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RBI reduces interest rate on unclaimed deposits by 50 bps to 3.5%

News2018-06-07
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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 percent simple interest per annum.

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