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Check your terms and conditions! Usually there is, but if you check on the status of your account then it counts as active, even if you don't transfer money. Just check on your money at least monthly, and read through the terms of your account if you are still not sure!
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How do you activate a dormant account?
You can activate a dormant account by writing a letter of reactivation to the banking institution. To keep an account from becoming dormant, one is required to make periodic withdrawals from it.
How do you activate dormant account?
You can activate a dormant account by writing a letter of reactivation to the banking institution. To keep an account from becoming dormant, one is required to make periodic withdrawals from it.
What does dormant accounts mean?
A dormant account is some sort of account or credit line that is open, but inactive. For instance, I have an equity line of credit with a zero balance. It is dormant.
What is the difference between inactive accounts and dormant account?
There is no different. An inactive account is a dormant account, meaning there has been no activity for a certain amount of time.
Difference between Inactive Account and dormant account?
If there are no transactions from last 6 months in a particular bank account it is called inactive account and the same continues for one year it called as dormant account
Bank can refuse payment in a dormant account?
Yes. A Dormant Account is one which is inactive for a long period of time. The bank keeps it in Dormant or Inactive status to avoid malpractice or unauthorized activity in it. In such cases, the bank will not accept any deposits or issue payments from the account. They have all the right to refuse payments on a dormant account. The customer has to reactivate his/her account before they can perform transactions in it.
Can a bank credit deposits in an dormant account?
no
Can a check be deposited in a dormant account?
Yes
Can a dormant account be closed and balance transferred to Profit loss account?
Can_a_dormant_account_be_closed_and_balance_transferred_to_Profit_loss_account
What does accounts means?
A dormant account is some sort of account or credit line that is open, but inactive. For instance, I have an equity line of credit with a zero balance. It is dormant.
What does accounts mean?
A dormant account is some sort of account or credit line that is open, but inactive. For instance, I have an equity line of credit with a zero balance. It is dormant.
When will rbi dispense with dormant account charges in Indian banking scenario?
rbi is yet to think of constituting a committee to find what dormant account maintenance charges are and how it impacts a depositor.
