EVERYDAY SCIENCE

Detailed explanation-1: -The account owner can request the bank to reactivate a dormant account. First, the bank would ask them to present several documents, including account number, identification, and other proofs. Then, the person usually has to do some transactions to ensure that the account is reactivated.

Detailed explanation-2: -What is considered an inactive account? A savings/current account is considered inactive if no transactions are made through it for more than 12 months. What is a dormant account? When you do not make any transactions in your bank account for 24 months, the bank classifies it as a dormant account.

Detailed explanation-3: -If you still don’t continue to make any debit or credit transactions even after being declared as inactive, only then your account becomes dormant. The time taken for your demat account to move from inactive status to dormant status is usually mentioned in the agreement that you sign with the depository participant.

Detailed explanation-4: -Know your time limit. Some brokerage firms label a demat account as dormant if it’s been inactive for three years. Reactivating your account. Get a reactivation form from your broker or depository participant (DP). Settle all dues. Reactivation charges. Keep your demat account active.