What does Inactive Account mean?
An inactive account, also called “dormant account” is that banking account where there was no visible transaction or any other activity for a very prolonged period (usually years). However, if for a period of 6 months there is no registered activity, the respective account is considered inactive/dormant already. It always depends on the issuing banking institution’s rules and conditions which is that period from which if there are no transactions whatsoever, the account is considered inactive. Also, it is subject to the institution’s decision if and when they will close the respective account for reasons of inactivity.