Do you have more than one savings account? Know what are its advantages and disadvantages

In today’s time it is difficult to run without a savings account. Now most of the people in the country have opened a savings account in one or the other bank. Not only this, most people have more than one savings bank account.

In today’s time it is difficult to run without a savings account.

In today’s time without a savings account ,Savings Account, It is difficult to go to work. Now most of the people in the country have some or the other bank. (Bank) I have also opened a savings account. Not only this, most people have more than one savings bank account. If you are in the private sector (Private Sector) salaried employees in (Salaried Employees) And if you have changed many jobs, then surely you will have many savings bank accounts. Now the question is what do we get from having more savings bank accounts. And can we do any harm from them? Let us know the answer to your every question in 9 points.

1. Do not deactivate account

The major disadvantage of having multiple savings bank accounts is that we are unable to maintain them. It is necessary to maintain a minimum balance in the savings account. When we do not maintain minimum balance in the account nor do any transaction with that account, then it becomes inactive. This happens to most of the salaried people. Whenever they join a new company, a new bank account is opened there and the account becomes inactive due to non-transaction of the old account.

2. CIBIL score is bad

When you are unable to maintain the account, the bank levies a penalty on it. When we do not pay the penalty continuously, it keeps on increasing. Due to this the CIBIL score of the account holder gets spoiled.

3. Load of Service Charges

Many service charges come with the bank account. Like- SMS alert charge, debit card charge etc. If you have more than one savings account, you will have to pay these charges on each account.

4. Your Investment Will Be Affected

At this time many private banks ask to keep a minimum balance of up to Rs 20,000. If you have four such savings accounts, your Rs 80,000 will get blocked in maintaining the minimum balance. This will affect your investment.

5. Income Tax Fraud

There is tax exemption on interest up to Rs 10,000 in a bank savings account. TDS is deducted after this limit. So, as long as you are getting interest up to Rs 10,000 in your savings bank account, your bank will not deduct TDS. In this way, more savings accounts can also become a reason for income tax fraud.

6. Loss of Interest

Keeping money in multiple savings accounts can lead to loss of interest. Many banks offer higher interest rate on higher amount in savings account. If you keep all your money in the savings account of such a bank, then you will get a lot of interest.

7. Trouble in filing ITR

While filing ITR, you have to give details of all your bank accounts. If you have many bank savings accounts, then you will have to work hard to collect their bank statements. At the same time, if you have not given any account information, then you may also get a notice from the Income Tax Department.

8. Invest for your goals

If you want to save for home, car, marriage and higher education etc., which is safe, then one way is that you can collect money for these goals in different savings accounts.

9. Liquidity

A big advantage of a savings account is that you can withdraw money from it anytime. It maintains your liquidity. You can withdraw money from your bank ATM anytime. This is the advantage of having more savings accounts.

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