Depositors untraced

.....The bank has wrongly declared his account inoperative. As per RBI clarification, since the interest on Fixed Deposit account is credited to the savings bank account as per the mandate of the customer, the same should be treated as a customer induced transaction. As such, the account should be treated as operative account as long as the interest on Fixed Deposit account is credited to the Savings Bank account. However, this kind of savings bank account can be treated as inoperative account after two years from the date of the last credit entry of the interest on Fixed Deposit account.  The issue of unclaimed and inoperative deposit accounts came to lime light, when a few days back, the Reserve Bank of India told banks to spruce up their act in dealing with deposit accounts which have remained inoperative and are unclaimed so far....... 

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