If you have three savings accounts, then all you have to do is keep the minimum balance
If you work in the private sector, obviously you will have more than one savings account. People generally consider it a bargain deal in terms of meeting the needs of many types, but in real terms it is quite harmful. Through this news we will explain to you how much loss can you keep on saving more than one savings account.
All three savings accounts should be kept in minimum balance:
Suppose you have three savings accounts, then you have to keep the minimum balance in everyone. Maintaining Minimum Balance in every account of today’s inflation is a cumbersome task. If you do not maintain the minimum balance in your account, the bank may charge you a penalty against it.
Due to maintenance fees:
Banks usually charge annual maintenance, fees and service charges on the account from the customers. If you have three savings accounts, they will increase your expenditure in BEFUL because you can use these money in any other way. It is obvious that if you have a savings account in three banks, you will also have their debit and credit card. The bank also charges some fees from you. It is also a difficult task to remember all these passwords. If you forget the password you can get trapped in difficult situations.
There is also trouble in ITR:
In the event of this happening, you have to give information about each of your accounts during return filing. In the paperwork from the Multiply Savings Account, which is in the Middle East, because it is not easy to collect all these details. Due to not disclosing the information of any one account, you can also get into trouble and the Income Tax Department can also send you a notice for this.
So try that you have at least a savings account with you so that you can avoid such unnecessary problems.
By:- Surbhi Mittal