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What is dormant account?

What is dormant account?

Tuesday, September 5, 2017, 4:21 PM

If you have a current or a savings bank account and have not done any transactions through it for more than 24-months, then it will be classified as dormant. As per RBI guidelines, an account becomes dormant if a customer doesn't initiate transactions such as withdrawal of cash at a branch or ATM, payment by cheque, transfer of funds through Internet-banking, phone-banking or ATMs.
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