Glossary:


Term - D : Dormant Account

Dormant Account


Dormant Account

A Dormant Account is a bank account in which there have been no transactions for two years. These are also referred to as Inoperative Accounts. Some banks make a distinction and consider an account inactive if there have been no operations for a year and dormant if there have been no operations for two years. Transactions in this context refer to customer originated transactions and credit of interest on the account or service charges would not count as transactions.
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