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Big News for Bank Account Holders: Dormant Accounts to Be Reactivated
Indiaemploymentnews | December 18, 2024 10:39 PM CST


The State Bank of India (SBI), the country’s largest public sector bank, has launched a nationwide initiative to reactivate dormant accounts and raise awareness about their importance.

What Are Dormant Accounts?

A savings or current account is classified as dormant if there are no transactions for more than two years. This applies to both deposits and withdrawals.

Reactivating Dormant Accounts: The Plan

  • Re-KYC Process Required

    • Account holders must complete the Re-KYC (Know Your Customer) process to reactivate their accounts.
    • This ensures that the bank has updated and verified customer details.

  • Why Re-KYC is Crucial

    • It keeps accounts active.
    • Prevents inconvenience during transactions.
    • Ensures accounts remain secure and operational.
    • SBI’s Nationwide Campaign

    SBI Chairman CS Shetty highlighted the need for implementing the re-KYC process effectively, especially for Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts. The aim is to enable seamless transactions for customers and prevent their accounts from becoming inactive.

    Using Technology to Bridge Gaps
    • SBI has urged its representatives to utilize technology to connect with customers and provide them with better services.
    • The bank aims to improve the overall customer experience by making the process of account reactivation smooth and hassle-free.
    Key Message for Account Holders
    • Regularly transact in your savings or current account to avoid it becoming dormant.
    • Complete the re-KYC process promptly if your account is inactive.
    • Stay informed about your bank's policies to ensure uninterrupted account services.

    This initiative by SBI is a step toward improving customer convenience and ensuring that inactive accounts are brought back into operation efficiently.

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