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SILENT ACCOUNT

SILENT ACCOUNT. An account in which no transaction has taken place for three consecutive financial years since last transaction is treated as silent on 31 st 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.

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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

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