Daily News Analysis

Inoperative account by RBI

05 Jan,2024 Download Pdf 1 Min Read

A savings or current account is treated as inoperative, if there are no ‘customer induced transactions’ in the account for a period of over 2 years.
A customer induced transaction can be a financial transaction initiated by or done at the
- Behest of the account holder by the bank or third party, or
- A non-financial transaction, or

A KYC (know your customer) updation done in face-to-face physical mode or through digital channels such as internet banking or mobile banking application of the bank.

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