How to Keep Savings Account Active Forever

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How to Keep Savings Account Active Forever
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Savings account

• People having more than one savings account are
  familiar with the inactivation of account system.
  When using multiple accounts, it is not always
  possible to maintain the minimum balance in all
  and also the make transaction in all in regular
  interval. These two points lead to the
  inactivation of the account. In such case, an
  penalty amount is deducted from the existing
  balance of the customer. This article gives you a
  detailed idea regarding the inactivation process
  and the ways to combat such situation.

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How the account becomes inactive?

• If the account holder does not withdraw or carry
  out any transaction in the account for a long
  period , the account becomes automatically
  inactive. The transaction may be via the ATM,
  branch or Internet. If there is no transaction in
  form for a period of more than a year banks
  consider the account as inactive. Usually when a
  customer does not make any financial transaction
  through the savings account for a year, it is
  classified as inactive. If the account remains
  unused for almost two years, it is treated as a
  dormant account by the bank. The customer is
  debarred from operating the account through the
  ATM, phone or Internet banking, once it has been
  classified as inactive or dormant. After payment
  of the penalty, the customer is allowed the
  access.

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How to make Inactive savings account active?

• It should be kept in mind that the bank officials
  do not inform the customer that his account is
  inactive or dormant. once the customer with his
  own effort comes to know that the account is
  inactive, he/she has to walk into the branch to
  reactivate these accounts. The banks also do not
  consider system-generated debits (default charges
  or debit interest) as a valid withdrawal. So if
  you do not use the account for a time period more
  than a year, it is regarded as inactive even if
  the bank statement may show some debit charges.

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How to avoid the situation?

• Here are some easy steps to prevent the savings
  account from being inactive.
• You should remember that transaction means
  combination of deposit and withdrawal. Only
  deposits do not lead to a valid transaction. If
  you are depositing for one year without any
  withdrawal, your account may still have the
  chance to be inactive

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• Make withdrawals at regular interval
• Do not open savings accounts unnecessarily at
  multiple banks
• Fragment your outgoings through different
  accounts if you have multiple savings account.

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