Big shock! These 3 types of bank accounts will be banned by the new RBI rule, know the whole matter – StudyToper

The Reserve Bank of India (RBI) has recently taken an important decision, under which three types of bank accounts have been ordered to be closed. The decision will be applicable from 7 February 2025 and aims to increase transparency and security in the banking system. In this article, we will tell you in detail about these accounts and also explain what steps the customers should take.

This decision of RBI will affect accounts that do not follow the KYC (Know Your Customer) process, which are inactive, or whose verification process is incomplete. This step has been taken to strengthen the banking system and prevent fraud. Customers will have to take necessary steps as soon as possible to protect their accounts from closure.

The main objective behind this decision is to protect the personal information of the customers and bring transparency in the banking system. This will not only reduce the number of fake accounts, but will also ensure the correct use of passive accounts.

Information about RBI’s new rule

Here is a detailed table that gives information about the new RBI rule:

Types of bank accounts on which rules will apply

There are three types of bank accounts under the new RBI rule on which this rule will apply:

• Non-Kyc Compliant Accounts: The accounts of the account holders who have not yet submitted their KYC documents will be closed.
• Dormant Accounts (Inactive Accounts): Accounts that have no transactions for the last two years and have not been requested to activate.
• Unverified Accounts: Accounts whose verification process is incomplete or in which incorrect information is given.

Essential steps for customers

If your account also comes in these three categories, then there is no need to panic. You can save your account from closing by taking the following steps:

• Submit the KYC document: Go to your nearest bank branch and submit the KYC document. Take identity cards like Aadhaar card, PAN card, passport etc.
• Transactions in passive account: Do transactions in your passive account so that it becomes active.
• Send a written request to the bank: Send a request to the bank to activate the account in writing.
• Update the information of uncontrolled accounts: If your account is untreated, update your information immediately and provide the correct and accurate information.

Benefits of this decision of RBI

This decision of RBI can see many positive changes:

• Reduction in the number of fake accounts: There will be a decrease in the number of fake accounts, which will increase transparency in the banking system.
• Protection of customers personal information: Customers’ personal information will be more secure, which will reduce the chances of fraud.
• Correct use of passive accounts: The correct use of passive accounts will be ensured, which will increase efficiency in the banking system.
• Cheating and illegal activities control: fraud and illegal activities will be curbed, which will increase confidence in the banking system.

conclusion

The new RBI rule will increase transparency and security in the banking system. However, this may cause some inconvenience to the customers who have not yet updated their KYC documents or whose accounts are inactive. But this decision is necessary to strengthen the banking system and ensure safety of customers.

Advice for customers

If your account also comes in these three categories, then take necessary steps as soon as possible. Release your bank to get information whether your account will be affected or not. Complete your KYC process before 7 February 2025 and activate your passive account.

Disclaimer:

This article is written only for the purpose of providing information. For detailed information about RBI’s rules and their effects, you should contact your bank or RBI official website. This decision is real and its purpose is to make the banking system safe and transparent.

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