Most banks have a minimum balance limit. So, if you have six accounts, you would have to maintain a balance in each of them.

If you don't, you will have to pay a penalty - Rs 750 in most cases. And, you will have to pay that every quarter. So, in a year, you would end up paying Rs 3,000—that, too, for only one account.

If you have more, do your own math to calculate the total losses. If you maintain the balance, you will earn only 3.5 per cent against the 8 per cent that you could earn from a Public Provident Fund, or more through other saving instruments.

That's not all. A few banks levy added transaction charges in case of non-maintenance of minimum balance. Moreover, if you do maintain the minimum balance somehow, but are not using the account, you will pay again because some banks charge an inoperative account fee.

By now, if you are convinced about closing those accounts you don't use or need, be prepared to pay account closing charges.

However, it is better to pay up this one-time charge to avoid future losses. This charge is only for accounts that are six months to a year old.

Also read: How to make tax gains on stock market losses

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