Inoperative & unclaimed accounts: How will the RBI’s revised guidelines benefit customers?

The Reserve Bank of India (RBI) has revised guidelines for classifying accounts and deposits as inoperative accounts and unclaimed deposits by banks. As per the norms, account holders can reactivate their inoperative accounts/ unclaimed deposits by submitting know your customer (KYC) documents afresh at all branches, including non-home branches, of banks in which they have an account.
What is an inoperative account?
A savings or current account is treated as inoperative, if there are no ‘customer induced transactions’ in the account for a period of over two years.
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