Regulatory Alerts2021-08-04
Added · Updated
Circular dated August 4, 2021 regarding regulatory instructions regulating dormant accounts
The Central Bank of Egypt establishes uniform definitions for dormant and active accounts across the banking sector, specifying inactivity periods of one year for current and mobile accounts and two years for savings accounts. Banks are required to notify customers monthly for three months prior to classifying accounts as dormant, prohibit fees on dormant accounts with zero balances, and allow account reactivation without charges. The instructions mandate quarterly reporting of dormant accounts to the Central Bank's financial inclusion database and grant banks a six-month transition period for compliance.