Have you not used the bank account in a long time? Will rush to the bank after learning of the loss
It’s profitable to close a dead account or a bank account that hasn’t been used in a while.
A dead elephant is worth 1.25 lakhs while a live one is worth lakhs. The meaning of this proverb, which I have heard since childhood, is that one can only truly appreciate something’s worth or significance when it is far away and when it has already passed. This item sort of fits on the blank bank account. Dead accounts are another name for these accounts. For various reasons, many people stop managing their bank accounts. Hence, they cease depositing and withdrawing funds from them. Don’t risk turning them off. Considering the value of an empty account.
Technical Dost will explain today why closing dead accounts is important and what might occur if it is not done.
Why are there so many bank accounts?
There are three possible explanations for this. First, because you’ve worked for several organizations, you’ve amassed a large number of salary/savings accounts. Second, the offers are widely disseminated via the Internet and social media. Like a debit card with a certain amount of interest and deposit points on a certain account. Third, if your friend, friend, friend, friend, or cousin works in a bank, you should be aware of their pressure. Aside from that, if there is anything else, please let us know. Until then, consider the drawbacks of a dormant account.
- Most bank accounts require a minimum balance to be maintained. It can range from one thousand rupees to twenty-five thousand rupees. If there is a dormant account, your money will be idle. If you do not maintain the minimum balance or the ‘Average Quarterly Balance,’ the bank will charge you a fine. On one side, there is a well, and on the other, there is a ditch. What’s the issue, brother?
- Many banks charge annual fees on accounts. It’s there, despite the fact that it’s only a few hundred rupees. In addition, there is an annual fee for the debit card. Even if you forget your ATM PIN, the fee meter continues to run.
- If an account is no longer active, the ATM will be closed after one year. Internet and phone banking will also be unavailable. It indicates that an extra entry will remain in your life that has no relevance. If there is money in there, it will not be released even if you visit the branch.
- Laziness, carelessness, or what to do is a bank account alone; if you haven’t utilized the account in years due to any of these reasons, it will become a dormitory in banking jargon. Simply put, it is inactive. However, the previously mentioned penalty will remain in effect.
- Your account is no longer active, but cyber criminals and thugs are not. They can make use of this. It can be utilized to conduct any illicit transaction. Yes, you will face legal consequences.
As a result, if the account is no longer needed, it is best to close it completely. When you arrive at the branch, you will complete this task. There is an additional benefit that has gone unnoticed. It helps the government and economists collect accurate data.