Bank Account: The Reserve Bank of India (RBI) is implementing new rules from January 1, 2025. This can affect crores of bank accounts in the country. If you also want to avoid losing the facilities related to your bank account
Bank Account: The Reserve Bank of India (RBI) is implementing new rules from January 1, 2025. Its effect can affect crores of bank accounts in the country. If you also want to avoid losing the facilities related to your bank account, then understand these changes and work on time. Otherwise, the new year can bring new problems.
RBI’s objective
RBI has taken this decision to make banking transactions more safe, transparent and effective. The purpose of these new rules is to prevent fraud, promote digitalization and improve the banking system. This step has been taken especially in view of the potential risks and cyber crimes in inactive accounts.
Which accounts will be closed?
Under the new guidelines of RBI, three types of bank accounts will be closed.
Dormant Account
Dormant accounts are those in which there has been no transaction for two years or more. These accounts are the target of cyber criminals. By closing such accounts, RBI wants to ensure the safety of customers and the banking system.
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Inactive accounts
Accounts that have been inactive for the last 12 months or more will also be closed. This decision has been taken to keep these accounts safe and protect them from fraud. If your account falls in the category of inactive, then it is mandatory to take action to activate it.
Zero Balance Accounts
Accounts that maintain zero balance for a long time will also be closed. This step has been taken to prevent account misuse, reduce financial risks and enable customers to maintain an active relationship with the bank.
Ways to prevent your account from being closed
Update KYC: If your account is inactive, complete the KYC process immediately. For this, go to the bank branch or update the information online.
Maintain minimum balance amount: Make sure that there is a minimum balance in your bank account.
Keep transactions active: Transact regularly to keep the account active.
Adopt digital banking: Using digital banking services is not only convenient but is also a part of RBI’s digitalization efforts. Check your bank account status and take necessary action. RBI’s new guidelines are to make the banking system more secure and modern and customer vigilance will play an important role in this. It will also play an important role in avoiding troubles in the new year.
