RBI Reduces Interest Rate on Unclaimed Deposits by 50 BPS to 3.5%

In June 2014, RBI had specified that the rate of interest payable by banks to the depositors/claimants on the unclaimed interest bearing deposit amount transferred to the DEA Fund will be 4 per cent simple interest per annum.

from Top Business News- News18.com https://ift.tt/2JyyZmd