Has your bank account gone dormant? 4 ways to reactivate it

For some time, many people have been facing some problems with their bank accounts. As the bank account of many people has gone dormant. So in this article, we are going to tell you about the 4 ways so by doing those ways you can reactivate it. As we all know that dormant bank account is an account which is not active for the past 2 years. So the bank does this to mitigate fraud comply with the regulations and also reduce the costs. So now by using the method which we are going to share in this article, you can reactivate your account. So read this article till the end and do not miss any single line to properly learn about the solution for this issue.

bank account dormant

The dormant bank account is when a bank account does not stay active for over two years so at that time the account is categorized as a dormant account or an inoperative account. Financial institutions are required so that they can maintain records for every single account and manage the unused accounts which turn cumbersome or costly. So now it’s time to re-activate your account. So to learn how you can reactivate your account scroll down to the next paragraph.

If your account is inoperative now you can reactivate your account. You have to be in touch with your respective bank. It can happen that the bank has transferred the remaining balance to the Reserve Bank of India Depositor Education and Awareness Fund. So to claim those balances or funds you have to contact RBI. In India, currently, many banks require both current and savings accounts so that they can be classified as inoperative if there have been any transactions in the account in the last 2 years. The holder of the account has the chance to reactivate the account as you have to conduct some transaction in a specific period like in 90 days. If he does not start doing transactions in a specific period the bank reserve will charge some fees or they might close the account.

Also Read:  IRM Energy IPO to WomanCart IPO: 1 listing ahead for primary market

To avoid your account getting formatted. You have to always ensure that you do at least one transaction every two years. Always stay in touch with your bank or start doing UPI transactions. Follow the transactions of transferring from another account to your bank. And always maintain the activity status for the records.

Prakash Israni
Prakash Israni

Prakash, the content creator for Techballad, has built a solid reputation for himself over the course of more than ten years of blogging