As per the Bank’s prevailing KYC/AML/CFT Guidelines, an account shall be classified as dormant or inoperative under the following circumstances:
- The savings as well as current accounts are treated as inoperative /dormant if there are no transactions in the account for over a period of one year. For the purpose of classifying an account as “inoperative/dormant”, both the type of transactions debit as well as credit transactions, induced at the instance of customers are considered.
- The accounts would also be classified as dormant accounts if there is no customer induced debit transaction in the account for two years even though there are credit transactions in the account."