Understand what makes an account dormant and learn the specific steps and documentation needed to reactivate it and regain access to your funds. Understanding the dormant account meaning is essential, as it helps account holders avoid the inconvenience and financial drawbacks that may follow. A dormant bank account is one that has remained inactive over a long period , typically due to no customer-initiated transactions. Dormant accounts are financial deposits with no recent activity , often forgotten by owners. They can become state-held property after a specific dormancy period but remain retrievable. Learn... What is a Dormant Savings Account? Your savings/ current account will be considered dormant if you do not make any transactions through it for more than 24 months .
