Circular on Interest rates payable on unclaimed interest bearing deposit under Banking Regulation Act, 1949 – 26A Depositor Education and Awareness Fund Scheme, 2014 – RBI
View PdfCircular on Interest rates payable on unclaimed interest bearing deposit under Banking Regulation Act, 1949 – 26A Depositor Education and Awareness Fund Scheme, 2014 – RBI
- The rate of interest has since been reviewed and it has been decided 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 per cent simple interest per annum with effect from the date of this circular.
- Accordingly, all the banks are advised to calculate the interest payable on interest bearing deposits transferred to RBI at the rate of 4 per cent p.a. up to June 30, 2018, 3.5 per cent w.e.f. July 1, 2018 up to May 10, 2021 and at 3 per cent with effect from May 11, 2021 till the time of payment to the depositor/claimant.
- The other contents of the circular dated June 26, 2014 remain unchanged.
