Reactivate your bank account: People often close their old bank accounts when they change jobs or move cities. Or, sometimes, their bank accounts are closed after losing their jobs. If a bank account is not used for a long period, it is closed. For your information, if a bank account remains unused for two consecutive years, it is declared inoperative or dormant under Reserve Bank of India (RBI) directives.
Sometimes, some funds remain in accounts, and if there are no transactions for years, the account is declared inactive. If the balance in the account is not withdrawn for a long period, it becomes an unclaimed deposit.
How to reactivate bank account?
If your bank account has been closed for some reason, you can reactivate it. The RBI has strict rules that no fees or charges can be levied on customers for reactivating deactivated accounts. You can reactivate your closed account by visiting your bank branch. You can then obtain an account reactivation form from bank officials and fill in the required information.
Now, you’ll need to submit photocopies of your Aadhaar card, PAN card, or Voter ID card, along with your passport or driving license, as proof of your identity and address. Many major banks also offer this facility to customers through Video KYC. Once your account is activated, you’ll need to deposit a small amount into it.
UDGAM portal can also be used
If you want to reactivate your closed bank account, you can also use the UDGAM portal. To find out which bank your old money is deposited in, you can create an account and register on the RBI’s official UDGAM portal. Enter your name, registered mobile number, and PAN card details. Once the unclaimed money appears in your name on UDGAM, visit the relevant bank branch and present your valid documents to claim the full amount, including applicable interest on the principal amount.
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