PU-MET : Panjab University MBA Entrance Exam with MCQ Answers 2024

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65.

After how many years do bank deposits typically get classified as 'unclaimed' in India ?

A: 5 years
B: 7 years
C: 10 years
D: 15 years

The answer is: C

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Explanation

The correct option is C: 10 years.

In India, bank deposits are typically classified as 'unclaimed' if there has been no activity or contact from the account holder for a period of 10 years. These unclaimed deposits are then transferred to the Depositor Education and Awareness Fund (DEAF) maintained by the Reserve Bank of India (RBI).