{"id":1080,"date":"2021-05-11T07:39:30","date_gmt":"2021-05-11T07:39:30","guid":{"rendered":"https:\/\/rvkassociates.com\/blog\/?p=1080"},"modified":"2021-05-11T07:39:33","modified_gmt":"2021-05-11T07:39:33","slug":"banking-regulation-act-1949-section-26a-depositor-education-and-awareness-fund-scheme-2014-interest-rates-payable-on-unclaimed-interest-bearing-deposit","status":"publish","type":"post","link":"https:\/\/rvks.in\/blogs\/banking-regulation-act-1949-section-26a-depositor-education-and-awareness-fund-scheme-2014-interest-rates-payable-on-unclaimed-interest-bearing-deposit\/","title":{"rendered":"Banking Regulation Act, 1949 \u2013 Section 26A Depositor Education and Awareness Fund Scheme, 2014 \u2013 Interest rates payable on unclaimed interest bearing deposit"},"content":{"rendered":"\n<p class=\"has-text-align-right\">May 11, 2021<\/p>\n\n\n\n<p>The Managing Director &amp; CEO\/<br>Chief Executive Officers<br>All Scheduled Commercial Banks (including RRBs)<br>Local Area Banks (LABs)<br>Urban Co-operative Banks \/ State Co-operative Banks \/<br>District Central Co-operative Banks\/<br>Small Finance Banks\/Payments Banks<\/p>\n\n\n\n<p>Dear Sir\/Madam,<\/p>\n\n\n\n<p><strong>Banking Regulation Act, 1949 \u2013 Section 26A<br>Depositor Education and Awareness Fund Scheme, 2014 \u2013<br>Interest rates payable on unclaimed interest bearing deposit<\/strong><\/p>\n\n\n\n<p>Please refer to <strong>circulars DBOD.No.DEAF Cell.BC.126\/30.01.002\/2013-14 dated June 26, 2014<\/strong> and <strong>DBR.DEA Fund Cell.BC.No.110\/30.01.002\/2017-18 dated June 07, 2018<\/strong> wherein RBI had specified the rates of interest payable by banks to the depositors on the unclaimed interest bearing deposit amount transferred to the DEA Fund.<\/p>\n\n\n\n<ol start=\"2\" class=\"is-style-none wp-block-list\"><li><strong>2.<\/strong> The rate of interest has since been reviewed and it has been 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 per cent simple interest per annum with effect from the date of this circular.<\/li><\/ol>\n\n\n\n<ol start=\"3\" class=\"is-style-none wp-block-list\"><li><strong>3.<\/strong> Accordingly, all the banks are advised to calculate the interest payable on interest bearing deposits transferred to RBI at the rate of 4 per cent p.a. up to June 30, 2018, 3.5 per cent w.e.f. July 1, 2018 up to May 10, 2021 and at 3 per cent with effect from May 11, 2021 till the time of payment to the depositor\/claimant.<\/li><\/ol>\n\n\n\n<ol start=\"4\" class=\"is-style-none wp-block-list\"><li><strong>4.<\/strong> The other contents of the circular dated June 26, 2014 remain unchanged. Yours faithfully,<\/li><\/ol>\n\n\n\n<p>Yours faithfully,<\/p>\n\n\n\n<p><br>(Thomas Mathew)<br>Chief General Manager<\/p>\n\n\n\n<p><strong>For full detail click the link below :<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/www.dropbox.com\/s\/wm2qygjh3tkj5ya\/Banking%20regulation%20act%2C%201949.PDF?dl=0\">https:\/\/www.dropbox.com\/s\/wm2qygjh3tkj5ya\/Banking%20regulation%20act%2C%201949.PDF?dl=0<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>May 11, 2021 The Managing Director &amp; CEO\/Chief Executive OfficersAll Scheduled Commercial Banks (including RRBs)Local Area Banks (LABs)Urban Co-operative Banks \/ State Co-operative Banks \/District Central Co-operative Banks\/Small Finance Banks\/Payments Banks Dear Sir\/Madam, Banking Regulation Act, 1949 \u2013 Section 26ADepositor Education and Awareness Fund Scheme, 2014 \u2013Interest rates payable on unclaimed interest bearing deposit Please [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":48,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,14],"tags":[75,74],"class_list":["post-1080","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-notifications","category-rbi","tag-75","tag-rbi-notification"],"_links":{"self":[{"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/posts\/1080","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/comments?post=1080"}],"version-history":[{"count":1,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/posts\/1080\/revisions"}],"predecessor-version":[{"id":1081,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/posts\/1080\/revisions\/1081"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/media\/48"}],"wp:attachment":[{"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/media?parent=1080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/categories?post=1080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/tags?post=1080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}