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Module: | Scope and Fund Transfer Rules

Q6: When are banks required to transfer the credit balances from 10-year inoperative or unclaimed accounts to the DEA Fund?

A
On the last working day of the same month of completing 10 years.
B
On the first working day of the month subsequent to the month of completing 10 years.
C
On the last working day of the month subsequent to the month of completing 10 years.
D
At the end of the financial year in which the 10 years are completed.
✅ Correct Answer: C
Banks are required to transfer the funds on the last working day of the month subsequent to the month of completing 10 years of inoperative or unclaimed status.
For example, deposits becoming due in April are transferred on the last working day of May.
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