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ICICI Bank ICICI Bank

Inoperative/dormant Account

 

As per the Reserve Bank of India (RBI) guidelines, if there are no customer-induced transactions (financial or non-financial) for a period of 12 months, the account will be classified as ‘Inactive’. Further, the account will be classified as “Inoperative/Dormant”, if there are no Customer-induced transactions (financial or non-financial) for a period of 24 months in the account.

 

 

How to avoid this
  • Operate the account regularly by carrying out any financial/non-financial transaction/s 
  • Set up Standing Instructions in the account
  • Activate Mobile Banking and Internet Banking for easy accessibility 

 

Restrictions in an Inoperative account
  • Cash transactions through the branch and ATM
  • Transactions through Internet and Mobile Banking
  • Request for cheque book, Debit Card and other deliverables
  • Services related to modifications in the account

How to activate an Inactive and/or Inoperative account
  • An inactive account can be activated by carrying out any customer-induced transactions (financial or non-financial) through the branch, ATM or any online mode
  • An inoperative account can be activated by submitting a re-KYC request along with the below list of KYC documents at any branch 

List of KYC documents (carry original)

Individual account:

  • Address Proof/ID Proof (Any one) - Voter ID/Driving Licence/Valid Passport/Proof of possession of Aadhaar number/National Rural Employment Guarantee Act (NREGA) Job Card/National Population Register (NPR) Smart Card 
  • PAN Card or Form 60
  • Two passport-size photographs

Non-Individual account:

  • PAN and address proof of the entity
  • PAN, photograph and KYC documents of the Authorised Signatory/Beneficial Owners (AS/BO)
  • Constitution Documents (Certificate of Investment (COI)/Partnership/Limited Liability Partnership (LLP) Deed/Memorandum of Association (MOA)/Article of Association (AOC), Registration Certificate (RC)/Trust Deed etc.)
  • Foreign Account Tax Compliance Act (FATCA)/Common Reporting Standard (CRS) Declaration
  • Request Letter, Board/LLP resolution, Partnership Letter (in case of change of signatory) and Signature Updation Form

Fixed Deposit:

  • KYC documents as applicable for Individual/Non-individual account/s of all Fixed Deposit holders 
  • Fixed Deposit receipt

Non-Resident Account:

  • Valid Passports (Indian/Foreign) of all holders
  • Valid NRI status proof of all holders – click here to know more
  • Valid communication/Permanent address proof of all holders  Pan Card/Form 60
  • FATCA/CRS Declaration

Disclaimer

PROCEED