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Currently, if a bank account remains inactive for 10 years or has unclaimed deposits for the same duration, banks transfer the funds to the Depositor Education and Awareness (DEA) Fund, maintained by the RBI. Learn how to reactivate your dormant savings account without penalties. Follow simple steps like submitting KYC documents to start using your account again. Reserve Bank of India explains how dormant accounts are classified and guides users on closing multiple bank accounts online with step-by-step instructions. The Reserve Bank of India recently introduced new directives concerning inoperative accounts, aiming to protect bank customer’s interests. According to the latest regulations, banks are now prohibited from penalizing or imposing charges on accounts that have been inactive for more than two years.
