Nepal Rastra Bank Publishes Notice on Dormant Accounts

Nepal Rastra Bank has issued an important notice regarding the management of dormant accounts. According to the notice, savings accounts that remain inactive for more than three years and current accounts inactive for more than one year will be classified as dormant accounts by banks and financial institutions.

To reactivate a dormant account, account holders must submit the necessary documents. In the case of the account holder's death, legal heirs can reactivate the account by providing valid proof.

The process has been simplified with the option of electronic identification, and no fees will be charged for account reactivation. For accounts that remain inactive for 10 years, the banks and financial institutions are required to publish a public notice and transfer the funds to the National Depository Fund.

For more information, visit Nepal Rastra Bank's website at www.nrb.org.np or contact the designated phone numbers.

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