SILENT ACCOUNT - PowerPoint PPT Presentation

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SILENT ACCOUNT

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  1. SILENT ACCOUNT • An account in which no transaction has taken place for three consecutive financial years since last transaction is treated as silent on 31st March of the third year. • E.g. If an account has DLT- 27/7/2009, the account will be treated as silent on 31.03.2013. • Entry of interest is not treated as transaction for this purpose.

  2. SILENT ACCOUNT • In case of silent accounts in which the minimum balance is below Rs.50/-, a service charge of Rs.20/- per year is debited on the last working day of the financial year. • When the balance becomes zero, the account shall be treated as closed.

  3. Revival of silent Account As per the new procedure applicable from 01/04/2010- • Revival can be made at the PO where the account stands. • Transaction can be made by either deposit or withdrawal • Depositor has to attend personally. • Take application on plain paper. • Depositor has to reintroduce himself • Submit KYC documents

  4. Supervisor to accept the documents and pass order of revival on the application. • Application Preserved for three years. • Remark of revival to be noted in LOT • SBSO to revive the account the time of posting