Saving accounts: Have you people ever wondered that how many savings or bank accounts you should have? In every employee's life this account is the most basic and important factor for their financial purpose. Job holder's won't stay in one company,as they move across their career through different company's they might have end up with multiple salary accounts with different banks according to the companies. However they we end up with only one account, where your salary is credited every month. Then the previous company ones will become an ordinary savings account. Managing so many accounts is terrific. Here is a small article about this savings accounts.
How many savings accounts you really need?
The first thing is for every employee savings account is the most basic and important factor for their financial purpose. In the process of changing from one office to another office every employee's will face this account problem. One person can't maintain different saving account it will be hectic. There could be loans that a person has for which EMIs debited every month or monthly regular investments in mutual funds all these sort of things need to be linked to your active and permanent account. So when you move on to a new job, your permanent account will always be active, so all your loans and investments will remain in effect.
Use this permanent account for all repayments and debits you might have to make. Obviously, you need to replenish(fill up) this account from your salary account every month. The hard way when an income tax refund check came to me a year from the tax department then, I noticed that the account number mentioned On the check was that of a temporary wage account that was already closed. Another important point to keep in mind is that your permanent account possibly be equipped with net banking and also mobile banking along with the plethora (large amount) of banking features so that it may provides maximum flexibility for you. It is important that you do not change the permanent bank account from time to time it will call the bouncing cheques and the non-compliance of the EMIs.
what will happen if you don't close your previous account?
The main disadvantage in maintaining many accounts is at some point of time after you stop using it as your salary account they lose their privileged status and a minimum balance is required either monthly or quarterly to keep them active.
ICICI Bank maintainance charges: Regular Savings Account charges,for non maintenance of minimum quarterly average balance is Rs 750/- per quarter and minimum quarterly average balance for Metro and Urban is Rs.10,000 and for Semi-urban and Rural is Rs.5,000. So when your privileged salary account gets converted into a normal account and you forget to keep the minimum balance, you are charged this amount.This is the main disadvantage for non maintenance not only in ICICI this policy is for all different banks.