It will soon be simple to reactivate your bank account if it has been inactive for ten years or longer, meaning you haven’t made any transactions there. The Reserve Bank, a banking regulator, has released a draft circular with steps to facilitate the activation of these accounts. What does the RBI have to say?
It’s now simpler to get your bank account back up and running if it hasn’t been used for ten years. To enable you to reactivate your previous savings account while at home, the Reserve Bank is planning to make changes to its regulations. In addition, you will be able to take out the funds that are in that account.
What is the RBI’s latest move?
A draft circular to amend the regulations of inoperative accounts and unclaimed deposits was recently released by the Reserve Bank. The public and other interested parties have been asked to provide feedback on this by June 6.
What is stated in the previous RBI rule?
A circular was released by the RBI on January 1, 2024. That circular states that to activate bank accounts that are not currently in use and unclaimed deposits (withdraw money from inactive accounts), banks must offer KYC (Know Your Customer) services. Customers at all branches, including non-home locations, will have access to this resource. In addition, video can be used for customer identification (V-CIP) if the account holder requests it.
What modifications will the RBI make to the regulations?
The RBI wishes to supplement the current order with a new facility. According to the latest draft circular, banks may also activate an inactive account through their approved business correspondents.
An account is considered inoperative if it is not used for ten years or more. The funds in that account are transferred to the Reserve Bank’s Depositor Education and Awareness (DEA) Fund.
By the end of 2023, there was close to Rs 1 lakh crore in the in-operation account. Unclaimed deposits made up Rs 42,270 crore of this total.
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