Banking Regulation Act, 1949 – Section 26A Depositor Education and Awareness Fund Scheme, 2014 – Operational Guidelines – Payment of Interest

RBI vide its notification dated 7th June 2018 inform all the Scheduled Commercial Banks (including RRBs), Local Area Banks (LABs), Urban Co-operative Banks / State Co-operative Banks /District Central Co-operative Banks and Small Finance Banks/Payment Banks that wef 1st July 2018 the rate of interest has since been reviewed and it was  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 3.5% 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.

Source: rbi.org.in

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