Dead Account Money Withdrawal: Nowadays, everyone has a bank account, whether they have a government job, a private job, or a business. Often, people have more than one bank account. Many people forget about 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’ll ever get their money back. So, let me tell you, no matter how old the account is or if it becomes inoperative, you have full control over the money 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, the bank categorizes it as inoperative. If there is no activity for more than four years, it is considered dormant. Banks do this for security reasons, reducing 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 other valid identification along with it. Bank officials will 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 your account, you can complete the process. This requires logging into net banking, completing KYC, and completing video verification if required.
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.