What happens if you transfer money to a dormant 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 to a dormant SBI account?

A bank account becomes dormant if it has not been used for two years. A dormant SBI account can become prone to fraudulent offences. SBI does not impose any fee to make the inoperative account operational.

Can money enter a dormant account?

This transaction can be made in some months of inactivity. However, if your account has already become dormant (if it has been inactive for many months), you won’t be able to do any such transaction. Don’t worry though, your money is still available to you once your reactivate your account.

How can I reactivate my SBI dormant account?

State Bank Of India provides a facility to reactivate a Dormant Account from any of the following ways:

1. Submit a request for activation of your account through Internet banking.
2. By Calling the Customer Care Number of State Bank Of India.
3. By Contacting your home branch of State Bank Of India.

How can I reactivate my dormant account in SBI?

If you discover that your account has been inactive, issue a written application to your SBI Bank branch manager requesting revalidation of the unserviceable account. For a period of two years or longer, you must also state the cause for which the account was dormant.

How can I close my SBI dormant account online?

You cannot close your SBI bank account online. The customer needs to visit his or her home branch where they opened the account. The procedure to close SBI Savings account and SBI Salary account are same.

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