#dormantaccount

[taxassistantorg]

Dormant Bank Accounts: Your Guide to Reactivation & Fund Withdrawal

How to Reactivate and Withdraw Funds from Dormant Bank Accounts

It's surprisingly common for bank accounts to become inactive or dormant. Life happens – you might move, forget about an old account, or switch banks. If you don't make any customer-initiated transactions for a certain period (usually 12 months), your account becomes inactive. If this inactivity stretches even longer, typically over 24 months, your account is then classified as dormant or inoperative.

It's important to note that only customer-initiated transactions (like debits or credits) count towards activity. Any interest credited by the bank or charges deducted won't prevent your account from becoming inactive.

While banks won't close these accounts, they do restrict services such as debit card use, net banking, and ATM withdrawals for security reasons. Thankfully, banks usually notify you before your account goes dormant and provide instructions for reactivation.

You can absolutely still access the funds in a dormant account, though it requires a few extra steps. Here's how:

Steps to Reactivate Your Account and Withdraw Funds

Contact Your Bank: Your first step is to visit the nearest branch of your bank. While some banks might offer online reactivation, most require an in-person visit for verification and security. Make sure to bring a valid ID (like your passport, Aadhaar card, or driver's license) and your bank passbook/account number. If your address has changed, bring proof of your new address as well.

Submit a Reactivation Request: At the bank, you'll need to submit a written request to reactivate your account. The bank will likely ask for an updated KYC (Know Your Customer) verification to confirm you're the rightful account holder. Some banks might allow for video KYC or a call verification to complete this step.

Withdraw Your Funds: Once your account is successfully reactivated, you can withdraw your funds as you normally would. This includes cash withdrawals directly from the bank or fund transfers via NEFT or UPI. After accessing your funds, you can even choose to close the account if you no longer need it.

Important Things to Know

No Penalties: As per RBI guidelines, banks cannot charge any penalties for reactivating dormant or inactive accounts.

Continued Interest: You'll continue to earn interest on your funds even while your account is dormant or inactive.

Funds Transferred to DEAF: If your account remains inactive for over 10 years, your funds will be transferred to the Reserve Bank of India’s Depositor Education Awareness Funds (DEAF). However, you can still claim them by contacting your bank with the proper documentation.

How to Prevent Your Account from Becoming Dormant

Keeping your account active is straightforward. Simply ensure you make customer-initiated transactions every few months. Linking your bank account to a mobile wallet or UPI app and making regular small transactions is an easy way to prevent it from becoming inactive.

The process of reactivating and withdrawing funds from a dormant account might seem a bit involved, but these steps are crucial for protecting your funds and preventing any unauthorized activity.

Do you have any old accounts you're looking to reactivate?

[investorlink]

Reactivate Dormant Trading Accounts Fast with Investorlink

Investorlink is your go-to consultant for reactivating dormant accounts. Whether you're facing issues with access, forgotten passwords, or KYC irregularities, our experienced team can assist you. Don’t let dormant funds stay idle — reclaim them today!

[aalawsng]

Clarifying Differences Between Banking Terms

Is your account inactive or dormant? Understand the difference between Dormant, Inactive and Domiciliary accounts. Learn the key distinctions and make informed decisions when banking.

[seemabhatnagar]

Proactive evidence gathering is the responsibility of the litigant

Ajitsinh Chehuji Rathore v. State of Gujrat and Another

SLP Crl. 16641/2023

Before Supreme Court of India

The Criminal Appeal was dismissed by the Division Bench of the Apex Court comprising Hon’ble Mr. Justice B R Gavai J & Hon’ble Mr. Justice Sandeep Mehta J on 29.01.2024

The present Criminal Appeal is filed against the rejection order of the Gujrat High Court where by the Criminal Misc. Case filed u/s 482 Cr P C by the Appellant Ajitsinh Chehuji Read With Section 391 Cr P C was rejected.

Facts

The present appellant was prosecuted for the offence punishable under Section 138 of the Negotiable Instruments Act.

It was alleged by the Complainant Shri Mahadevsinh Cahndaasinh Champavat before the Trial Court that the cheque for an amount of Rs.10 lakhs which was issued by the appellant in his favour upon being presented in the bank was dishonoured “for insufficient funds and account dormant.

During the course of trial, the appellant preferred an application before the Trial Court praying to send the cheque to the handwriting expert for comparison of the handwriting as well as signature appearing thereon with a plea that his signatures had been forged on the cheque in question.

The Trial Court rejected his application observing that the application is aimed at delaying the trial. The Trial Court also observed that the matter is at the stage of defense and the accused could lead evidence to prove his claim pertaining to mismatch of signatures.

The order of the Trial Court dt. 13.07.2019 was not challenged by the appellant as such it attained finality on 07.11.2019

The appellant subsequently preferred an appeal before the Principal Sessions Judge, Gandhinagar and during pendency thereof, he also filed an application under Section 391 CrPC for taking additional evidence at appellate stage and seeking a direction to obtain the opinion of the handwriting expert after comparing the admitted signature of the accused appellant and the signature as appearing on the disputed cheque.

Appellant also prayed for summoning the concerned officer from the Post Office to prove the defense theory that the notice under Section 138 of NI Act was never received by the accused appellant.

