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Section 26 – The Banking Regulation Act,1949

The Banking Regulation Act,1949

Section 26. Return of unclaimed deposits

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.]

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1. Subsituted by Act 20 of 1950, Section 3, for “in a States” .

2. Certain words omitted by Act 55 of 1963, Section 14 w.e.f. 1-2-1964.

3. Inserted by Act 61 of 1981, Section 61 and Second Schedule, Pt. II w.e.f. 1-5-1982.

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The Banking Regulation Act,1949

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