Finance Minister Jaswant Singh on Tuesday told the Rajya Sabha that the unclaimed fixed deposits of banks are deposited in a separate fund of Department of Company Affairs after a period of seven years of maturity.
Replying to supplementaries during the Question Hour, Singh said any unclaimed fixed deposits after a period of seven years are deposited with the Investors Education Protection Fund of the Department of Company Affairs.
On a query regarding the Housing Development Finance Corporation, Singh said out of the Rs 75.86 crore (Rs 758.6 million) of unclaimed deposits during 2002-03, as much as Rs 51.09 crore (Rs 510.9 million) were renewed.