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How do I get my money back from a dormant account?
As per the RBI regulations, every bank is required to show the details of unclaimed accounts on the bank’s website. After checking the details on the website, you can visit the bank branch with a duly filled claim form, receipts of the deposits and know your customer (KYC) documents to claim the money.
What happens if I transfer money to inactive account?
Your money can be recovered. As per RBI guidelines, a savings or current account becomes ‘inoperative’ without transactions for two years. If inoperative for 10 years, the account’s balance and interest are transferred to the Depositors’ Education and Awareness Fund, which was launched by the RBI in 2014.
What happens when one deposit money to a dormant account?
If a dormant account has zero balance, the bank may close the account after a period of time. Accountholders can claim and re-activate their accounts by making deposits, withdrawals, transferring, or making bill payments, as well as contacting the service provider.
Can imps be reversed?
It is almost impossible to reverse the funds once transferred via NEFT, RTGS or IMPS. If beneficiary account number to which you have transferred the funds is wrong; in that case, the funds will get reversed to your own account from which you have initiated the transaction.
How do I claim unclaimed money from a bank?
If there is an unclaimed amount, one can visit the bank branch with a duly filled claim form along with proof of identity and other documents to claim the money. Claimant can search records based on the following details: Name and date of birth. Name and PAN.
How do I delete dormant account?
Most banks, none-the-less, will have following steps:
- Submit a written Reactivation Application. You will have to file a written application to reactive your dormant account.
- Submit KYC documents. You will have to submit your KYC documents alongside your reactivation application.
- Make a small deposit.
How do I activate my dormant bank account?
Activate Dormant Account
- Step1. Visit the branch and submit written application with your signature a sper operating instructions in the account.
- Step2. Submit self-attested proof of identity and address.
- Step3. Initiate any transaction and your account will be activated once again.