Bank Money Withdrawal Rules: Now you can withdraw your money from dead bank accounts, know the process

Dead Account Money Withdrawal: Many people have questions about old or closed dead bank accounts. How can money be withdrawn from such accounts? Learn the process.

Dead Account Money Withdrawal: Nowadays, everyone has a bank account. Whether they hold a government job, a private job, or run a business. Often, people have multiple bank accounts. Many people forget their old accounts after changing jobs, moving cities, or switching to another bank. If there are no transactions for a long time, the bank declares such accounts inoperative or dead.

Most people worry about whether they will ever get their money back. So, let me tell you first: no matter how old the account is or if it becomes inoperative, you have sole control over the money deposited in it. The bank cannot withhold your deposits under any circumstances. However, you must complete a process to withdraw funds from a dead account.

How to withdraw money from a dead account?

When a bank account remains untransferred for two consecutive years, it is classified as inoperative. If there is no activity for more than four years, it is considered dormant. Banks do this for security reasons to reduce the likelihood of fraud or fraud. To reactivate such accounts, you must submit a written application to your bank branch.

You must provide your Aadhaar, PAN, passbook, checkbook, or any other valid identification proof along with it. Bank officials verify your identity and update your KYC if necessary. Once this process is complete, your account is reactivated, and you can easily withdraw your funds.

You can also use the online method.

Many banks now offer the option to activate inoperative accounts through online portals and mobile apps. If your mobile number is linked to the account, you can complete the process. This requires logging into net banking, completing your KYC, and completing video verification if necessary.

But if your old documents, passbook, or mobile number are not available, there’s no need to panic. In such cases, the bank verifies your identity based on your old records, signature, and details already in the system. If the account has a large balance, the bank may ask for additional documents.

Read More: TMKOC: Dayaben is returning to add to the splendor of Gokuldham, son Tappu gives the biggest good news.

The post Bank Money Withdrawal Rules: Now you can withdraw your money from dead bank accounts, know the process first appeared on informalnewz.

News