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Dormant Accounts Awakening: What the New Guidelines Mean for Your Bank Deposits by RBI?


New Guidelines for Dormant Accounts and Unclaimed Deposits in Banks (Starting April 2024)

 Good news for bank account holders!


The Reserve Bank of India (RBI) has issued revised instructions to simplify and consolidate existing rules regarding dormant accounts and unclaimed deposits.


 What's changing?


Longer dormancy period: Accounts will now be considered inoperative after 12 years of inactivity, instead of the previous 10 years.


Unified guidelines: All banks will follow the same comprehensive guidelines for classifying and handling inoperative accounts and unclaimed deposits.

Enhanced customer protection: Banks will implement stricter measures to prevent fraud in dormant accounts and offer a grievance redressal mechanism for quicker complaint resolution.


Focus on reuniting accounts with owners: Banks will actively try to trace customers of dormant accounts and their legal heirs to reactivate the accounts, settle claims, or close them appropriately.


 Effective Date: These revised instructions come into effect on April 1, 2024.


 Benefits for Bank Account Holders:


Reduced risk of losing access to dormant accounts: With a longer dormancy period, you have more time to revive your account before it's classified as inoperative.


Clearer and consistent rules: The unified guidelines ensure fairer treatment and easier understanding for all bank customers.


Improved security and complaint resolution: Enhanced measures address concerns about fraud and provide a faster recourse for any issues.


Better chances of reclaiming dormant accounts or unclaimed deposits: Banks will put in more effort to locate account holders and their heirs, increasing the chances of reuniting accounts with their rightful owners.


 For more details:


Please refer to the official RBI notification at:

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