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Useful articles for your finance management by our team of experts

Unclaimed Deposits of Rs. 3,652 Crore Lying Idle with Banks

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unclaimed depositsGovt. of India has informed Parliament today that there is Rs. 3,652 crore worth unclaimed deposits with the banks. SBI alone accounts for 15% of the amount.

Finance Minister has that said banks are required to submit a return to the Reserve Bank of India (RBI) within 30 days of the close of the calendar year for all accounts that have not been operated for 10 years.  Public sector banks had Rs. 3,237 crore, private sector banks had Rs.340 crore and foreign lenders had Rs. 75 crore.

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