In a recent article published by Business Standard Our Partner Ashwin R Anneppanavar shares his expert insights.
In a recent article published by Business Standard titled “How inoperative bank accounts are misused for scams”, Our Partner Ashwin R Anneppanavar shares his expert insights.
Ashwin explained the potential drawbacks:
< Dormant accounts may incur fees, such as maintenance or inactivity charges.
< Account holders lose access to services like online banking or new debit card requests.
< Interest may stop accruing on such accounts.
< Unclaimed deposits are transferred to the Depositor Education and Awareness Fund managed by the RBI.
Account holders often overlook dormant accounts, and banks may not monitor them rigorously, making them more susceptible to fraudulent activities
