When a bank account remains inactive for more than two years, it is considered dormant. This categorization is a preventive measure employed by banks to combat fraud. To revive a dormant account, you can either initiate a transaction or get in touch with your bank.
Seven banks, including SBI, PNB, Dhanlaxmi Bank, and DBS Bank India, will be part of the first phase. The portal cannot, however, be used to search for inoperative bank accounts.
Many salaried workers make monthly contributions to the Employees Provident Fund (EPF) account knowing that the account will mature at the time of retirement. However, not many people are aware of the finer details of the scheme. How long money can be kept in the EPF account after leaving job? If an interest will be earned on those EPF accounts.
the Reserve Bank of India (RBI) announced the creation of a new centralised web portal for searching for unclaimed deposits older than ten years. As now bank customers must visit through the websites of various institutions to claim their deposits.