It is better to cancel bank accounts that are inactive, say experts
Posted on: 27/May/2014 5:01:28 PM
Those holding more than two bank accounts are recommended to cancel their inactive account, say experts.
Reserve bank:
The reserve bank of India has banned the banks from charging penalty from its customers when they fail to maintain minimum balance. However, this has turned in a negative way that most people start opening new accounts with various banks and fail to maintain the minimum balance.
Speaking to one of the officials, he says owing to varied reasons like change of job, people start using multiple bank accounts out of which few are left inactive. It would be difficult for anyone to maintain multiple accounts in banks. Additionally, a chance of fraudulence becomes higher when there is more number of inactive accounts. He also added that customers need to submit the respective details in case of change of address. If they fail to do so, chances are that those correspondences sent to the old address may be misused by someone who receives it.
