Twitter
Advertisement

Revive your dormant Indian bank account: Guidelines and reactivation process explained

Reviving inactive bank accounts; know how to retrieve your closed account.

Latest News
article-main
FacebookTwitterWhatsappLinkedin

TRENDING NOW

The Indian banking system allows for an open-door policy when it comes to account creation. That is to say, any individual can open an indefinite amount of savings, current, or fixed deposit accounts based on their personal preferences. Such an environment of account freedom can result in individuals opening more accounts than they actually require, which subsequently leads to a lack of operation on their part, ultimately rendering their accounts inactive.

The deactivation process does not occur instantaneously, as banks do provide customers with notification via messages or calls, allowing them a chance to activate their accounts once more. However, it is important to note that certain rules apply to different types of accounts, and it is imperative to acquaint oneself with such regulations before proceeding with the activation process.

Typically, banks categorize inactive accounts as those that have not undergone a transaction within the preceding two years. The duration of the deactivation period may vary from bank to bank. To reactivate an inactive account, one must undergo the Know Your Customer (KYC) process by visiting the bank in person.

Upon completion of the KYC process, individuals can access the funds deposited in their inactive accounts, while also being able to utilize various other banking services, such as net banking, ATM, or mobile banking. If one no longer requires their inactive account, they also have the option of closing it altogether.

Read more: RBI imposes Rs 2.92 crore penalty on Canara Bank, here's why

Find your daily dose of news & explainers in your WhatsApp. Stay updated, Stay informed-  Follow DNA on WhatsApp.
Advertisement

Live tv

Advertisement
Advertisement