This application of the appellant was rejected by the Principal Sessions Judge, Gandhinagar vide order dt. 25.07.2023.

Against the rejection of his application by the Principal Sessions Judge Gandhinagar, Appellant invoked extra ordinary jurisdiction of the Gujrat High Court u/s 482 Cr P C.

Gujrat High Court dismissed his application vide order dated 25.10.2023.

Against the rejection of Petition u/s 482 Cr P C present SLP/Criminal Appeal is filed.

Observation of the Apex Court

Settled Law –

Power to record additional evidence under Section 391 CrPC should only be exercised when the party making such request was prevented from presenting the evidence in the trial despite due diligence being exercised or that the facts giving rise to such prayer came to light at a later stage during pendency of the appeal and that non-recording of such evidence may lead to failure of justice.

The Apex Court observed that the Principal Sessions Judge, Gandhinagar had taken note of the fact that during the trial, the appellant examined the witness of the Bank of Baroda in support of his defense but not a single question was put to the said witness regarding genuineness or otherwise of the signatures as appearing on the cheque in question.

Cheque return memo of the Bank dat.26.02.2018 clearly recorded the reason for the cheque being returned unpaid “funds insufficient and account dormant.”

The cheque was not returned unpaid for the reason that the signature thereupon differed from the specimen signature recorded with the bank.

If at all, the appellant was desirous of proving that the signatures as appearing on the cheque issued from his account were not genuine, then he could have procured a certified copy of his specimen signatures from the Bank and a request could have been made to summon the concerned Bank official in defense for giving evidence regarding the genuineness or otherwise of the signature on the cheque.

The appellate Court was not required to come to the aid and assistance of the appellant for collecting defence evidence at his behest.

It is for the accused to rebut such presumptions by leading appropriate defence evidence and the Court cannot be expected to assist the accused to collect evidence on his behalf.

Appellant ought to have challenged the order of rejection of his application seeking comparison of the signature as appearing on the cheque through the handwriting expert.

The order attained finality as it was not challenged.

[joelekm]

How to activate a dormant, inactive NRI account?

Discover the key steps to revive your dormant or inactive NRI (Non-Resident Indian) account with our comprehensive guide. In this informative video, we'll walk you through the process, provide expert tips, and explain the necessary documentation required to reactivate your NRI account hassle-free. Don't let your valuable financial assets remain idle—learn how to take control and access your funds once again. Whether you're an NRI or managing an NRI account, this video is a must-watch for financial empowerment. 🏦💼💰

[swisssecuritysolutions]

Swiss Security Solutions, we firmly believe that security is unique and quite unlike any other service.

[gabotaf]

RE: WRITING-OFF DORMANT ACCOUNTS| Question po. Please hide my identity. Ano po ba ang doc requirements and procedure para sa pag write off ng accounts na matagal ng nonmoving? May appilcable manual or

RE: WRITING-OFF DORMANT ACCOUNTS| Question po. Please hide my identity. Ano po ba ang doc requirements and procedure para sa pag write off ng accounts na matagal ng nonmoving? May appilcable manual or

RE: WRITING-OFF DORMANT ACCOUNTS| Question po. Please hide my identity. Ano po ba ang doc requirements and procedure para sa pag write off ng accounts na matagal ng nonmoving? May appilcable manual or circular po ba? Salamat | Municipal accountant | LGU #WriteOff #DormantAccount #HuwagMahihiyangMagtanong #HuwagMagatubilingSumagotAtTumulong #GABOTAF View Answers/Leave a comment

[investorlink]

How to Reactivate a Dormant Account Online – A Step-by-Step Guide 🏦💻

A dormant account can prevent you from accessing your hard-earned money and investments. But the good news is that reactivating it online is now easier than ever! In this guide, we’ll walk you through the simple steps to regain control of your financial assets. No more long queues or paperwork—just a hassle-free online process. Avoid penalties, unlock your funds, and secure your investments with expert guidance.

[aalawsng]

FAQs on Dormant Accounts, Unclaimed Balances, and Financial Assets in Nigerian Banks

When a bank account has been rendered dormant;

When funds have remained unclaimed;

What does the Central Bank of Nigeria recommend? See the piece below.

[aalawsng]

Dormant Accounts: New CBN Policy When a bank account has been rendered dormant; When funds have remained unclaimed; What does the Central Bank of Nigeria recommend? See the piece below

[joelekm]

How to activate a dormant, inactive NRI account?

Unlock your dormant NRI account and regain control of your finances with our comprehensive guide! In this video, we'll walk you through the step-by-step process of reactivating an inactive Non-Resident Indian (NRI) account. Discover the essential documents, tips, and strategies to revive your account smoothly and start managing your money effectively. Whether you're an NRI or managing an NRI account, this video is your key to financial empowerment and reclaiming your financial assets. 🏦💼💰

[joelekm]

How to activate a dormant, inactive NRI account?

Unlock the secrets to activating a dormant, inactive NRI (Non-Resident Indian) account with our step-by-step guide. In this informative video, we'll walk you through the process, provide expert tips, and explain the necessary documentation required to reactivate your NRI account. Don't let your hard-earned money remain idle—learn how to revive your account and access your funds hassle-free. Whether you're an NRI or managing an NRI account, this video is a must-watch for financial empowerment. 💼💸🌏