Dormant accounts are financial deposits with no recent activity , often forgotten by owners. They can become state-held property after a specific dormancy period but remain retrievable. Learn... i. Dormant Accounts : Accounts that have not seen any transaction activity for continuous 2 years or more. These accounts are highly susceptible to fraudulent activities, as they tend to be neglected by their holders, making them targets for hacking and other malicious actions. Dormant account fee or a dormancy fee is often charged by banks if you haven’t made any transaction from that bank account for a certain period of time. This fee or penalty can vary depending on the bank, the type of account , and the period the account has remained dormant for. In such cases, those unused accounts go Dormant . In this article, we will understand the complete details related to the Dormant Account . What are dormant accounts ? Impacts of a dormant account , and we will also understand the process and documents to reactivate the dormant account .
