Categories: Legal and Regulatory aspects of banking

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 banks to the depositors/claimants on the unclaimed interest-bearing deposit amount transferred to the Fund shall be 3.5% simple interest per annum with effect from July 01, 2018. The settlement of all claims received by the banks on or after July 01, 2018 will be at this rate, until further notice.
 
Surendra Naik

Share
Published by
Surendra Naik
7 years ago

Recent Posts

Explained: Disclosures Prescribed by RBI under Basel-III

The Basel Committee on Banking Supervision (BCBS) is the primary global standard setter for the…

6 hours ago

Disclosure requirement of Banks Listed on a Stock Exchange

In terms of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,…

7 hours ago

Understanding Comments on Profit and Loss Account Items

Many methods and techniques are used in the analysis of financial statements including profit and…

23 hours ago

Uttar Pradesh State General Holidays 2025

The Government of Uttar Pradesh vide order No.  870/3-2024-39(2)/2016 dated 17.12.2025 declared following days as…

2 days ago

Disclosure Requirements of Banks to Notes to Accounts,

Financial statement disclosures are non-financial information that appears at the end of a financial statement.…

2 days ago

‘Digital Arrest’ Scam: NPCI alerts UPI users

NPCI warns users about the rising 'Digital Arrest' scam targeting UPI users, in which scammers…

3 days ago