These 3 types of bank accounts will be closed from 7 February 2025, know the new rules of RBI!


In India, new rules are implemented by RBI (Reserve Bank of India) from time to time in the banking sector in India. The purpose of these rules is to protect customers and strengthen the banking system. Recently, RBI has taken a major decision, under which three types of bank accounts have been ordered to be closed since 7 February 2025. This decision will apply to accounts that do not follow the prescribed standards.

In this article, we will tell you which type of bank accounts will apply this rule, what is the reason behind this and what steps should the customers take. If you also have such an account, then this information can be very important for you. Let’s know in detail about this new rule.

RBI new rules: Which accounts will be affected?

The RBI has clarified that certain types of bank accounts that do not complete the KYC (Know Your Customer) process or follow other set standards will be closed. This rule will apply to the three types of accounts given below:

  1. Non-Kyc Compliant Accounts
    Account holders who have not yet submitted their KYC documents, their accounts will be closed.
  2. Dormant Accounts
    Accounts that have not had any transactions for the last two years and no requests have been made to activate.
  3. Unverified Accounts
    Those accounts whose verification process is incomplete or in which incorrect information is given.

Purpose of rules

RBI has taken this step so that:

  • Transparency can be brought in the banking system.
  • Fraudulent Activities can be prevented.
  • Customers’ personal information can be protected.
  • Correct use of passive accounts can be ensured.
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Brief description of RBI’s new rule

A brief description of this new rule is given in the table below:

Description Information
Date of implementation of rules 7 February 2025
Issuing Institution Reserve Bank of India (RBI)
Targeted accounts Non-Kyc, Dormant, Unverified Accounts
Main objective Transparency and security
Affected customer All bank customers
Required document KYC document
Solution process KYC updates and account activating

What should affected customers do?

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:

1. Update KYC

  • Go to your nearest bank branch and submit the KYC document.
  • Take identity cards like Aadhaar card, PAN card, passport etc.

2. Activate the passive account

  • Do transactions in your passive account.
  • Send a request to the bank to activate the account in writing.

3. Complete the verification process

  • If your account is uncomfortable, update your information immediately.
  • Provide correct and accurate information.

Effect of these rules

This decision of RBI can see many positive changes:

  • The number of fake accounts will decrease.
  • Customers’ personal information will be more secure.
  • Inactive accounts will be used correctly.
  • Fraud and illegal activities will be controlled.

However, this may cause some inconvenience to the customers who have not yet updated their KYC documents or whose accounts are inactive.

FAQ: Frequently Asked Questions

1. Will this rule apply to all types of bank accounts?

No, it will only apply to non-Kyc Compliant, Dormant and Unverified Accounts.

2. How do I know whether my account will be affected or not?

You can get this information by contacting your bank.

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3. What is the last date to update KYC?

You have to complete the KYC process before 7 February 2025.

4. If the account is closed, can it be opened again?

Yes, but for this you have to complete all the necessary procedures.

conclusion

These new rules issued by RBI are made to ensure customers’ safety and transparency of banking systems. If your account also comes in these three categories, then take necessary steps as soon as possible.

Disclaimer:

This article is written only for the purpose of providing information. Please contact your bank for more information and assistance. These rules issued by RBI are real and will apply to all banks.

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Hello friends, I am Ashok Nayak, the Author & Founder of this website blog, I have completed my post-graduation (M.sc mathematics) in 2022 from Madhya Pradesh. I enjoy learning and teaching things related to new education and technology. I request you to keep supporting us like this and we will keep providing new information for you. #We Support DIGITAL INDIA.

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