I have not been able to use my account for a long time because my account was over the limit and I can not withdraw my money. Can you give me some advice
What happens if bank account not used for long time?
If you haven’t used your savings or current account for any transactions for over 1 year, the account becomes inactive. If the account has been inactive for 2 years, it becomes dormant or inoperative.
What happens if bank account is not used for 10 years?
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 does it mean when your bank account Cannot be accessed?
Banks may freeze bank accounts if they suspect illegal activity such as money laundering, terrorist financing, or writing bad checks. Creditors can seek judgment against you which can lead a bank to freeze your account. The government can request an account freeze for any unpaid taxes or student loans.
What do I do if my bank account is restricted?
Depending on who has placed the restriction, and why it was placed . Your ability to withdraw funds could only be limited, or completely restricted. It’s best you contact your bank to see if you can make any withdrawal from your restricted account .
Will a bank account be closed if not used?
Yes. Generally, banks may close accounts, for any reason and without notice. Some reasons could include inactivity or low usage. Review your deposit account agreement for policies specific to your bank and your account.
How do I activate my dormant account?
Here are some steps to reactivate the dormant bank account:
- Step 1: Visit the respective bank.
- Step 2: Make an application to activate the dormant bank account.
- Step 3: The account will be activated on the next business day.
How do you check if a bank account is active or not?
You should visit your nearest bank branch with your account number and they will tell you if your account is active or not. Please contact the customer care number of your bank or visit the nearest branch for information.
How do I activate my dormant account online?
Internet Banking: You can log into internet banking go to the service request section and select “Activation of Inactive Account”. Customer Care: Please call Customer Care and make a request for the activation of the account.
How long can a bank account be dormant?
Savings accounts can remain ‘active’ for a longer period, roughly three to five years of inactivity as opposed to current accounts which can become dormant after only 12 months.
How long can a bank freeze your account for suspicious activity?
An account freeze resulting from an investigation will usually last for about ten days. However, there’s no set limit for how long a freeze may last. A bank can effectively suspend your account at any time for as long as they need to in order to complete a thorough investigation.
How can I unfreeze my bank account?
For this, you will have to visit the home branch of your bank. Here, you have to put a request to reactivate the account in writing. Do carry the necessary documents for KYC with you. Remember that the bank cannot charge you any fee for reactivating your account.
Can you still use your debit card if your account is locked?
It is only from the point that the lock is put in place that a initiated transaction will be declined. although, Can I still use my card if my online banking is locked? If your Online Banking card is locked, you’ll need to request a new Online Banking card and PIN to use with your card reader.