......They also claim to have the backing of their financial advisors. However, most advisors say that with a little bit of planning, most people can avoid any problem they may face due to these restrictions, and multiple bank accounts actually do more harm to one's finances than any good. They also add that most individuals have a sizeable amount lying idle in dormant savings bank accounts -mostly salary accounts -they have opened at different points of their adult life. “I think this is a knee-jerk reaction. The Reserve Bank of India (RBI) has given the freedom to banks to decide on the number of transactions for their customers on their own ATMs.So far, no bank has announced whether it is going to limit transactions or levy a penalty for exceeding the limit. It is better to wait for a clear picture,“ .......
Read - ET
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