RBI seeks Feedback on Depositors’ Education Fund

As part of its public consultation process on the draft Depositor Education and Awareness Fund scheme, the Reserve Bank of India on Tuesday asked members of the public, banks, academia, industry and other stakeholders to send in their comments on the scheme.

The Fund will be created by taking over inoperative deposit accounts which have not been claimed or operated for a period of ten years or more within a period of three months from the expiry of the period of ten years.

The depositor would, however, be entitled to claim from the bank his deposit or operate his account after the expiry of ten years, even after the unclaimed deposit funds have been transferred to the Fund. The bank would be liable to pay the deposit amount to the depositor and claim refund of such amount from the Fund.

Business Line, New Delhi, 22-03-2014