The rate of interest payable by the banks on unclaimed balance
Till now the rate of interest payable by banks to the depositors/claimants on the unclaimed interest-bearing deposit amount transferred to the DEA Fund has been maintained at the rate of 4% simple interest per annum.RBI vide its circular RBI/2017-2018/191 dated June 07, 2018 communicated to all the banks that the rate of interest payable by…