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If it does not follow the rules, it deactivates the bank account, after which no transaction can be made from the bank account. For example, if you do not make a transaction from a bank account for a specific period of time, the bank closes that account. It will then have to be reactivated after following a procedure.
SBI Alert
New Delhi: State Bank of India provides many facilities to its customers and now most of the banking work is being done only through online. But in addition, the bank has a number of rules that customers have to follow. If it does not follow the rules, it deactivates the bank account, after which no transaction can be made from the bank account. For example, if you do not make a transaction from a bank account for a specific period of time, the bank closes that account. It will then have to be reactivated after following a procedure.
So you will not be able to make any transactions from your account
In such a situation, today we are telling you when your account was closed and once the account became inactive, how to restart it. If you do not follow this procedure, you will not be able to make any transactions from your account. Learn about these special rules of SBI, which every account holder must pay attention to.
When does an account become inactive?
According to the RBI guidelines, if no transaction has been made in a savings or current account for two years, it is classified as a ‘dormant’ account. If it remains for 10 years, i.e. no transaction has been made in the inactive account for 10 years, the money deposited in it and its interest is transferred to the Education and Awareness Fund. However, before doing so, the bank also informs the customer.
How to activate account?
According to the information shared by SBI, in order to reactivate the account, you need to update KYC, which means submit all your KYC documents to the bank. Apart from this, the customer has to go to the bank and make a debit transaction. Keep in mind that this transaction should only be done through a bank. Therefore, the bank has requested to visit the bank branch with KYC documents and you can also contact the bank branch.
What exactly is advice?
Remember how many accounts you have and make some transactions between them on a regular basis. At the same time, if an account is not working for you at all, go to the bank and close it and definitely keep the nominee information in the bank account updated.
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