RBI vide Notification No. RBI/2021-22/66
dated 2nd July, 2021 has notified the
rate of interest on unclaimed deposits
with Banks.
Earlier, if a Term Deposit matures and
proceeds are unpaid, the amount left
unclaimed with the bank shall attract rate
of interest as applicable to savings
deposits.
It has now been decided that if a Term
Deposit matures and proceeds are
unpaid, the amount left unclaimed with
the bank shall attract rate of interest as
applicable to savings account or the
contracted rate of interest on the
matured TD, whichever is lower.
https://www.rbi.org.in/Scripts/NotificationUse
r.aspx?Id=12125&Mode=0