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Thursday, February 29, 2024

When does a bank account go dormant? You can reactivate it at no cost - here's how

A dormant bank account becomes inactive if there are no customer-initiated transactions for more than two years. Reactivating the account is a simplified process that involves re-submitting identification documents. Unclaimed deposits are transferred to the Depositor Education & Awareness Fund overseen by the RBI.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/pU4tVB8

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