Dormant Account Activation:
Inactive Account: In case there is no customer-induced transaction (debit or credit) in the account for a period of 12 months, then the account is classified as an ‘Inactive’ Account. It can be activated by doing a simple financial transaction, through any channel, like ATM, Internet Banking and Branch etc.
Dormant Account: In case there is no customer-induced transaction (debit or credit) in the account for a period of 24 months, then the account is classified as a ‘Dormant’ Account.
The customer may not be monitoring this account and hence, to safeguard the interest of the customer, there are certain restrictions imposed on the Dormant Account.
|Transactions denied for an account in the ‘Dormant’ status|
|Transactions through ATM and Infinity/Mobile Banking.|
|Change of address (including phone no, mobile no & e-mail address).|
|Issuance of chequebooks/deliverables.|
|Renewal of cards.|
|All other account servicing and financial requests.|
Important Note: The Savings Account holder has to visit a branch in person to submit the request for Dormant Account activation.
With effect from 4th June 2020, the savings account interest rate applicable would be:
In case, of relocation/transfer from one place to another - Account portability is the answer.
Account number portability ensures that the account is ported to an identified branch without changing the Account Number.
Active Accounts: (In case the account is ‘Inactive’, it can be activated by doing a single transaction, through any of the channels. Example: ATM, Internet Banking etc.)
Conversion of Resident Savings Account to NRO:
On change of the residential status from Domestic Indian to an NRI/PIO, the domestic Savings Account is required to be converted or re-designated an an NRO Account.
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