Inactive account is a bank account in which no transactions occur for a specified period. This period may vary from bank to bank, but it is usually 12 months.
Inactive accounts can be categorized into two types:
1. Inactive Account:
– This is an account where no transactions have occurred for more than 12 months.
– Interest is earned on the deposited amount, but ATM card, checkbook, and other banking facilities may be deactivated.
– Account holder can reactivate the account by contacting the bank.
2. Dormant Account:
– This is an account where no transactions have occurred for more than 24 months.
– No interest is earned on the deposited amount, and the bank may deactivate the account.
– Account holder can reactivate the account by contacting the bank.
Some drawbacks of inactive accounts include:
– Deactivation of ATM card, checkbook, and other banking facilities.
– Account holder needs to contact the bank to reactivate the account.
– Interest may cease to accrue on the deposited amount.
To reactivate an inactive account:
– Account holder needs to visit the bank branch or contact customer care.
– Provide proof of identity and address.
– Pay the prescribed fee determined by the bank.
To prevent an account from becoming inactive:
– Make regular transactions in the account.
– Link the account with online banking.
– Activate mobile banking services through the bank.
Also, keep in mind:
– If you wish to close your account, you need to inform the bank in writing.
– Before closing the account, the bank will send the remaining balance to your registered address.
1 अप्रैल से बदल चुका है पीएफ का नियम, अगर आपके अकाउंट में भी पैसे है तो अभी पढ़िए।
क्रेडिट कार्ड यूजर ध्यान दे 1 अप्रैल से बदल दिए गए हैं ये नियम।
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