When your bank savings account can become dormant, how to revive it
savings account serving different purposes. However, in such cases there is a chance that one of such accounts can go unwatched. It is better to make some transactions in all your accounts once in a while so that it wont fall under dormant or inactive status.
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What are dormant, inoperative accounts? When does a savings account become dormant
A savings or current account is categorised as 'inoperative' or 'dormant' if there have been no transactions in the account for more than two years.
However, interest credited by the bank on the account balance, as well as any charges deducted by the bank, are not considered transactions for this reason.
According to the PNB post on social media X ( previously known as Twitter), “ As per the guidelines, a savings account as well as current account is treated as inoperative/dormant if there are no transactions in the account for over a period of two years. If you have not operated your account for over 24 months, please immediately contact your home branch for activation of your account & KYC updation to enjoy hassle free banking service.
Will bank inform the customer about his account becoming dormant?
According to the Tamilnad Mercantile Bank FAQs, “Yes. This happens in two stages: First Stage: The bank is required to review annually all Savings Bank / Current accounts and if there have been no “transactions”, the bank is required to inform the account holder to activate the account by putting through any single debit or credit transaction which can also be put through by a third party. Second Stage: If the account is not activated in the second year also then the bank is
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