Dormant account: What is a Dormant Savings Account

What is a Dormant Savings Account ? Your savings/ current account will be considered dormant if you do not make any transactions through it for more than 24 months. A dormant account is any bank account that has not sent or received a transaction in a fixed period of time. Importantly, each bank has different timelines for determining when a bank becomes dormant . A dormant account is a bank account with no transactions for a long period, typically 12-24 months, becoming inactive per bank policies. 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.