The credit balance in any deposit account maintained with banks, which have not been operated upon for 10 years are required to be transferred by the banks to the DEA Fund maintained by the RBI.
Mumbai: A whopping Rs 70,000 crore is lying with various banks, insurance companies, and mutual funds as unclaimed amounts by the depositors/legal heirs/nominees. In the case of banks, the unclaimed amount is over Rs 48,200 crore at the end of FY22, according to a Reserve Bank of India (RBI) report. The unclaimed deposits in the […]
