Old Bank Accounts: Silent Charges, Fraud Risk. Close Now!

• Inactive bank accounts can lead to financial loss, cyber fraud, and legal issues.
• Banks impose minimum balance penalties (e.g., ₹500-₹15,000 MAB) on inactive accounts, potentially converting zero-balance accounts.
• Unnecessary annual fees, such as for debit cards and SMS alerts, continue to be deducted from inactive accounts.
• Inactive accounts complicate ITR filing, requiring extra effort to retrieve statements.
• Dormant accounts (inactive for 2+ years) are vulnerable to cyber fraud and identity theft, negatively impacting credit scores.

Why It Matters: Inactive bank accounts can lead to financial penalties, fraud, and credit score damage.