If there are more than 1 bank account then be careful!

Whether it is a job-oriented person or a small businessman, almost everyone now has more than 1 bank account. Sometimes people have business accounts and some people keep two or two accounts due to the privacy of the salary account. But some people keep two or two accounts for no reason. People open several accounts but can not afford it. Here are the advantages or disadvantages of this, we will tell you here.

Your big amount gets lost in the bank

Having more than 2 accounts in banks can lead to a big loss, which you probably do not know about. As you all know, nowadays all the banks have fixed an amount to keep minimum balance maintenance in accounts. That is, having a lot of accounts, your large amount is stuck in the banks. On that amount, you get an annual return of only 5 to 6 percent.

Money in Savings Schemes

It is better to duplicate your money in more than 1 account that you can put these money in other savings schemes like post office, stock market, mutual fund, government bond or FD. This can increase your returns yearly. In fact, the stock market and mutual funds can give you many times more returns than savings accounts on your money. There may be better income in other savings plans.

These can be several losses

In most savings accounts, there is a provision for keeping the minimum balance from the bank. If you do not do this, the bank charges you a penalty. Your account may also be stopped. The minimum balance in many banks is maximum Rs. 10,000.
Having several bank accounts, you have to give annual maintenance fees and charges to each account. For the credit and debit card and other banking facilities, customers charge extra. Here too you have to suffer a lot, which is not known.
Another major disadvantage of placing too many bank accounts is that it is difficult to recover the debit card or account password.

Problems in filing eReRtons

Having more than one bank account can face many problems while filling tax. Work harder to do paperwork. Also, when filing income tax, it is very difficult to keep information related to all bank accounts and to collect records of their statements.

Benefits of Having Multiple Accounts

Since the bank has fixed only 5 transactions from ATMs and 3 transaction limit from the other bank's ATM, there is a lot of free transaction facility than having a multiple account. If there are two accounts in the bank, you can make free transactions 10 times from the ATM. If a network of one bank fails, then you can use another bank's ATM or online banking.
If a bank is offering low interest, then you can take more money by transferring your money to another bank. The other bank can take advantage of more interest.

Apart from this, if you have more than one bank account, you can avail of a great scheme. Including Personal Accident Cover etc. on the annual premium..

Checkbook number increases when there are too many accounts. Simultaneously, banks offer credit card to their account holder. You have the option to select more than one credit card.

Make your accounts like this

If you have more than 2 bank accounts, then turn off the ones you are not using. Prepare an entry system to manage many bank accounts correctly. With this you write the information related to all accounts and keep them safe. Make a category of the account you use to work for. Do not mix all the accounts together. If you do not need multiple accounts, avoid opening them.