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Dormant Account: You can also withdraw money from a closed bank account, know its rules and procedures

Dormant Account: Your money can also be withdrawn from a closed bank account.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.

new Delhi. If the bank account is not operated for a long time, then it becomes a Dormant Account, that is, that account is deactivated. If this has happened to you too, then there is nothing to worry about. You can also withdraw your money from this closed bank account. For this, you have to complete the process with some ease. Unclaimed money is constantly increasing in such accounts with banks. Unclaimed amount of banks can be deposited in savings account, current account, FD, RD etc.

Also Read: Public Provident Fund : Under this scheme, every month, with the investment of only 500 rupees, after 15 years, 1 lakh 60 thousand rupees can be known here.

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 website

All 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.

Banking experts, that due to Coronavirus Pandemic and Lockdown, banks have given customers many Has started providing such facilities. 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, in view of the increasing case of cybercrime at the moment, many banks can even remotely refuse to update KYC.

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.


Parvesh Maurya
Parvesh Maurya
Parvesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @ informalnewz@gmail.com
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