News From Press Things to do before closing a savings account

Things to do before closing a savings account

Source: Mint Aug 19, 2022

It is easy to pile up multiple bank accounts, necessitated when you change jobs, chase higher interest on deposits in different banks, or even set up joint accounts. However, maintaining all these accounts can get cumbersome. The World Bank, in its latest Global Findex report, stated that one-third of Indian bank account holders had an inactive account in 2021. About half of the respondents with an inactive account cited no need for this account as one of the primary reasons for not using it.

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