Darmant Account

A savings as well as current account shall be treated as inoperative/Dormant if there are no transactions in the account for over a period of two years. In case of term deposits, the 2-year period shall be reckoned after the date of maturity. For the purpose of classifying an account as "inoperative" both the type of transactions i.e. debit as well as credit transactions induced at the instance of customers as well as third party will be considered. However, the service charges levied by the bank or interest credited by the bank will not be considered. There may be instances where the customer has given a mandate for crediting the interest on term deposit account and / or crediting dividend on shares to the savings bank account and there are no other operations in the savings bank account. Since the interest on term deposit account and / or dividend on shares is credited to the savings bank accounts as per the mandate of the customer, the same shall be treated as a customer induced transaction. As such, the account should be treated as operative account as long as the interest on term deposit account and /or dividend on shares 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 interest on term deposit account.