14.4 C
Silchar
Sunday, January 5, 2025

RBI To close these bank accounts from January 1, 2025: Check details

Must Try

1,000,000FansLike
7,479FollowersFollow
2,458FollowersFollow
288,000SubscribersSubscribe
WhatsApp Group Join Now
Telegram Group Join Now

Attention Bank Account Holder: RBI to close these accounts from January 2025

Bank Accounts to close: Reserve Bank of India (RBI) is implementing significant changes in the banking system which will affect from January 1, 2025. These changes will affect lakhs of Bank Accounts across the country. Are your bank accounts being at risk of losing access? To ensure see the details which is given below.

RBI took decision to close certain types of bank account to make banking transactions more safe, transparent and effective. This decision is taken by central bank to simplify the system, reduce fraud, especially bank account hacking and encourage digital growth in the banking sector. The goal is to lower risks, fix issues in banking operations and improve services for customers while safeguarding their interests.

Here are the three types of Bank Accounts that will be closed starting from January1, 2025:

Dormant Account

Dormant Accounts is one account that have been inactive or hasnโ€™t had any transactions for two years or more. These inactive accounts can easily become targets for hackers to misuse and for fraudulent activities. To protect customers and ensure the safety of the banking system, the RBI has decided to close these accounts.

Inactive Accounts

Inactive accounts are those bank accounts which shown no transactional activities for over 12 months. To reduce risks of fraud and improve efficiency, the RBI has asked banks to close these accounts. If account holders want to keep their accounts active, they need to visit their bank branch and follow the steps to reactivate them.

Zero Balance Account

Accounts with Zero Balance for an extended period of time will also be closed. The RBIโ€™s goal is to prevent misuse, reduce financial risks, and encourage customers to stay active with their banks. This step also aims to strengthen KYC rules and make sure all customer information is accurate and up to date.

What are the Step for customers to reactive this account?

If your account is a dormant account than it is crucial to take immediate action to reactive the account. First step is to complete KYC process immediately through visiting bank or online submission.

To avoid your account t be flagged inactive, ensure that your KYC details are updated. Check your bank accounts if it is under given types of bank account which.

Additionally, to avoid inactive fagged to your account maintain minimum balance. Keep your Bank Accounts transaction active.

Adopt digital banking, it does not only active your account but also a part of RBIโ€™s digital efforts which push towards a modern banking system.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest National News

- Advertisement -

More Recipes Like This

- Advertisement -