Many people in India have more than one bank account. The news that having multiple bank accounts could lead to a fine might worry people, especially those working in private companies. This is because most employees in private companies have more than one bank account.
When you switch jobs, the new company often opens a salary account for you with its partner bank. As a result, some people end up with accounts in two, four, or even five different banks. Now, let’s explore the truth behind this claim.
Understanding the Claim
A post is going viral on social media claiming that if you have more than one bank account, you may be fined. The post refers to former RBI Governor Shaktikanta Das and suggests that the RBI has issued new guidelines stating that individuals with two bank accounts will face heavy fines. Let’s explore the truth behind this claim.
The Truth Behind the Claim
The Press Information Bureau (PIB) conducted a fact check on this claim and debunked it on Sunday. According to PIB, certain articles are spreading the misconception that having two bank accounts will result in a fine. However, the RBI has not issued any such guidelines. This claim is entirely false. PIB advised the public to avoid believing such rumours and misleading news.
How many bank accounts can a person have
The number of bank accounts a person can have in India is not fixed. That is, there is no limit on how many bank accounts a person can open in India. You can open as many bank accounts as you want and need. RBI has not set any limit for this. However, the more bank accounts you open, the more you have to care for them all. That is, you have to keep a fixed amount in them. If you do not do this, it can affect your CIBIL score.