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In 20th century, almost everyone have a bank account for various purposes such as cash depositing, cash withdrawals, transfer of funds etc. Nowadays, government credit various subsidies directly to the bank account.
Pensions, cashback offers etc are also needed the bank account in the nationalized bank in India. So bank account is an unavoidable in India. There are so many rules and regulations made by the Reserve Bank of India which is the apex bank of India regulates all banks. Dormant account and inactive account policy is one among the policies induced by them.
Common folks doesn't know about this and get into troublesome due to this. Lets talk about this matter today.
Inactive Bank Account
If you didn't make any transactions with your bank account for more than 12 months, banks transfer that account to the inactive account stage. If your account becomes inactive, you won't get any system generating transactions like interest credit.
The period which considered before the transferring into inactive stage is 12 months. You may not get other benefits and services from banks if your account is in inactive stage.
What to do if my account become inactive ?
There is no tedious work to do if you need to change the status of your bank account from inactive status to active status. Just do a debit or credit transaction with your bank in this period. Sorry guys, I have the accounting background , that's why i told credit ,debit.
Deposit some amount in your bank account or withdrew from account through cheque or ATM or with your branch. The bank account status will automatically change to active account. If your account is receiving dividend or FD interest, the account will not become inactive for the period of getting interest or dividend.The account will become inactive after 12 months followed by the cease of interest or dividend.
Dormant Bank Account
Dormant account is the stage of bank account which means a dead one. Bank will transfer the account if it doesn't have any debit transactions within 24 months through cheque or ATM or withdrawal slip at bank branch. If your account become dormant, you can't do any transactions with it and no one can transfer you the amount.
That's the reason for many cases which account holder doesn't get the benefit of subsidy or any other benefits from government. So please do any withdrawal from your account before the 24 month period ends.
Change Dormant account to Active Account
I said you guys that inactive account to active account is very simple through withdrew or deposit some amount to your account. But in dormant account cases, there are some additional works to do.
You have to visit your home branch and submit an application to change the status of your account along with KYC (Know Your Customer), address proof, age proof, identity proof, passport size photo. The Banker will verify your signature also and initiate the proceedings to change the status. This can be done only through visiting your bank branch.
Earlier Income tax department doesn't want to know details of inactive or dormant accounts in your name while submitting the returns but now they want to know that details too. Keep all these information in mind and doesn't allow to change the status of your account.
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