Public sector State Bank of India (SBI) has launched a nationwide campaign to raise awareness about the importance of activating dormant accounts.
Bank Rules: Public sector State Bank of India (SBI) has launched a nationwide campaign to raise awareness about the importance of activating dormant accounts. The bank said on Saturday that a savings or current account is considered dormant if the customer has not made any transaction in the account for more than two years.
SBI said in a statement that re-KYC (know your customer) process is required to activate these accounts. The need for regular transactions in the account and preventing it from falling into the category of inactive accounts is the main message.
SBI Chairman CS Shetty emphasized the need to implement re-KYC process in letter and spirit to keep PMJDY (Pradhan Mantri Jan Dhan Yojana) accounts active and enable customers to transact seamlessly. He urged bank representatives to use technology to bridge this gap and reach the end consumer, thereby improving customer experience.
