MUMBAI: The Reserve Bank of India clarified that banks will have to calculate balances in all accounts falling under the Depositor Education and Awareness Fund (DEAF) Scheme, and transfer interest payments on Jun 30, which must be calculated till the date of transfer of funds. Under the scheme, the credit of any account in India with any bank that has not been operated for 10 years or any deposit or any amount remaining unclaimed for more than 10 years has to be credited to the fund within three months from the expiry of the said period of 10 years. The fund is to be used for the promotion of depositors’ interest and other purposes as specified by the RBI. However, depositors are entitled to claim their deposit, or any other unclaimed amount, from the bank or operate the account after ten years, even if the amount has been transferred to the Fund.

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