to people having Multiple Bank Accounts, see otherwise there will be loss first appeared on Rightsofemployees.com.

However, apart from convenience, there are some monetary benefits that you will get if you have only one savings bank account. Like you can save on bank service charges levied on debit card AMC, SMS service charges, minimum balance etc.

These 5 major disadvantages can be caused by keeping more accounts

Can be a victim of fraud

Having more than one bank savings account means the account is likely to be inoperative, with the highest probability of fraud. This happens when a salaried individual changes job from one organization to another leaving behind the salary account. In such a case, the salary account becomes inoperative and as stated earlier, such accounts are most prone to fraud.

Threat to CIBIL Rating

Having more than one savings account can make it difficult for you to maintain the proper minimum balance in your bank account. In such a case, even a single mistake leading to a penalty will directly impact your CIBIL rating.

Service charge will increase

Having a bank account comes with various service charges like SMS Alert Service Charges, Debit Card AMS, etc. If you have a single bank savings account, you will have to make a one-time payment, while the fee payment doubles in case of multiple banks.

Risk to your investment

It is also necessary to maintain a minimum balance for having a bank savings account. If you have multiple banks then there is a possibility of getting a huge amount stuck in your savings bank account.

These days, private banks are asking for a minimum balance of Rs 20,000 and if you have three such bank accounts in three different banks, maintaining a minimum balance in two additional bank savings accounts will sink your Rs 40,000.

The post Multiple Bank Accounts: New updates to people having Multiple Bank Accounts, see otherwise there will be loss first appeared on Rightsofemployees.com.

In such a situation, many times people open more bank accounts than necessary and do not operate them later. In the event of no transaction in an account for a long time, it is deactivated.

Before deactivating the bank account, it informs the customers through messages or calls. If your account has also been deactivated, then you can get it activated again, but before doing so, know what kind of account has the rule of deactivation.

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Generally, banks put those accounts in the category of inactive, in which no transaction has been done in the last two years. The deactivation period may be different for different banks. If you want to activate your inactive account, then you will have to complete your KYC by visiting the bank.

After completing the KYC process, you can withdraw the money deposited in the account. Along with this, you can also use net net banking, ATM or mobile banking. If you do not need the account then you can also close the account.

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Although there are many people who have more than one bank account. In such a situation, it is very important for people to know that how many bank accounts a person can keep. Let’s know…

Bank account

Actually, banks provide many types of bank accounts. These include savings account, current account, salary account and joint account. Savings account is the main account of the people, in this usually people open an account for savings and this account is the primary bank account for most of the people. Interest is also available in this account.

While banking , current accounts are opened by those people who do business and their transactions are very high. Apart from this, salary accounts are opened by those people, whose salary comes every month. These accounts also have many different benefits and it is not necessary to keep minimum balance in it when regular salary comes. It can also be a temporary account which you can consider closing while changing your job.

Number of bank account

whereas joint account can be a joint account between husband and wife. This account also has its own advantages. On the other hand, there is no limit to the number of bank accounts a person can have in India. People can keep more than one bank account according to their needs.

Net Banking

However, according to financial experts, it is not advisable to open more than three savings accounts because then it can be difficult to manage these accounts. It is also necessary to have a minimum balance in these accounts. On the other hand, if there is no activity in these savings accounts for some time, then the bank account can also be deactivated. In such a situation, the bank account limit should be fixed according to one’s needs, while there is no separate rule from the government to determine the number of bank accounts.

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At the same time, the salary of almost all the employed people also comes in the bank account only. Apart from this, many people also have accounts in the post office. Here you can open your account and get many other benefits besides tax under Section 80C of the Savings Schemes Income Tax Act.

Amidst all this, if you see, then the accounts of people living in rural areas are more visible in the post office. In such a situation, due to lack of information, people also go to the post office to check their balance. But if you want, you can check the balance of your post office savings account sitting at home. So let’s know what is its method.

• For this, first of all you have to download IPPB app from Play Store.
• Then fill Bank Account Number, Customer ID, Date of Birth and Registered Mobile Number
• After this OTP will come on the registered mobile number, enter it and login
• Now check your balance by creating M-PIN.

• To check the balance, first of all, you have to go to the message box and type “register”.
• Then you have to send this message from your registered mobile number to this number 7738062873
• After this your mobile number will be registered for SMS facility

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Let us tell you that UPI is a payment platform, on which many bank accounts can be aggregated on a mobile app. Will be able to order money with transfer, through this you can transfer money from your bank account to another bank account and order it from anywhere. RBI had already announced permission to foreign nationals and NRIs coming to India to use it.

It was said on behalf of RBI that this facility will start with passengers from G-20 countries arriving at select international airports. After this, this facility will be issued at all the entry points in the country. India took over the presidency of the G-20 on December 1, 2022. G-20 is a forum of developed and developing countries of the world.

Which countries are included in this include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, UK, USA and European Union Are. Payments through UPI have increased by 1.3 percent on a monthly basis in January to about Rs 13 lakh crore.

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Most people have 3 to 4 savings accounts, while some people keep accounts in more banks than this. There is no limit to open a bank account in India. Reserve Bank of India is the central bank of India and it sets the rules for all other banks. The Reserve Bank has not fixed any limit on the number of bank accounts. You can open as many bank accounts as you want.

Manage multiple accounts like this

If you want to open your account in multiple banks, then you can manage it easily. For this, you have to keep the transactions going on from your accounts. If you are not active for a long time, the bank can close your account. That’s why you have to keep using all your accounts. However, there are several things you need to keep in mind while opening multiple bank accounts.

Minimum balance has to be maintained At present, it has been made mandatory in almost all the banks to maintain the minimum balance in the savings account except the salary account. This means that you always have to keep a minimum balance in your bank account.

If you do not do this then the charge will be deducted from your bank account. If you do not maintain the minimum account even after deducting the charge, then your bank account goes negative. In such a situation, you will need to be careful about the minimum balance. In this way you can manage bank account.

Banks get benefits from more accounts Banks get a lot of benefits from more accounts. Every bank charges an amount every month for sending messages. You also have to pay a cost for maintaining the bank account. At the same time, an annual fee has to be paid for the debit card of the bank. In such a situation, you should open as many bank accounts as you need.

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RBI has not issued any limit, let us tell you that no limit has been fixed by the Reserve Bank for opening the account. The customer can open 2, 4 or 5 any number of accounts. No limit has been issued by RBI.

There are many problems in keeping multiple accounts. Along with opening a bank account, you have to maintain its minimum balance. Apart from this, you have to manage many other types of facilities.

If you keep more than one account, then you have to pay many charges including its maintenance charge, credit and debit card charges, service charge . So if you keep an account in only one bank, then you will have to pay the charges of only one bank.

Sometimes the penalty has to be paid, the minimum balance in many banks is 5000 and in many banks it is 10,000. If you keep the balance less than this, then you have to pay penalty, which directly affects your CIBIL score.

You have to fill the form RBI has told that you should close your unnecessary accounts, so that you do not have to face such trouble. Let us tell you that to close the account, you have to fill a D-Link form. You get the account closure form from the branch of the bank, after filling it and submitting your account gets closed.

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