Question
According to the RBI’s January 2024 circular, banks
must implement a specific reporting framework for unclaimed deposits. Which of the following best describes the obligation of banks in handling unclaimed deposits that are over 10 years old but for which the account holder or their nominee contacts the bank after the funds have been transferred to the DEA Fund?Solution
According to the "Unclaimed Deposits in Banks" circular, banks are obligated to verify the identity of the claimant and return the unclaimed deposit amount, but no interest is payable after the funds have been transferred to the DEA Fund.
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