India is now entering the digital age. Most of the people are now doing their work remotely with the help of digital technology. Thanks to this ‘Digital India’ initiative, now most people can easily open bank accounts from the comfort of their home. People can open a bank account from any part of the world digitally. However, many people open a bank account but never use and maintain it.
They do not do any transactions with these accounts. This allows banks to deactivate these dormant accounts. The bank may deactivate these accounts for the reason that no transactions are being done with these accounts. Today we will tell you how a bank can deactivate your account.
When can banks deactivate your account?
As per RBI guidelines, if there is no transaction in a bank account for a period of 2 years or more, the account can be declared inoperative by the concerned bank. These dormant bank accounts can now be deactivated by the issuing bank.
If your account remains dormant for a period of ten years, the money along with the interest earned is transferred to the Education and Awareness Fund. The bank informs the customer before this happens.
some suggestions:
If you also have a bank account, make sure you do regular transactions, and close it if you have more than one bank account or if you have no use for this account. Also, if any of your accounts have been activated by the bank, immediately contact your bank branch and reactivate the account. However, this could only be done twice.
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