Banking · Banking Regulation Act
Section 26 of the Banking Regulation Act 1949 requires banking companies to submit returns regarding unclaimed accounts. What is the specific timeframe of inactivity after which accounts must be reported, and what is the legal destination of this money under Section 26A?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Accounts inactive for 12 years must be reported, and the money is transferred to the Prime Minister Relief Fund.
- 2Accounts inactive for 10 years must be reported, and the money is transferred to the Depositor Education and Awareness Fund maintained by the RBI.✓
- 3Accounts inactive for 7 years must be reported, and the money is transferred to the Depositor Education and Awareness Fund.
- 4Accounts inactive for 5 years must be reported, and the money is transferred to the Consolidated Fund of India.
Correct answer
Accounts inactive for 10 years must be reported, and the money is transferred to the Depositor Education and Awareness Fund maintained by the RBI.
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