Dormant Bank Account: In today’s time, there are many people who have more than one bank account, in such a situation, there are no transactions in many accounts for a long time and such accounts are also affected a lot. If there is no eligible transaction from the customer for a long time, the status of the bank account. Inactive and later Dormant Might be possible. However, being dormant does not mean that the money deposited in the account gets lost.
When can a bank account become inactive?
If the customer continuously deposits money in the savings or current account Any customer-induced transaction for 12 months If it does not happen, the account can be kept in Inactive category. Even after this, if there is no eligible activity from the customer on the account for the next 12 months, the account may become dormant.
After how much time does the account become dormant?
usually Bank account becomes dormant if there is no eligible transaction from the customer for 24 months. Can be kept in category. It is important to understand here that every type of entry is not considered a transaction made by the customer. Therefore, it is not right to consider the account active only on the basis of some entries coming from the bank.
What are the problems with having a dormant account?
The bank may impose restrictions on some facilities after the account becomes dormant. In such a situation, there may be difficulty in using ATM, Internet banking, mobile banking or other banking services.
But the most important thing is that The amount deposited in the account does not get lost due to being dormant. Your balance remains safe in the bank account. To use the account normally again, you may have to complete the prescribed procedure of the bank.
How to Reactivate Dormant Bank Account?
If your bank account has become dormant, then first contact the concerned bank. As per the procedure of the bank, you may have to go to the branch and complete the application or Re-KYC process. The bank may also ask you for necessary documents related to identity and address.
After completion of the process, the bank can reactivate the account. The process and required documents may be different for different banks, so please check the current rules of your bank.
How to protect your account from becoming dormant?
If you have more than one bank account, keep checking the status of all the accounts from time to time. In case of an account which is rarely used, it may be helpful to carry out eligible customer activity from time to time as per the Bank’s rules and keep an eye on SMS or email alerts from the Bank.