Section 26
Return of unclaimed deposits.
The Banking Regulation Act, 1949
About this Act
An Act to consolidate and amend the law relating to banking.
Every banking company shall, within thirty days after the
close of each calendar year, submit a return in the prescribed form and manner to the Reserve Bank as
at the end of such calendar year of all accounts 1[in India] which have not been operated upon for ten
years, 2***:
Provided that in the case of money deposited for a fixed period the said term of ten years shall be reckoned from the date of the expiry of such fixed period:
3 [Provided further that every regional rural bank shall also furnish a copy of the said return to the National Bank.]
Provided that in the case of money deposited for a fixed period the said term of ten years shall be reckoned from the date of the expiry of such fixed period:
3 [Provided further that every regional rural bank shall also furnish a copy of the said return to the National Bank.]
Notes
1. Subs. by Act 20 of 1950, s. 3, for "in the States" (w.e.f.18-3-1950).
2. Certain words omitted by Act 55 of 1963, s. 14 (w.e.f. 1-2-1964).
3. Ins. by Act 61 of 1981, s. 61 and the Second Schedule (w.e.f. 1-5-1982).
2. Certain words omitted by Act 55 of 1963, s. 14 (w.e.f. 1-2-1964).
3. Ins. by Act 61 of 1981, s. 61 and the Second Schedule (w.e.f. 1-5-1982).