A dormant or inoperative account is not a lost account. Whether the account has been unused for two years or the deposit has remained unclaimed for a decade, RBI's framework provides a route for the rightful account holder or beneficiary to recover the money. For the full story, visit the source.
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When does RBI classify a bank account as dormant? Here's what rules for reactivation and unclaimed money say
A dormant or inoperative account is not a lost account. Whether the account has been unused for two years or the deposit has remained unclaimed for a decade, RBI's framework provides a route for the rightful account holder or beneficiary to recover the money.
By Garvit Bhirani· Livemint· 1 day ago· 2 min read
This summary is sourced from Livemint. Read the full article at:Livemint