please do help me thanks to people who answer this question?

Question

this is bank related question in savings account is it necessary to have regular transactions like withdrawals and deposits every month. and wht do u mean by inoperating account and what happens if bank account is in inoperating for 6 months or 1or 2 years in sbh or sbi or canara bank. do answer

Answer 1

simple..if u r not using the bank for more than 6 months or 1 year
ur account will be closed.

so its better to put atleast 1000/- Rupees and next day you can draw the money.and in a/c it shows that u have made an transaction.so no worry.

even i'm doing that.. lol

Answer 2

You don't have to have a transaction every month, but normally on a savings I would do at least a deposit each month. On savings accounts you may only have 5 or 6 withdrawals each month. In an account that has gone inactive, the funds are normally escheated to the state to wait for the owner to claim them.

Answer 3

In the US if there is no activity for a long time (like a year) then the bank may charge a fee. So get in a habit like this one, every January make a small deposit, every July make a small withdrawl. Ask at your bank for the specifics on your account so that you will know for sure.

Answer 4

Hi,

Different Banks have varying periods for classifying accounts as inoperative (or dormant). Best course of action is to approach the Bank and ask them to activate the account; you maybe levied a charge for activation as per schedule of charges.

On a different note - various Banks in India are updating records due to KYC (Know Your Client) guidelines, so pls make sure that your account has not been classified as inoperative for that reason. If so, you would be required to provide documentation like copies of ID etc.

Regards

Answer 5

I think you should ask your bank on their ruling, I know someone who lost £200 through not having withdrawn or deposited money for 20 years, the bank deemed her account as an inoperating one.