Archive for January 13, 2008

Banking on accounts

Publication: Business Standard, Mumbai;  Section Savings Date: January 13, 2008                  

We often end up having a lot of dormant bank accounts. It’s time we cleaned up our act.
Rajesh Sharma, 45, management professional, has shifted several jobs over the years. No wonder, he has more than five bank accounts because each time he changed jobs, the employer opened a new account for him with their bank. When his wife asks about the balance in the various accounts, he has to rummage through the entire pile of papers in his desk to come up with a reply. The worse part is that he actually has negative balances in some of them because he has not maintained the minimum balance in these accounts. He desperate wants to close some of them, but does not have the time or patience to go to a branch and wait there. Surely, a very common story for many professionals.
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