Is There a Fine for Having Two Bank Accounts? The Truth Behind RBI's Announcement
Recently, a post has gone viral on social media claiming that if you have more than one bank account, you could be fined.
In India, many people hold more than one bank account. So, hearing that you might be fined for having multiple accounts could cause concern, especially for those working in private companies. This is because most people working in private firms tend to have multiple bank accounts.
This typically happens when a person switches companies, and the new company opens a salary account with their partnered bank. Over time, some individuals end up with accounts in two, four, or even five different banks. So, let’s look at the truth behind this claim.
What is the Claim?
A recent viral post claims that if you have more than one bank account, you could be fined. The post mentions former RBI Governor Shaktikanta Das, stating that the RBI has issued a new guideline which imposes a heavy fine on individuals who have two bank accounts. Now, let’s verify the truth of this claim.
What’s the Truth?
The Press Information Bureau (PIB) has conducted a fact check on this claim. On Sunday, PIB declared the claim to be fake. They clarified that some articles are spreading the misconception that having two bank accounts will result in a fine. However, the RBI has not issued any such guideline. Therefore, this claim is entirely false. PIB advised people to avoid such rumors and news.
How Many Bank Accounts Can a Person Have?
In India, there is no fixed limit on the number of bank accounts a person can hold. In other words, there is no restriction on how many bank accounts one can open in India. You are free to open as many bank accounts as you want, depending on your needs and preferences. The RBI has not set any limits for this. However, it is important to manage your accounts properly. This means you need to maintain a certain balance in each account. Failing to do so could impact your credit score (CIBIL score).
