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Central Depository (Dormant Accounts) Rules and Procedures

An account is declared dormant if there has been no customer activity within a set time period. Different financial institutes have different rules as to what time period an account actually becomes dormant. Declaring an account dormant has the effect of “locking” the account such that no activity can be done on, or using that account before the account is activated. Dealings in dormant accounts shall only be allowed after due diligence on the customer. Due diligence means ensuring the identity of the account holder based on latest KYC documents (CDAs shall obtain latest address proof, ID proof, passport size photograph and profile), verification of the signature, genuineness of the reactivation instructions etc. before an account that has been flagged dormant can be activated.

Last modified on Thursday, 06 April 2017 13:15