Dormant Account: If a transaction is not done in a bank account for a long time, it is declared inoperative or doerate. There is no charge to activate such an account. Also, interest on the money lying in this account is credited at regular time.
There is no charge to activate the payment account.
Everyone is upset because of the corona virus epidemic. Some people have lost their jobs or their income has reduced. Amidst the treatment of infection and rising inflation, everyone needs money for the necessary expenses. In such a situation, the bank account which is closed to deal with many types of expenses can be useful. The special thing is that you will not even have to go to the branch to open this closed bank account.
The workings in the bank branches have been limited anyway. In view of protection from infection in bank branches, very few banking services are being provided. But there is nothing to worry about you. You can activate your locked bank account again from the time of sitting at home. Its process is also very easy.
Why do bank accounts become?
Explain that if a transaction is not done in a bank account for two years or more, then it becomes inoperative. Under RBI rules, no charge is required to be made to activate such an account again.
It is also important to know that having an account in a statement does not mean that it has been frozen. The long-term closed account is arranged so that it can be saved from the risk of fraud.
The bank contacts before making the account inoperative
When there is no transaction in a bank account for 2 to 3 years, it is made inoperative. The bank also contacts the customer if the transaction is not held for one year. In case of non-response from the customer, this account is made inoperative. In the event of not doing any transaction for 10 years, the bank account is declared a statement of account.
Such account can be activated again. If a customer does not have to do any transaction in his account, then he can close it forever. The bank does not close any account on its behalf.
What is the provision of charge on the statement bank account?
On top of this, banks charge a fee from customers if there is no minimum balance in the account. But there is no charge for starting an inoperative account. In the year 2014, the RBI had issued a circular stating that banks cannot charge any kind from customers in case there is no minimum balance in the inoperative accounts. Also tell us that whatever the status of your bank account is, there will be regular interest credit in it.
How to activate bank account?
The process of re-starting a dormant or inoperative account is very easy. For this, you just have to send an email to your back branch to reactivate the account. Also, identity proof and address proof will have to be submitted for your identity and KYC process.
After this, the banks will activate your account again within a few days. In many banks, the KYC process is completed through video conferencing.
Also read: Be careful while making payment with QR Code, otherwise your bank account may be empty