How to get back 'unclaimed' deposits with bank
Click here to read full article from source
New Delhi, Jan. 7 -- Unclaimed deposits with banks have been growing every year. By the end of the financial 2019, the total value of unclaimed deposits soared to around Rs.18,380 crore. A year back, the amount was Rs.14,307 crore.
Reserve Bank of India (RBI) classifies a deposit as unclaimed when a customer doesn't make any transaction in the account for 10 years or more. Unclaimed deposits include such funds in current and savings accounts, fixed deposits, and other deposits (like recurring deposit, pay orders, etc) with banks.
All such money is transferred to RBI's Depositor Education and Awareness (DEA) Fund every month. In the financial year 2019-20, DEA fund was about Rs.33,114 crore. Last year, it was Rs.25,747 crore, according t...
To read the full article or to get the complete feed from this publication, please Contact Us