Forgot money in your old bank account? Here’s how you can claim it back in few minutes
Banks are required to review these unclaimed deposits monthly, followed by transferring funds from accounts which have been inactive for 10 years to the DEA Fund on the last working day of the next month. New Delhi: It is commonly seen many times that an old bank account or fixed deposit (FD) remains unused for several years. In some cases, following the death of the account holder, the family remains unaware of the funds, and the money is unused. To mitigate this issue of funds languishing with the banks, the Reserve Bank of India (RBI) has created a system that…