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Inoperative Accounts

The RBI has asked banks to make an annual review of such accounts and write to the account holders asking for reasons for the dormancy. The RBI wants banks to track account holders through the telephone or email, their legal heirs, the introducer, or employer in cases where letters remain unanswered.

Deposit accounts – savings and current – are treated as dormant (there is no credit or debit other than crediting of periodic interest or debiting of service charges) if there are no transactions in them for over two years.