Bank Account- These mistakes cause bank account freeze, know about them
Today there is hardly any person who does not have a bank account, because bank accounts have become a fundamental aspect of daily life, which fulfill many needs from government schemes to personal and business transactions. But friends, do you know that if they are not managed properly then they can also be frozen, let us know which mistakes should not be made that cause account freeze-
1. Account management
Most of the people in the country have a bank account, which is often necessary for daily expenses and online transactions. Ignoring proper management can lead to unexpected results like account closure or freezing
2. Regular KYC update
As per RBI rules, it is mandatory to update Know Your Customer (KYC) details, for which account holders have to update their information every three years. Non-compliance may lead to the account being closed or frozen by the bank,
3. Vigilance against suspicious transactions
Banks monitor accounts for any irregular or suspicious activities, such as sudden large transactions or money coming from abroad. Such incidents, however, can lead to the account being frozen,
4. Preventing account inactivity
No matter the type of account, be it savings, current, or zero balance, it is important to maintain regular transactions. Accounts that remain inactive for more than two years run the risk of being labeled as non-operational
5. Proactive documentation and updates
Ensuring accurate and up-to-date documentation is essential to prevent the account from being frozen in case of changes. It is equally important to regularly update personal details, including phone numbers and email addresses, to facilitate smooth communication with the bank.
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