When he tried to withdraw from one of his older savings accounts, his withdrawal requests were rejected by one ATM after another. Like the professional, many possess multiple savings accounts, which over time become dormant due to no activity, according to /http://www.moneycontrol.com/news. When you don’t transact through a bank account for more than 12 months, that account gets classified as an inactive account. For example, some banks do not allow ATM, phone banking and net banking transactions in its dormant accounts. As inactive or dormant bank accounts are a result of not closing the accounts, the first step towards avoiding the problem of inactive or dormant bank accounts is to close the accounts that you do not need.

Source: Punch July 05, 2019 03:00 UTC