The Central Bank did not say whether what interest would be paid on the property of that is transfered out of banks.
The regulator said in a statement that banks are also expected to meet any subsequent claims made by the customers or other beneficiaries and report such claims to the Central Bank for reimbursement.
Banks are also expected to advertise in newspapers giving the name of the owner and particulars of the abandoned property and also to dispatch notices by registered post to the owner’s last known address.
The statement said that the most common reasons for unclaimed assets are change of residence, migration and death.
Customers’ assets such as gold and other valuables may also remain unclaimed in safety deposit boxes for a long time, it said.
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