RBI has recently ruled that banks can not impose a fee for reactivating the account fo any inoperative account for the months and bank has to pay the interest of 3.5 % on the balance amount of the account.
An account is known to be inoperative if there is no transactions has been carried out for a cetain period at the stetch. It ranges from one year to 18 months and varies from Bank to Bank.
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Monday, September 8, 2008
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