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Can you transfer inactive accounts?

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Can you transfer inactive accounts?

Your money can be recovered. As per RBI guidelines, a savings or current account becomes ‘inoperative’ without transactions for two years. If inoperative for 10 years, the account’s balance and interest are transferred to the Depositors’ Education and Awareness Fund, which was launched by the RBI in 2014.

How can I transfer my SBI account from one city to another offline?

Transfer SBI Bank Account Offline mode/ branch

  1. Write an application that includes the account name, number, and branch code of the bank where you want the account transferred.
  2. Carefully mention the date and sign it.
  3. Request the bank official that the CIF number be transferred along with the account number.

Can an inoperative SBI account be transferred to another branch?

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This option is available only for savings accounts and is not available for know-your-customer (KYC) deficient and inoperative savings bank accounts. Further, the online transfer process can only be done if your mobile number is registered with the bank and if you have access to Net banking.

How can I transfer my SBI account without visiting home branch?

1) Log in to SBI’s official website ‘www.onlinesbi.com’. 2) Select ‘personal banking’ with your username and password. 3) Now, click on the ‘e-services’ tab on the top menu bar. 4) After that click on ‘Transfer of savings account’.

Can I transfer my SBI account online?

State Bank of India (SBI) on May 7 announced that a customer can transfer his or her account from one branch of the bank to another without even visiting the bank. The customer can do it simply by using the YONO SBI app, YONO Lite app and SBI’s online services.

How long can a bank account be inactive?

Definition of a Dormant / Inactive Bank Account? If you SB or current account hasn’t witnessed any transactions(credit/debit except interest credited the bank, deduction of service charges, for more than 1 year, the account is rendered inactive. On exceeding 2 years, the account is declared dormant/inoperative.

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