The Government has said that about 4.09 crore savings accounts are inactive in the Post Offices of the country. In a written reply Communication and IT Minister Kapil Sibal said in the Lok Sabha that a saving account in which a deposit or withdrawal has not taken place for three complete years is treated as an inactive account. He said that the balance amount from such accounts remains in the National Small Savings Fund. The depositor continues to earn yearly interest and can reactivate his account anytime after filing an application.
News On AIR | March 9, 2011 3:14 PM
4.09 crore savings accounts inactive in Post Offices: Govt