SBI launches nation-wide drive to raise awareness for inoperative accounts

State Bank of India has launched a nationwide drive to raise awareness about the importance of inoperative account activation. A savings or a current account is treated as inoperative if the customer has no transaction in the account for over two years. Activation of these accounts requires Re-KYC. Necessity of regular transactions in the account and preventing categorization into in-operative was the key message, SBI said in a statement.

An account, savings or current, is classified as inoperative if no transactions are conducted for over two years. Reactivation of such accounts requires customers to complete a Re-KYC (Know Your Customer) process. SBI stressed the importance of regular transactions to avoid accounts becoming inoperative.

 

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SBI chairman C S Setty emphasized the need to drive the Re-KYC exercise in letter and spirit, to maintain PMJDY accounts in active status and enable customers to conduct transactions seamlessly. He urged Business Correspondents to harness the technology to bridge the gap and reach the last-mile customer, thereby enhancing customer experience.

 

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