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Question { ICICI, 63055 }

Explain the difference between inactive account and dormant
account?


Answer

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