How to Reactivate A Dormant Account
You can reactivate your account any time to be able to operate it or close it. The actual process of reactivation may vary from bank to bank. The account usually gets activated within 24 hours, according to www.bemoneyaware.com.
To reactivate an inactive account, you need to conduct a transaction by cheque or ATM. In case you have other active accounts, you can send the bank a secure message from your personal Internet banking ID instructing it to debit from this account to another.
To reactivate a dormant account, submit a formal application to the bank stating the reason for your absence. Banks are expected to exercise due diligence in verifying customer credentials before reactivating accounts. Usually, banks will require the account holders to present themselves with address proof and identity documents at the nearest branch to complete the Know Your Customer formalities. Usually, banks cannot levy any charges for activation of a dormant account.
How to close bank account?
If you do not intend to use an account, close it. Write an application with your account details and submit it to the bank branch. You may be required to submit the unused cheque leaves and ATM card. The account is usually closed on the spot. The letter is addressed to the manager of the bank.
A savings/current account is treated as inoperative/dormant if no transaction has been conducted through it for a specified period of time. The segregation of inoperative accounts is to reduce the risk of fraud. However, the guidelines state that the customer should not be inconvenienced in any way just because the account has been rendered inoperative. One should be allowed to operate such accounts after due diligence conducted as per the risk category of the customer, which means ensuring the genuineness of the transaction, verification of the signature, etc. of the customer.