Question

Q.)What is the key difference between inactive and dormant accounts?
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Answer 1

Answer:

Inactive Account: If you do not do any transactions through your savings account for more than 12 months, the account will be classified as "Inactive". Dormant Account: If you do not do any transactions through your savings account for more than 24 months, the account will be classified as "Dormant".

Answer 2

Inactive account=If you have a current or a savings bank account and have not done any transactions through it for more than 12 months, then it will be classified as an inactive account.

Dormant account=And if you don't do any transactions from a bank account for 24 months, then it will be classified as dormant.

Hope it helps you.

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