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Savings Account
Inoperative & Unclaimed Deposits - Know the Reasons and Reclaim Easily!
Key Takeaways
Bank accounts become inoperative (or dormant), if left unused over a period of time.
- As per RBI guidelines, savings/current accounts with no transactions for over two years will be marked inoperative.
- You cannot make payments, transfers, withdrawals, or log into your account when it is inoperative.
- To reactivate an inoperative account, contact the bank, submit a form with necessary documents, and make at least one transaction.
- While reactivating, maintain the minimum balance requirement.
What is an inactive or inoperative account?
Bank accounts can become inoperative if left unused for a specified period, making it crucial to keep your account active with regular transactions. If your account remains inactive for an extended time, it may be classified as a dormant account, restricting payments, withdrawals, or transfers.
According to the RBI guidelines, a savings or current account with no customer-initiated transactions for over 12 months is considered inactive. This step is taken to prevent fraud and protect account holders.
Inactivity may result from various reasons including the account holder's oversight, changing financial priorities, or lack of need to use the account. Despite not being used, an inactive account may still accrue interest, depending on the bank's policies. It's essential for account holders to monitor their accounts regularly and understand their bank's terms to prevent accounts from being classified as inactive and maintain their financial health.
If your account has been declared inoperative, don’t worry—you can reactivate it easily. Read on to learn how to activate a dormant account and regain full access to banking services.
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Difference between an Inoperative and Inactive account
An inactive savings account typically refers to an account in which there are no customer induced transactions for 12 months. During this time, the account remains open and accessible, but no transactions can be done. Inactive accounts might still accrue interest, depending on the bank's terms.
A dormant/inoperative savings account is one that has been inactive for an extended period, usually exceeding 24 months. In this case, the bank may classify the account as dormant, resulting in account restrictions. Reactivating a dormant account typically requires specific actions such as visiting the bank or initiating a transaction.
How to reactivate an inactive savings account?
To reactivate an inactive savings account, contact your bank to inquire about their processes. Provide the necessary identification documents and submit the required forms. Typically, a customer initiated transaction is required. This may include activities such as deposits, withdrawals, balance enquiries conducted through net banking, or cheque book requests submitted via the net banking platform etc. Ensure that you meet the minimum deposit requirements. Once completed, confirm with the bank that your account is reactivated and stay informed about future inactivity guidelines.
Reactivation of inoperative accounts is also done through the Video Customer Identification Process (VCIP), during which the customer’s identity and address are verified in accordance with the regulatory guidelines. The reactivation request is processed only upon successful completion of the VCIP, along with validation of customer credentials and verification of all supporting information as required under the bank’s KYC framework.
Regular transactions are essential to keep your account active. Ensure that you use all your bank accounts regularly. With its customer-first values, IDFC FIRST Bank clearly mentions all the terms for keeping your account active in the welcome kit. You also enjoy zero charges on all commonly used Savings Account services, helping you save more. Opening a bank account online with IDFC FIRST Bank will also help in getting one of the highest bank account interest rates with a monthly interest credit facility for better returns over time. Apply now!
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.
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