Reactivating a Dormant Account: Tips 2023

During the meeting of the monetary policy committee (MPC) on April 6, 2023, the Governor of the Reserve Bank of India, Shaktikanta Das, made an announcement on the establishment of a “Centralised Web Portal” to expedite the search for unclaimed deposits and the filing of claims for them.

A bank account is considered inactive after two years of inactivity. Here’s how to reactivate and maintain an active account.

This brings to light the deposits that have been sitting in savings bank accounts for a long time without being claimed.

At this time, in order to look for unclaimed cash, depositors or recipients of bank deposits that have been unclaimed for 10 years or longer are required to visit the websites of various banks. Claimants, on the other hand, will soon have the ability to search for these accounts using a centralized portal.

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About the Author: Sanjh Vishwakarma

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