New SIDBI Grade A New Batch Starts on Nov 18

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    Question

    As per the revised instructions, the credit balance in any deposit account maintained with banks, which have not been operated upon for how many years or more, are required to be transferred to the "Depositor Education and Awareness" (DEA) Fund maintained by the Reserve Bank of India?

    A 5 years Correct Answer Incorrect Answer
    B 7 years Correct Answer Incorrect Answer
    C 10 years Correct Answer Incorrect Answer
    D 15 years Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    As per the revised instructions, the credit balance in any deposit account maintained with banks, which have not been operated upon for ten years or more, or any amount remaining unclaimed for ten years or more, as mentioned in paragraph 3(iii) of the "Depositor Education and Awareness" (DEA) Fund Scheme, 2014, are required to be transferred by banks to the DEA Fund maintained by the Reserve Bank of India.

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