Need Help

POSTED BY Aaysha Yusuf ON November 11, 2012 12:29 am COMMENTS (5)

Hi Manish,
Firstly thanks for your help in my credit card issues. I have another question past few years I’ve been changing my job and wherever I go company opens a new account in different banks now the situation is that I have an account in every major private bank such as ICICI and HDFC, SBI Dhanlaxmi etc. My question is :
1. I know that if the salary is not transferred more than 3 months the bank automatically changes the account from salaried to normal savings account and a normal savings account has a minimum balance maintenance policy if not then they charge a penalty or fee etc. If I keep these account and not bother closing them will the bank call me for money like in credit cards?
2. Will my cibil score effect because of these nil balance accounts in various banks?  
Please advise..

5 replies on this article “Need Help”

  1. Dear Ayesha, if you are not making any activity in some of your accounts, it ‘ll become dormant for no-activity after 6 months. Once it’s a dormant & in future you need to pay some cheque etc. from the same account, you can not do so & that cheque ‘ll bounce even if the required amount is lying there. Please take note of this & accordingly close the accounts which are not in use.



  2. CreditReport Guru says:

    Aayasha –

    1) Checking/Savings account details are not reported to 3 credit bureaus (Experian, CIBIL and Equifax). Since they don’t have the data, they can’t use them in their scores.

    2) Don’t maintain more than 2 checking/savings accounts as it creates problems in maintaining balances and accounting for your money in the long run. Choose the 2 banks that have branch close to your place and close the other ones.

    Banks in this country are most interested in your money than you. So please take care of yourself.

    C G

  3. 1. You need to inform the bank for converting the salary account to normal saving . If there is a regular flow of money in bank account, then mostly banks dont bother . But if there is no activity then they will see if the salary account has to be converted or not . This happened with my ICICI salary account, it was still a salary account for 1-2 yrs .

    2. NO , only loans and credit cards will affect CIBIL score, atleast as of now !

    1. Aaysha Yusuf says:

      Dear Manish ,

      Thanks for the reply do you suggest shall close the extra accounts or just leave it like that.

      1. You can leave them if there is no yearly fees ! , else close it if you dont want them anywyas

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