Save your money by closing your Bank Account

No, its not due to the current scenario that you are likely to lose your money saved in bank accounts. It is because you haven’t used a bank account for years now that may become lead you to loose your savings in that account. A salary account that is created with a zero balance clause initially also changes when one stops getting any credits in the account for 3 consecutive months.

A monthly average balance has to be kept in bank accounts, ranging from Rs 500 to Rs 10,000.

Many times many people have to open more than one bank account for want of salary account or other reasons. Some of these accounts lose their usage over time, but we still do not close them, due to which you have to incur various losses. We are telling you about the reasons that will help you understand why you should close your unused bank accounts.

Minimum balance has to be kept

A monthly average balance has to be kept in bank accounts, ranging from Rs 500 to Rs 10,000. If you do not keep the monthly average balance, the bank can deduct money from your account according to its policy. Banks charge up to Rs 150.

Close account after leaving the job

Your salary account with zero balance is also converted into a savings account if you do not have salary for 3 consecutive months. Just like any other savings account you are required to maintain a monthly average balance just like a common savings account.

A fee has to be paid for a debit card

There is no separate charge for opening an account with a bank, but many banks charge a specific amount as the fee on their debit cards. The  fee ranges from Rs 100 to Rs 1000 annually. It is automatically deducted in your account. If you are not using your account, you will still have to pay debit card fees.

Banks also charge for sending SMS

The updates from the bank that you receive are also charged by the bank. Sending SMS is charged for approximately Rs. 30 per quarter. Apart from this, while you are availing the facility of calling up the bank to know the balance, you are mindfully charged for this too.

Charges for non-maintenance of minimum balance in a savings account

The charge ranges from Rs 5 plus GST to Rs 15 plus GST for non-maintenance of minimum monthly average balance for savings account at different locations of rural, semi-urban, urban and metro cities in SBI.

The charge vary between Rs 50 plus GST per quarter to Rs 250 plus GST per quarter for non-maintenance of minimum balance maintained in savings account at different locations in rural, semi-urban, urban and metro city of Punjab National Bank.

To avoid these charges that do not have any significance, it is important that you close the account, or continue furnishing a minimum balance on it.

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