Bank Account: It is necessary to have an account in banks. Not only is the money safe in the bank but interest is also earned on it. Besides, there are crores of people who get money directly into their accounts under government schemes.
Now in such a situation, if the account is closed then there can be a huge loss. In such a situation, you should know that if no transaction has taken place in a savings or current account for more than two years, then the account will be considered inactive.
Accounts which have not been used for more than two years will be noted by the banks and put in separate ledgers. In such a situation, if you have an account then keep doing some transactions in it.
What if the account becomes inactive?
To reduce fraud, banks sometimes close those accounts in which no activity is seen. When an account is treated as inactive, you can’t log in, make payments, transfer money, make withdrawals, or even log out.
Will you get interest rate on inactive account?
Interest on savings bank accounts will be credited on a regular basis, whether the account is active or not. According to RBI, the bank will pay interest on the amount left unclaimed with the bank after the fixed deposit matures and the income is not paid.
As per RBI guidelines, no charges are levied by the bank for activating a dormant account. In such a situation, now you can get your account reopened by visiting the bank’s site or visiting the bank’s branch.
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