BB issues guideline on unclaimed deposits

The central bank yesterday said unclaimed bank deposits would be transferred to the government account if no demand is received for refund of the inoperative deposit for 12 years.

Deposits and assets at banks not claimed by anyone for 10 years are considered unclaimed, according to guidelines released by Bangladesh Bank yesterday.

Banks will have to submit the unclaimed fund and asset to the central bank first and two years later the BB will transfer those to the government account.    

Before submitting the fund and assets to the BB, commercial banks will have to send a registered letter through the post office to the client's address mentioned in their accounts. Clients will have to be given three months to reply to the letter.

If clients do not give any feedback, banks will have to submit such funds and assets to the central bank in April of every calendar year.

After transferring the funds and assets to the BB, banks will have to publish advertisements in at least two newspapers once every three months for a year.

If anyone comes up with a claim after the transfer to the central bank, the banks will have to submit the clients' applications along with required documents. No claim would be accepted after 12 years.