Legal Question in Banking Law in India
dormat account
pl. send definition of dormat account in savings & current accounts as per banking law
Asked on 5/26/08, 1:29 am
2 Answers from Attorneys
J. Radhakrishnan
independent Practice
Re: dormat account
There is a mistake in your question. Did u mean 'dormant' ?. If it is so, there is no definition of dormant account in Banking Law as such. But RBI guidelines call accounts in SB and current Account where there is no operation for a period of two years as "dormant' and wants caution to be exercised where it is operated after a lapse of two years or more
Answered on 5/28/08, 11:22 pm
Aniruddha Pawse
Aniruddha.P.Pawse Advocates
Re: dormat account
You can refer the banking regulation act for defination
Answered on 5/27/08, 8:59 am
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