What is difference between Inactive or Dormant Bank Account?
The terms "inactive account" and "dormant account" refer to the status of personal and corporate bank accounts (for those dealing with SME banking in Sri Lanka) that have not been used for a certain period, but they have distinct meanings:Inactive Account:· Definition: An inactive account is one that has not had any transactions or activity (like deposits, withdrawals, or transfers) for a specified period, often a year or more,...