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What is Dormant Account?

Dormant Account is the account which is inactive from 1 year in any bank or financial institution. First bank will be inactive and then bank will inform to the account holder to transactions in same bank account.





If there is no action. Bank will transfer same customer account as Dormant account

"No CLAIMER ACCOUNT "

After dormant account transfer

customer will unable

1. Issue of fresh check book
2. renewal of ATM CARD or DEBIT CARD
3. Change of address
4. Transaction through Internet Banking

Related Terms

What is MMT?
What is Financial Repression?
What is Nodal Account?

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Accounting Education: What is Dormant Account?
What is Dormant Account?
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Accounting Education
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