Savings Account Status

Settings & Administration Updated 21 Aug 2026 Version 1

Saving accounts can have multiple status as mentioned below

Active

Members are allowed to perform both deposits and withdrawals when account status is active.

Inactive

Members are blocked to perform any transaction if the account status is inactive. Member can still login and check balances and history but not allowed to do transactions. Admin will have to activate the account manually before any transaction can be done. As the account can be inactive due to any reason

  1. KYC

  2. Legal Issues

  3. etc

Dormant

Members are not allowed to perform any transactions when account status is Dormant. This can be configured at product level to reactivate automatically when a deposit transaction is made by the user to activate the account or admin is able to activate.

Also when account is dormant

  1. Accounting entries are done to move member balance from portfolio account to dormant account

  2. When the account is reactivated again the money will be moved back to portfolio account

Closed

Members are not able to see and perform any transactions on such accounts