It must be clearly understood that the money in a dormant account will remain the property of the account holder, or his/her legal heirs, if the account holder has died.
Where it is an interest bearing account, interest will continue to accrue at prevailing rates depending on the terms of the contract between the Bank and the customer until the time the balance is transferred to the Central Bank. No fees other than those agreed, during the lifecycle of account activity, should be levied on such dormant accounts.
Once an account has been classified as dormant, physical and electronic statement generation should be suppressed. However, the account/customer should not be precluded from other routine Bank communication lists on account of dormancy.
No debits or system based charges must be levied on dormant accounts. However, credits received, if any, are allowed to be deposited in the account. Such credits will not however interfere with the criteria for dormant accounts as set out in Article 2.
Banks must ensure that important terms relating to dormant accounts are included in the terms and conditions for account opening and hiring of Safe Deposit Boxes to ensure transparency for the customer, including the condition that the Central Bank is not taking any responsibility as a result of transferring the amounts available in the Dormant Accounts or Unclaimed Balances to the Central Bank in accordance with this regulation.