Dormant Accounts: If you have an account in a bank, then this news is very important for you. If you have not done any transactions in your account for a long time, then your account can be closed. If there is no transaction in the account for a long time, it is cancelled according to the bank’s rules.
This process is called dormant. According to the guidelines of the Reserve Bank, if there is no transaction in an account for 10 years, it is made dormant. Dormant accounts are often seen in savings accounts.
How to withdraw money from dormant accounts
If your account has been made dormant by the bank, then you can still withdraw money from your account. The bank never closes your account completely. They do not close it forever. If you want to withdraw money from your dormant account, then you will have to get KYC done in the bank. After KYC is completed, you can withdraw your money.
Interest in dormant accounts
If your account is not active for a long time, then the bank makes your account dormant. In such a situation, if there is any amount deposited in your account, then the bank also gives interest on that money.
If you have got an FD done and you have not done any work in that account for a long time, then also the bank keeps giving you interest on FD as per the rules.
How to start a dormant account
If you want to restart your dormant account, you must go to your bank and complete the KYC process. For this, you have to fill out and submit the KYC document to the bank.
You must also give a copy of the necessary documents like an Aadhar card, PAN card, photo, and bank passbook.
You have to give a written application to the bank in which you will apply to restart the dormant account. Your dormant account will be restarted by the bank after checking your application within 1 to 3 days.