March 22: Under the new provision of Nepal Rastra Bank (NRB), savings accounts will be dormant if no transaction is recorded for three years. Likewise, current and call accounts will be dormant if no transaction is recorded for six months.

Earlier, all the accounts used to be dormant if transactions were not recorded for six months. The customers have to give an application in the respective bank to revive the dormant account. Meanwhile, the customers have to update the Know Your Customer (KYC) form if the account is dormant for a long period of time.

Banks had been asking the Nepal Rastra Bank (NRB) to review the provisions on dormant accounts. Statistics show that there are more than 4.4 million dormant accounts with all the commercial banks.