RAMAN IOBIAN
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GENERALLY THE ACCOUNT BECOME INOPERATIVE WHEN THERE IS NO DEALING IN THE ACCOUNT FROM LAST 3 YEARS. YES BANK CHARGES NOMINAL CHARGES TO KEEP THE ACCOUNT IN BOOKS. BUT YOU WILL RECEIVE INTEREST AT SAVINGS BANK RATE REGULARLY. |
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concerned citizen
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The account which has not been operated by the account holder for a long period, is termed as Inoperative Accounts. Your money is not lost, nor you are required to pay any levy for non operating the account so long as the account is having minimum balance required by the rules of respective banks. Since these accounts are main sources for the unscrupulous elements to do fraudulent transactions, banks transfer the funds in such accounts to their HO, or Regional Office. The customer whenever he wishes to start operations again has to give a letter in writing and the account is made operative.
You may approach the branch manager, prove your identity and give application to make the account operative. No charges. |
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cvrk3
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If you have not kept the minimum balance, then the bank would have debited quarterly charges and by this time there would not be any amount left for you to worry.( of course, this will not apply to nationalised banks, as they have lower charges and lower minimum balance stipulations.)
Any account which has not been operated for more than 10 years is transferred to central Government with all details of the account.
Any account not operated for more than six months/one year would involve a closer scrutiy during the next operation. But the depositor can revive the account. |
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The ~Muffin~ Man
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I'm sure that most banks have a fee for this. They have fees for most everything else... |
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Kokopelli
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After a certain period of time the account is deemed to be abandoned. The account is closed and the funds are sent to the last known address of the depositor. If the funds are not received by the depositor then the funds are put into an unclaimed funds account, and after another period of years reverts to the state. This is why I never keep more than $1 in any account. |
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robert m
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Nein |
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Debby B
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My bank charges so I found out and wanted me to have some account activity and come in and show my identification- to make sure I am me- lol- and nothing strange is going on-D |
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words_smith_4u
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Each bank is different - but..
At my bank, if there's an account without activity of any kind for a year, it becomes an 'inactive' account. There is then a monthly charge... until the account becomes active - or the balance = $0 |
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Sun
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When you are not operating your bank account for more than 2 years it would be termed as inoperative( in case of running accounts only) if it earns interest or else it would be treated as dormant. Once the account is categorised inoperative or dormant, the credit to or withdrawals from that account would be monitored closely and authorised normally by the head of that branch. Even after the lapse of 10 years from the date of categorisation into dormant account, if the operation is not restored the balance in the account would be credited to the Government.
Normally, levy is not charged to the inoperative or dormant accounts. The levy would be charged to the accounts only if they are not maintaining the required minimum in the account. |
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muraly k
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it becomes a inoperative account |
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