“Today it is evident that everyone maintains at least one bank account. Most people have more than one such account from attending to different needs-as to avail different government schemes or for financial purposes. Recently, however, rumors have come that in case of more than one bank account by any person, heavy fines would be imposed. The news has become very viral on social networks and it has left many account holders in fear. Let us know the truth in this regard.
Clarified By PIB
PIB (Press Information Bureau) then reacted to the viral news and called it entirely wrong and misleading. In clear terms, PIB stated that no such news has been issued by the government or Reserve Bank of India. If you hold more than one bank account, there is no order to impose any kind of penalty on such an account. Rumor without any truth-hence no need to frighten.
The Facts Are
A person here in India be permitted to open many bank accounts. Complete legal, which is not indeed subject to any kind of restriction. At the same time, however, one person’s bank can be at one kind of account (like savings account). If you find the need to open accounts with different banks, you can easily do that. This is a normal procedure, and banks will allow it.
No Cap On A Savings Account
In a savings account, you can deposit money without limit which means you can deposit as much as you want into the account. But if the amount exceeds that, the in come must be explained for tax purposes. Such amount would be if it is more than Rs 10 lakhs for a financial year, you will be subjected for questioning to the Income Tax Department. It will inquire from where such huge amount has come and if you are paying tax for it.”
So many times, confusion is spread among the people due to these social medias and viral news. This time, the similar rumor was coming out that penalty will be charged at having more than one bank account, which is completely false. Bank account holders should avoid such rumors and get the correct information. Effectively, having more than one account is not a problem, it is just necessary to comply with tax rules.
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