What is the procedure for disposal of unclaimed deposits under Section 35 of the Bank Company Act, 1991? Whose deposit amount cannot be surrendered to Bangladesh Bank although it is unclaimed?

Procedure for Disposal of Unclaimed Deposits

All unclaimed deposits & valuable articles for 10 (ten) years must be sent to Bangladesh Bank. If there is no transaction for the last 10 years or there is no trace of the customer in spite of repeated reminders, and upon serving 3 months’ prior notice, the amount in the account must be transferred to Bangladesh Bank.

If the owner of the deposit claims the money within 2 years after transferring it to Bangladesh Bank, the depositing bank should follow Bangladesh Bank’s guidelines and take necessary action. If the claim is made after 2 years, then the claim will be treated as void.

Deposits that Cannot be Surrendered to Bangladesh Bank

Following deposits, though remaining unclaimed for 10 years, cannot be surrendered to Bangladesh Bank:

  1. Interbank Deposits
  2. Deposits of Government Accounts
  3. Deposits of Minor Accounts
  4. Deposits held under court order

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