What is standard Duration for which a Bank could retain dormant accounts as per RBI Regulations. An NRI who opened an US$ Fixed Deposit with Citi Bank Mumbai in 1992. He had to relocate back to India due a major operation. Now as he tracks his old balances Citibank tells him that they cannot keep accounts over 10 years. Is there a way to get back the money??
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Dormant accounts
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The accounts which have not been operated upon over a period two years should be segregated and maintained in separate ledgers. The relative ledger(s) and the specimen signature cards should be held under the custody of the Manager or one of the senior officials. The first withdrawal in such segregated accounts should be allowed only with the approval of the Manager.
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