The question below consists of a set of labelled sentences. Out of the four options given, select the most logical order of the sentences to form a coherent paragraph.
When an account is declared as Inoperative & Dormant Accounts?
A) Only after 2 years from the date of the lasttransaction
B) Only after 3 years from the date of the lasttransaction
C) Only after 1 years from the date of the lasttransaction
D) Only after 10 years from the date of thelast transaction
A) Only after 2 years from the date of the lasttransaction
B) Only after 3 years from the date of the lasttransaction
C) Only after 1 years from the date of the lasttransaction
D) Only after 10 years from the date of thelast transaction
Answer & ExplanationAnswer: A) Only after 2 years from the date of the lasttransaction
Explanation:
Schedule bank’s account can be treated as inoperative account only after 2 years from the date of the last credit entry of interest on Fixed Deposit account as per RBI guidelines.
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