According to the Reserve Bank of India guidelines, your current or savings account is considered void or ‘not valid’ unless there is a transaction for two years. Even so, owning one is still beyond the reach of the average person.
If your account is invalid for 10 years, your money goes to the RBI’s Deposit Education and Awareness Fund. This fund was started in 2014 by the Central Bank.
However, before sending money to the Reserve Bank of India’s Depositors Education and Awareness Fund, banks need to inform the account holder about it. Although many times banks do not reach out to depositors. Funds can still be refunded.
You will need to contact your bank branch to get your RBI Depositors Education and Awareness Fund (DEAF) money back. After that, you need to fill out some forms and complete your KYC. After that, your bank will contact the RBI to withdraw funds from the fund.
You do not feel any loss of money in RBI DAF. In this amount, you will also get the interest fixed by the central bank.
Even if your account has been deactivated or deactivated, there is no need to fear. You can restart it by completing the KYC rules with your bank.
There are a few things you should do to prevent your account from becoming inactive. Adil Sethi, CEO of Bankbazar.com says that you make regular transactions in your account. Do this at least once every six months. In addition to these, you do not need to close the account to keep a minimum monthly amount or to avoid other charges, so you can convert the account into a general savings account.
In addition, make it a habit to regularly update the details of the nominee in your bank account. If the nominee’s name is not added to your account, make sure it is added as soon as possible. Based on input from Basinstode