Banking News

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.
 

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