Explain the difference between inactive account and dormant
account?
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Answer / devindra bhattacharya
Inactive account means an account had not been in use for a
long time and not going to be used in the future.Dormant
accounts are those which are presently not in use but it is
likely that it may be used in the near future.
| Is This Answer Correct ? | 131 Yes | 36 No |
Answer / murali mohan
It is depending on the individual bank's discretion. If
account is not operated since 6 months, it treated as
dormant account. If not operated more than one year, it
treated as inoperative. In these type of accounts, credits
will be allowed (ECS credit of dividend warrants etc.,) but
debits not allowed till receipt of written request from the
account holder/s.
| Is This Answer Correct ? | 30 Yes | 16 No |
Answer / y k gupta
In banking parlance, in case of saving account, an account
is dormant if it is not operated for a period of 1 year and
will become inoperative if it is not operated for 2 years
(inclusive of 1 dormant year). In case of current account,
it is 6 month + 6 months
| Is This Answer Correct ? | 33 Yes | 23 No |
Answer / shashikant panpalia
If account is not operated since 6 months, it treated as
dormant account. If not operated more than one year, it
treated as inoperative. In these type of accounts, credits
will be allowed but debits not allowed till receipt of
written request from the
account holder/s.
| Is This Answer Correct ? | 16 Yes | 8 No |
Answer / jacqui
In banking, an in-active account is one that has not shown
any activity over a certain period of time, other than the
posting of interest or service charges. This peroid
depending upon the type of account may be 3 or 6 months. A
dormant account is one that has been inactive for a longer
period usually 6 or 12 months.
| Is This Answer Correct ? | 6 Yes | 4 No |
Answer / kg
If you do not make any withdrawal from your account for 1 year then you account will become inactive, and then you will not be able to withdraw money from it (by any mean like ATM, Cheque or so on) however you will be able to deposit money in your account without any problem.
If for next 1 year (total 2 years) you don’t make any withdrawal then your account will be declared as Dormant and you will not be able to make any transaction from your account. In case of current account the time period is 6 months and 1 year.
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / rikki
An inactive account is an account that has not had any
activity in a period of 6 months, ex: No transactions such
as withdrawals or deposits.
A Dormant account is an account that has first gone
inactive (6 months) with no activity such as deposits or
withdrawals, for a total of 12 months (1Year).
| Is This Answer Correct ? | 13 Yes | 13 No |
Answer / hassaan bin yousaf
In simple words an account which has no transaction excluding service charges or profit for about 6 months becomes inactive account and if this time period extends to 1 year it becomes dormant account.
| Is This Answer Correct ? | 2 Yes | 2 No |
Answer / mary margaret
Inactive is a 'active not' but dormant is something like
door mat. Err.. I dont know exactly... but rrrrr
| Is This Answer Correct ? | 6 Yes | 7 No |
In case of Inactive Account,the account has infrequent
deposits or withdrawals. If no activity is recorded for a
specified period say(6 months), other than crediting of
interest, it is considered a Dormant Account and is not
considered as active accounts
Whereas in case of Dormant account,a savings account showing
no activity (other than posting interest) for some specified
period.
| Is This Answer Correct ? | 1 Yes | 2 No |
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