Bank Account Holders Alert: According to the guidelines of the central bank, three types of bank accounts will be closed to increase security, reduce fraud and improve banking operations. Now no transaction can be done from these accounts.
Bank Account Holders Alert: The Reserve Bank of India (RBI) had issued instructions that some bank accounts will be closed from January 1, 2025. According to the guidelines of the central bank, three types of bank accounts will be closed to increase security, reduce fraud and improve banking operations. Now no transaction can be done from these accounts.
Dormant accounts
Dormant accounts are being closed from today, in which there has been no activity for about two years or more. Such accounts will be considered as dormant accounts. These accounts are at high risk of being targeted by hackers and fraudsters. The RBI’s initiative to close such accounts is aimed at maintaining the safety of customers and the security of the banking sector.
Inactive accounts
Accounts that have not had any transaction activity for the last 12 months or more are considered inactive. If there has been no transaction during this period, account holders should contact their bank branch and take necessary steps to reactivate their account. The aim of this initiative is to reduce the workload of banks, improve operational effectiveness and reduce the possibility of online fraud.
Zero balance accounts
Zero balance accounts may be closed for a long period of time. RBI aims to eliminate misuse of these accounts, reduce financial risks and promote constant communication between customers and their banks. This initiative also serves to strengthen compliance with Know Your Customer (KYC) regulations, ensuring that customer information is updated and accurate.
What should you do?
- If you also have such an account, then you can go to the bank branch to revive the dormant account and activate it. After which you will be able to transact from this bank account.
- Accounts that have been inactive for more than 12 months require at least one transaction along with KYC to be activated.
- If the account is of zero balance, it is important to ensure that the account does not remain at zero balance for a long time.
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