"Unclaimed deposits" refers to funds or assets that are rightfully owned by someone, but have not been claimed or collected by them. These can include bank savings, refunds, security deposits, or any other type of money that individuals or organizations have not retrieved.
Full definition
Customers are advised to approach the nearest branch for payment
of unclaimed deposits and submit the following for making the account live:
Finance minister Arun Jaitley had announced in the Union Budget 2015 - 16 that the government would set up a Senior Citizen Welfare Fund
using unclaimed deposits in provident funds to subsidise the premium paid by «vulnerable groups» such as senior citizens.
Revenue
from unclaimed deposits could bring in $ 100 - $ 180 million per year and would support curbside recycling programs, farmland preservation, parks, open space and other programs to protect our land, air and water.
The Republican candidate, Onondaga County Comptroller Bob Antonacci, says he'll take advantage of the matching small donor fund source, which will come from the state's
unclaimed deposits fund.
Retention of
the unclaimed deposits and the material values within the system to create a sustainable funding mechanism.
Under the plan, the money comes from
the unclaimed deposits fund that the Comptroller controls, and DiNapoli says he has some concerns with that.
2) It requires the beverage industry to return
all unclaimed deposits to the state to fund recycling programs and other environmental needs.
«There are
unclaimed deposits of about Rs 3,000 crore in the PPF, and approximately Rs 6,000 crore in the EPF corpus,» he had said, adding that there are about 10.5 crore senior citizens in the country.