| Jan 22, 2014, 11:58AM IST
New Delhi: The Reserve Bank of India (RBI) proposed on Tuesday that unclaimed bank deposits, estimated to be about Rs. 3,500 crore, be used for education and awareness amongst depositors. RBI has said that bank deposits that have not been claimed for 10 years or more shall be transferred towards the Depositor Education and Awareness Fund Scheme.
RBI said that credit balance of savings bank deposit accounts, fixed or term deposit accounts and current deposit accounts that had not been operated upon for at least 10 years or any funds that have not been claimed for 10 years or above were to be credited to the scheme fund.
In case a depositor or any other claimant claims his deposit or unclaimed amount or operate his account or deposit account from or with the banking company after the period of 10 years, the banking company shall be liable to repay such deposit or amount at a rate of interest as may be specified by the RBI.
The fund shall be utilised for promotion of depositors’ interests and for such other purposes which may be necessary for the promotion of depositors’ interests as may be specified by the RBI from time to time. A committee of not more than 11 members shall be appointed to manage the fund.
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