Close Unused Bank Accounts: Avoid 4 Problems & Cyber Fraud

• It's advisable to close unused bank accounts to prevent financial loss and fraud.
• Inactive accounts can incur penalties for not maintaining a minimum balance, as zero-balance accounts may convert to regular savings.
• Banks charge annual debit card and SMS fees, which apply even to unused accounts.
• All bank accounts must be declared for ITR, requiring statements even for inactive ones, causing unnecessary hassle.
• Dormant accounts are vulnerable to cyber fraud, potentially leading to illegal transactions and legal issues for the owner.

Why It Matters: Closing unused bank accounts protects you from fraud, fees, and financial loss.