The incentive scheme will run from Oct. 1 to Sept. 30. Under it, banks will receive 5% of the amount or Rs 5,000 (whichever is lower) for accounts inoperative for up to four years. For accounts inoperative for over 10 years, the incentive rises to 7.5% of the amount or Rs 25,000 (whichever is lower).
Banks must submit claims for these payouts quarterly, within one month of each quarter’s end, in the prescribed format. Each claim will need to be signed by a senior executive designated by the bank’s top management.
(With inputs from PTI).
