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

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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

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Answered on 5/27/08, 8:59 am

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