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SBI Dormant Account – time, rules

SBI Dormant Account – time, rules

If you are not using your SBI bank ( or any bank for that matter) account for a long time, your bank may mark it as dormant account. The financial activity in the dormant account it stopped – and your checks given to another person are returned. You can not withdraw the money unless you remove the dormant restriction.

Your bank account becomes dormant when there is no activity for a long time and the activity is defined by the withdrawls. If you want to ensure that your bank account does not get dormant, you should typically make at least 1 transaction in one year. If you are no longer living in the city you have the bank account, the best way to ensure that your bank account does not get dormant is by using a check to give money to someone else. If you do not have check you can visit the check and ask for a check book. Alternatively you may use the withdrawl slip to withdraw the money from the bank.

It may be a good idea keep few banks for the benefit of taxation. This, however, works only for smaller amounts. Once the amount exceeds a certain number, you will be asked for PAN number and there is no way you can avoid taxes.

If you however, no more use the bank or do not plan to use it, it may not be a bad idea to close the bank account.

To make your account come out of dormant, you will have to visit your bank and present them with your address and ID proof. The bank will verify your credentials and remove the dormant tag. Please withdraw a small amount once your dormant status has been removed.

Different banks have different time periods in which the bank marks it dormant. ICICI Bank for example marks an account dormant if there is no transaction in 18 months. Banks like HDFC have shorter period and marks them dormant in as small as 6 months.

Rules for SBI

According to the SBI – Account will be treated as dormant if there are no transactions (‘no credit or debit’ other than crediting of periodic interest or debiting of service charges) in the account for over a period of one year.

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