This paper presents a comprehensive study on the stability of the deep underground closed Kolar Gold Fields mine (3.2 km deep) under varying seismic loading conditions. The study utilized the Finite Element Method (FEM)-based Midas GTS NX software tool to conduct numerical simulations of seismic loads of varying intensities under multiple conditions of water level in the mine voids. The seismic loads applied were equivalent to the intensity of maximum mining-induced seismicity experienced in the mine. The study also examined the influence of the Mysore North Fault and its effects on the surface above the mining area. A seismic hazard vulnerability map of the mining area was developed based on the results for all simulated numerical model combinations. The results inferred that for a seismic load of PGA, 0.22 g, for fault and actual water level combination, very strong shaking and moderate potential surface damage were observed at vulnerable zones with a maximum PGA of 0.196 g and Peak Ground Velocity (PGV) of 0.49 m/s. The study highlights the importance of monitoring post-mining induced seismic activities using a dedicated microseismic monitoring system with sensors placed at the most vulnerable zone locations assessed from the numerical modelling studies carried out. Remedial measures suggested include regular dewatering of mine workings based on water accumulation and backfilling of mine voids with suitable fill material. The dynamic modelling approach using Midas GTS NX was found to be a more reliable, feasible, efficient, and simple method for assessing the stability of closed mines.