Bank Account: Reserve Bank of India (RBI) is implementing new rules from January 1, 2025. Its impact can affect crores of bank accounts of the country. If you also want to avoid losing the facilities related to your bank account, then understand these changes and act on time. Otherwise, the new year may bring new problems.
RBI’s objective
RBI has taken this decision to make banking transactions more safe, transparent and effective. The purpose of these new rules is to prevent fraud, promote digitalization and improve the banking system. This step has been taken especially in view of the potential risks and cyber crimes in inactive accounts.
Which accounts will be closed?
Under the new guidelines of RBI, three types of bank accounts will be closed.
Dormant Account
Dormant accounts are those in which there has been no transaction for two years or more. These accounts are the target of cyber criminals. By closing such accounts, RBI wants to ensure the security of customers and the banking system.
inactive account
Accounts which have been inactive for the last 12 months or more will also be closed. This decision has been taken to keep these accounts secure and safe from fraud. If your account falls in the category of inactive, then it is mandatory to take action to activate it.
Zero Balance Account (Zero Balance Account)
Accounts maintaining zero balance for a long period will also be closed. This step has been taken to prevent account misuse, reduce financial risk and help customers maintain an active relationship with the bank.
Ways to protect your account from being closed
Update KYC: If your account is inactive, complete the KYC process immediately. For this go to the bank branch or update the information online.
Maintain minimum balance amount: Make sure that there is a minimum balance in your bank account.
Keep Transaction Active: Make regular transactions to keep the account active.
Adopt Digital Banking: Using digital banking services is not only convenient but also a part of RBI’s digitalization efforts. Check your bank account status and take necessary action. The new guidelines of RBI are to make the banking system more secure and modern and customer vigilance will play an important role in this. It will also play an important role in saving you from troubles in the new year.