How long does it take to activate an inoperative bank account?
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How long does it take to activate an inoperative bank account?
Dormant bank account can be reactivated for you to start operating it or closing it. The reactivation process differs from one bank to another. Usually, the account gets activated within 24 hours. For this purpose an account holder needs to make a transaction by cheque or ATM.
How can I reopen my inoperative account in SBI?
-Write an application to the bank: If you find out that your bank account has been inactive, then send a letter to your SBI bank manager requesting revalidation of the unserviceable account. You must also mention the reason as to why your bank account was dormant if the time period has exceeded two years.
How long does it take to reactivate a bank account?
24 hours
Once you complete the reactivation procedure, your bank account should typically be reactivated in 24 hours but may take as long as a week in some cases. As soon as this reactivation happens, make a small deposit to keep your account from going dormant again.
How do I activate my inoperative bank account?
It is possible to activate an inoperative account by following a procedure prescribed by the bank.
- Account search. The account holder can search on the bank’s website whether his account has become inoperative.
- Application.
- KYC documentation.
- Transaction.
- Charges.
- Points to note.
How do I activate my inoperative account?
Send an application If you find that your account has become inoperative, send a written application requesting for revalidation of the inoperative account, to the branch manager. You also need to mention the reason why the account was inactive for a period of two years or more.
What happens if bank account becomes inoperative?
Once a bank account becomes inoperative, the account holder cannot transact using the account. If a bank account is not used, and no valid transaction of receipt or withdrawal of money has been made for one year, the bank will get in touch with the account holder.
Can I deposit money in inoperative 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.
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