A bank account becomes inoperative or dormant when it remains inactive for over two years, often due to failed updates of Know Your Customer (KYC) details or prolonged inactivity. To prevent this, it’s essential to keep your account active and avoid hassle. Simple steps can be taken to prevent inactivity, including conducting transactions every two years, setting up standing instructions, and linking the account to UPI apps or mobile wallets. If an account becomes dormant, reactivation is possible by following the instructions provided by the bank. The article outlines the steps to reactivate bank accounts in HDFC, SBI, PNB, and IDFC FIRST Banks. To reactivate an account, account holders must submit a written application, provide necessary documents, and complete a financial transaction. Regularly updating KYC and making periodic transactions can prevent an account from becoming dormant, ensuring smooth and stress-free banking. Proactivity is key to avoiding the inconvenience of reactivating a dormant account, which can disrupt financial planning.
Reawaken your dormant account with easy steps: a simple guide to reactivate your dormant accounts at SBI, PNB, HDFC, and IDFC FIRST banks.
by newsworm | Dec 17, 2024 | Banking, HDFC Bank, IDFC Bank, State Bank of India