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Bank Account: A bank account which is not being used for a long time can not only cause financial loss but sometimes also becomes a reason for fraud. Unused accounts are often the target of cyber fraudsters.
New Delhi. Today, more and more financial transactions are taking place through banks. Be it receiving salary, paying electricity and water bills or online shopping, a bank account has become necessary for every work. Opening a bank account has now become very easy. This is the reason why now almost every person has a bank account. Many people have more than one bank account. It also happens that a person stops using an account completely but does not formally close it. Most people don’t even feel the need for it. They feel that if the account is not in use then there is no point in keeping it open. Whereas the reality is completely opposite.
A bank account which is not being used for a long time can not only cause financial loss but sometimes also becomes a reason for fraud. Unused accounts are often the target of cyber fraudsters. Therefore, it would be wise to close those bank accounts which you are not using regularly as soon as possible. This step will not only save you from unnecessary expenses but will also keep your money and identity safe. There are four major disadvantages of not closing the unused bank account.
Minimum balance issue
The biggest problem is regarding minimum balance. It is necessary to maintain monthly average balance in most bank accounts. This amount can range from Rs 500 to Rs 20,000 depending on the bank. Many people believe that there are no conditions in a zero balance account, but the truth is that if there is no transaction or money is deposited in such an account for three months, then it can be converted into a normal savings account. In such a situation, if the minimum balance is not maintained then the bank deducts penalty as per its rules. In this way, your money keeps getting deducted gradually without any mistake.
Fees are imposed without any reason
Banks levy debit card and SMS charges. Debit card fees can range from Rs 100 to Rs 1000 annually. Similarly, different banks also charge SMS charges. Even if you are not using your account, you will have to pay this fee. Therefore, it is better to get rid of these charges by closing the unused account.
Problem while filling ITR
Such unnecessary accounts also become a cause of trouble while filing income tax returns. People who pay tax have to provide information about all their bank accounts while filing ITR. For this, statements have to be obtained from banks. Even if you are not using any account, you will have to take its statement from the bank. This is an unnecessary hassle, which can be avoided by closing such accounts.
fear of cyber fraud
The most serious threat is that of fraud. Bank accounts lying dormant for a long time become easy targets for cyber criminals. In many cases, it has been seen that such old accounts were used for illegal transactions, whose original owner was not even checking them for months or years. In such a situation, a person can also get into legal trouble.
