In today's time, having more than one bank account is very common. Sometimes a new salary account is opened when we change jobs, and sometimes we open another account after seeing a good offer from a bank. On the surface, it looks good that you have many options, but have you ever thought about how much these 'options' are actually weighing on your pocket?

If you also have many bank accounts and you are not using all of them actively, then you are unknowingly suffering many types of losses. This is not just a loss of money, but also a mental hassle. Let's know the 6 big losses that you have to bear from having multiple bank accounts.

1. The 'blow' of minimum balance

This is the biggest and most direct loss. Even your zero-balance salary account, if salary is not credited in it for 3 consecutive months after leaving the job, then it turns into a normal savings account. In most normal savings accounts, you have to maintain a 'Minimum Average Balance'. If you do not maintain this balance, the bank charges you a penalty every month or quarter, which is directly deducted from your account.

2. 'Silent charges' like debit card and SMS

Every bank account comes with some annual charges, which we often do not pay attention to.

Debit card fee: Most banks charge Rs 150 to Rs 500 or even more annually for their debit cards. If you have 4 bank accounts, then you are paying Rs 600 to 2000 in a year only as debit card fees.

SMS alert charge: Banks also deduct a charge of Rs 15-25 every quarter for the SMS sent on your transactions.

3. Risk of the account becoming 'dormant'
This can become a big problem. According to RBI rules, if you do not make any transactions from any of your bank accounts for 24 months (2 years) continuously, then the bank considers it 'dormant'. Once the account becomes dormant, you can neither withdraw nor deposit money from it, nor can you do any online transactions. To get it activated again, you have to go to the bank branch with KYC documents, which is a long and hassle-filled task.

4. 'Blockage' of thousands of rupees without reason

Suppose you have accounts in 4 different banks, and the minimum balance condition in all of them is Rs 10,000. This means that you have blocked your Rs 40,000 just to maintain the minimum balance. This money is not earning you any special interest (2.7-4% on a savings account). It is better to close your 3 unused accounts and invest those 30,000 rupees in an FD or mutual fund, where they will earn you much better returns.

5. 'Mahajab' of passwords and PINs

Nowadays, every account is linked with net banking, mobile app, debit card PIN, and UPI PIN. The more accounts, the more user IDs, passwords, and PINs. Remembering all these is a big headache. If you make the password the same for everyone for ease, then you are taking a huge security risk. If one account gets hacked, all your accounts will be in danger.

6. 'Headache' while filing Income Tax (ITR)

This is a problem that has to be faced every year. While filing Income Tax Return (ITR), it is mandatory to provide the details of all your bank accounts (bank name, account number, IFSC code). If you have multiple accounts, then you have to collect the annual interest statements of all of them. Many times, people forget to provide details of their old, less used accounts, due to which they may also receive a notice from the Income Tax Department.

Disclaimer: This content has been sourced and edited from Zee Business. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.