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If you have more than one bank account and you have not used any account for a long time, then this news is for you. From today, the new guidelines of the Reserve Bank of India (RBI) are being implemented, under which 3 types of bank accounts will be closed. This includes dormant account, inactive account and zero balance account. The objective of this initiative of RBI is to increase security, reduce fraud and improve banking operations. Let us know what is dormant account, inactive account and zero balance and when an account goes into this category.
Dormant Account: Accounts in which there has been no transaction for 2 years or more continuously are put in the category of dormant accounts. These accounts can be used for hacking and fraudulent activities. In view of this, RBI has instructed banks to close the accounts included in this category.
Dormant accounts: Dormant accounts are those accounts in which there has been no transaction for the last 12 months or more. If an account holder has not made any transaction during this period, he has to contact his bank branch and take necessary steps to reactivate his account. If this is not done, the bank will close his account.
Zero Balance Account: Accounts in which zero balance is maintained for a long time are called zero balance accounts. RBI has also instructed to close such accounts.
What to do to prevent account from being closed?
To avoid account closure, account holders are advised to reactivate their inactive accounts. If your account has been inactive for more than 12 months, make at least one transaction. If your account has been inactive for two years, visit your bank branch to reactivate it. In case of zero balance accounts, ensure that your account does not remain at zero balance for a long time.
