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Corporate Laws Central Ministry of Finance Reserve Bank of India Act, 1934

Change in Interest rates payable on unclaimed interest bearing deposit

11-May-2021 | RBI/2021-2022/37 DoR.DEA.REC.No.16/30.01.002/2021-22

RBI vide circulars no. DBOD.No.DEAF Cell.BC.126/30.01.002/2013-14 dated June 26, 2014 and DBR.DEA Fund Cell.BC.No.110/30.01.002/2017-18 dated June 07, 2018 had specified the rates of interest payable by banks to the depositors on the unclaimed interest bearing deposit amount transferred to the Depositor Education and Awareness Fund.

RBI has now 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% simple interest per annum.

Accordingly, all the banks are advised to calculate the interest payable on interest bearing deposits transferred to RBI at the rate of 4% p.a. up to June 30, 2018, 3.5% w.e.f. July 1, 2018 up to May 10, 2021 and at 3% with effect from May 11, 2021 till the time of payment to the depositor/claimant.

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