Dormant Account
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What Happens with ‘Unclaimed Deposits’ in Banking
The world of banking is not just about transactions and interest rates; it also involves a lesser-known aspect that concerns unclaimed deposits. Unclaimed deposits can occur for various reasons, such as dormant accounts, account holders relocating without updating information, or in unfortunate cases, when an account holder passes away without proper succession planning. In this article, we’ll delve into the…
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What are Dormant Accounts and Dormancy Policies in Indian Banking System
In the dynamic landscape of banking, understanding the concept of a dormant account and the associated dormancy policies is crucial for account holders. This article delves into what constitutes a dormant account, the reasons behind dormancy, and the policies implemented by Indian banks to manage such accounts. Dormant Account: Decoding the Silence Definition: A dormant account in Indian banking refers…
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