Accounts that have been inactive for a long time at banks and financial institutions can now be closed online or at any bank branch.
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Accounts that have been inactive in banks and financial institutions for a long time can now be closed online or from any branch of the bank. For this, the Nepal Rastra Bank has already issued instructions to banks and financial institutions.
Earlier, there was a provision that to close an account, the customer had to go to the branch where the account was opened and could not be done online. Stating that this was inconvenient for the customers, the Nepal Rastra Bank has asked to simplify the account closure process.
‘A provision should be made to enable the customers of the concerned institution to easily close accounts in banks and financial institutions at any branch office or mobile/web app across Nepal,’ the directive states. ‘In this way, if the customer requests to close the account in person or through mobile/web app, the balance in the account should be transferred to his/her account in another bank and financial institution requested by him/her and the account should be closed.’
The Nepal Rastra Bank has directed banks and financial institutions to prepare an action plan to reduce the number of inactive accounts they have and implement it by next Pus. ‘Availability should be made to inform customers regularly through telephone, SMS, email, etc. before the active accounts in banks and financial institutions are deactivated,’ the directive states, ‘Banks and financial institutions should activate inactive accounts within a period of at least 6 months.’ Arrangements should also be made to easily identify the customer and reactivate the account from any branch office of banks and financial institutions across Nepal.
In this way, if the customer requests to close the account, the balance in the account will be transferred to the account of the account holder in another bank and financial institution requested by the account holder. ‘Availability should be made to easily identify the customer and reactivate the account from any branch office of banks and financial institutions across Nepal,’ the directive states.
A system should be developed to monitor abnormal transactions in inactive and reactivated accounts in banks and financial institutions, and various materials should be regularly produced and broadcast to raise public awareness about inactive accounts, transactions that may be committed using them, and financial crimes.
