Inoperative (Dormant) Account:
A savings/ current account shall be treated as inoperative if there are no ‘customer induced transactions’ in the account for a period of over two years,
In line with the prevailing Reserve Bank of India (RBI) guidelines, RBI/2023-24/105 DOR.SOG(LEG).REC/64/09.08.024/2023-24 dated January 1, 2024, customer induced transactions, which includes Financial and Non-Financial transaction (listed below as Annexure I).
If there are no such transactions for a period of over two years, the status of your account will be changed to ‘Inoperative (Dormant)’ and you will not be allowed to carry out operations in the account.
Some of these operations are listed below:
1. Request for address change
2. Request for cheque book
3. Transactions through Cheque
4. Cash deposit/withdrawals
5. Transactions through ECS, NEFT, RTGS, internet banking
6. Transactions i.e. request for cashier order, demand draft
Next Steps: Once the account status is converted to ‘inoperative (Dormant)’, you will not be able to conduct any transactions on the said account, until you have activated the same by submission of the below documents:
1. You are required to furnish complete KYC documentation.
2. Request letter from the customer and in case of current account, letter on company’s letter head signed by the authorized signatory for the account providing the reason of inoperation and activation of account
Should you need any assistance for activation of your account, please get in touch with your Relationship Manager or visit our branch.
Annexure I
Financial Transactions:
a) RTGS / NEFT Transactions
b) Internet Banking Transactions
c) Transfer of funds from / to the linked account
d) Cheque Clearing
e) Remittance of funds by way of demand drafts
f) Cash withdrawal by third party through cheque
g) Standing Instructions issued by the customer
h) Term Deposit Interest / proceeds
i) Dividend on shares/Interest on Debentures or any other investment proceeds
j) Refunds like refunds related to e-commerce payments, Income Tax Returns, etc.