RBI /2014-15/222
RPCD.CO.RRB.RCB.BC.No.30/03.05.33/2014-15
September 09, 2014
All Regional Rural Banks /
State and Central Co-operative Banks
Dear Sir/Madam,
Inoperative Accounts
Please refer to paragraph
1(iv) of our circulars
RPCD.CO.RF.BC.No.89/07.38.01/2008-09 dated February 18, 2009 and RPCD.CO.RRB.BC.No.108/03.05.33/2008-09
dated May 22, 2009 on
Unclaimed Deposits/Inoperative Accounts in State / Central Cooperative
Banks and Regional Rural Banks respectively in terms of which a savings
as well as current account should be treated as inoperative/dormant if
there are no transactions in the account for over a period of two years.
Further, in terms of paragraph 2(vi), for the purpose of classifying an
account as inoperative, both the types of transactions i.e. debit as well
as credit transactions induced at the instance of customers as well as
third party should be considered.
2. There may be instances
where the customer has given a mandate for crediting dividend on shares
to Savings Bank account and there are no other operations in the Savings
Bank account. Some doubts have arisen whether such an account is to be
treated as an inoperative account after two years.
3. In this connection, we
clarify that since dividend on shares is credited to Savings Bank
accounts as per the mandate of the customer, the same should be treated
as a customer induced transaction. As such, the account should be treated
as operative account as long as the dividend is credited to the Savings
Bank account. The Savings Bank account can be treated as inoperative
account only after two years from the date of the last credit entry of
the dividend, provided there is no other customer induced transaction.
Yours faithfully,
(A. Udgata)
Principal Chief General Manager
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