Current Affairs

GK MCQs Section
Q. Unclaimed deposits are those not operated for how many years?
Answer: 5 years or more
Notes: Under the Banking Regulation Act, 1949, unclaimed deposits are defined as funds not operated for 10 years in India but commonly considered 5 years under US state dormancy laws. Indian Reserve Bank amendments in 2014 require banks to transfer such amounts to the Depositor Education and Awareness Fund after 10 years.
Question Source: 📚This question has been sourced from GKToday's "40000+ GK / General Studies MCQs for SSC & State PCS Exams" App Exclusive Course in GKToday Android Application which provides more than 40K General Knowledge and General Studies questions with explanations asked in all Competitive Exams of India. Download the app here.
📌 Question Number: 11 in 37. Banking, Finance and Insurance Sectors in the above course in App.

This Question is Also Available in:

हिन्दीಕನ್ನಡ