Withdraw Money from Inactive Account: If you do not do transactions in bank accounts for a long time then they are declared inactive. In such a situation, you should know how you can withdraw money from those inactive accounts.
How to Withdraw Money from Inactive Account: Many times people have to open accounts in different banks for different tasks. Later, if they are not able to do any transaction in those accounts for a long time, then according to the rules of Reserve Bank of India (RBI), the amount in that account is put into the Depositor Education and Awareness Fund (DEAF) of the Reserve Bank. This amount with RBI is increasing every year and now it has reached about 40 thousand crore rupees. You may also have inactive bank accounts in various banks. In such a situation, today we will tell you the complete way to withdraw money from those inactive accounts.
Contact the bank to know the amount
According to RBI officials, first of all it is important to know whether there is some amount in the inactive account from which you want to withdraw money. For this you have to go to the bank and contact. There you have to tell the Aadhar card, PAN card, date of birth and name-address of the account holder. Once it is confirmed that you are indeed the account holder or its nominee, the bank informs you about the amount in the account. Many banks also provide this information on their website. In such a situation, it would be appropriate for you to take a look there once.
Money is received after KYC
According to finance experts, if you yourself are the account holder, then the bank officials return the money lying in the inactive bank account with interest after taking necessary documents and making general inquiries. If you are not the account holder but the nominee of that account holder, then there is a different way for him to get the money back. In this case, you will have to take the account holder to the bank. If the account holder is no longer in the world, then you will have to submit his death certificate and other necessary documents. After this, he will return the amount in the account to the nominee along with interest.
Settlement is done in 15 days
If the account holder has died and he had not made any family member as a nominee in his account by mistake, then you will have to contact the bank with his passbook and other papers. After this, heirsan certificate and succession certificate will have to be submitted to the bank to withdraw the large amount. After this, the bank management, after being satisfied with the application of the plaintiff, returns the unclaimed amount within 15 days.
Make a nominee in the account
The thing to keep in mind is that if you have opened an FD or RD account and have not done transactions in it for 8 years, then it is declared inactive. Whereas for savings account and current account this time limit is only 2 years. After that, declaring those accounts inactive, the amount in them is sent to DEAF. Therefore, to avoid deactivation of your accounts, let’s do transactions in them. If you do not want to run more than one account, then give the application and get them closed duly. By doing this you will get back the money in them. Along with this, make a nominee in your account.
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