If a bank account is not transacted continuously for 10 years, it becomes inactive.
Dormant Account: Your money can also be withdrawn from a closed bank account. Facility to activate dormant bank account again. Banks follow the rules set by RBI for this.
- January 11, 2021, 9:14 AM IST
Unclaimed amount in banks continuously increasing
According to the Reserve Bank of India, if a customer does not do any transaction in his bank account for 10 consecutive years, then the amount deposited in that account becomes unclaimed. Such amount is increasing every year with the banks. By the end of FY 2019, the total such amount in banks has been around Rs 18,380 crore. Whereas, in its last financial year, this amount was Rs 14,307 crore.
Information will be found on the bank’s websiteAll such money is transferred every month to the Depository Education and Awareness Fund of RBI. According to the rules, every bank has to give details of the unclaimed amount on its website. Information about your inactive account can be collected by visiting the bank’s website. For this, you can search with the help of date of birth, name, PAN number, passport number, PIN code and telephone number etc.
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Banking experts say that due to Coronavirus Pandemic and Lockdown, banks have started providing many facilities to customers. Banks have taken this step so that in such a difficult situation people continue to get banking services smoothly. Banks are now giving customers a chance to revive inactive accounts. Nazidiki Bank Branch can be contacted for this.
What is the process?
The process is very simple for this. All you have to do is send a mail to the concerned bank branch. In this mail you will request the bank that your inactive bank account be reactivated. For this, you have to send proof of your identity card, address etc. The bank will reactivate your account within a few days of sending your application. However, at the moment in view of the increasing case of cybercrime, many banks can even remotely refuse to update KYC.
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In such a situation, the banks want the account holders to go to the bank branch and activate their inactive account. Senior citizens will have to go to their own branch. Doorstep service is also available. In Dorstep service, the relevant officials update the KYC at the client’s home. Even if an account holder lives in another city, he can go to the nearest branch in his current locality and update KYC.