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| Scheme Name | 1-Year Return | Invest Now | Fund Category | Expense Ratio |
|---|---|---|---|---|
| Axis Nifty 50 Index Fund | +32.80% | Invest Now | Equity: Large Cap | 0.12% |
| Axis Nifty 100 Index Fund | +38.59% | Invest Now | Equity: Large Cap | 0.21% |
| Axis Nifty Next 50 Index Fund | +71.83% | Invest Now | Equity: Large Cap | 0.25% |
| Axis Nifty 500 Index Fund | — | Invest Now | Equity: Flexi Cap | 0.10% |
| Axis Nifty Midcap 50 Index Fund | +46.03% | Invest Now | Equity: Mid Cap | 0.28% |
Unclaimed deposits refer to funds in bank accounts that have seen no activity for ten years.
These accounts are often frozen, increasing their vulnerability to misuse for illicit purposes, such as money laundering.
Governor Das highlighted the sector’s strong financial health, stating, “The financial sector is at its best in a long time.”
However, he cautioned that the RBI steps in on compliance issues only when actions by banks fall short.
Earlier, central bank had instructed banks to identify accounts with no transactions for over a year. It also mandated updating account details linked to public schemes to ensure they remain operational despite inactivity.
Under current regulations, banks must regularly update customer details to comply with the RBI’s KYC norms. This measure aims to support security and prevent fraudulent activities linked to dormant accounts.
This is a developing copy
Catch all updates related to RBI policy here
First Published: Dec 6, 2024 10:42 AM IST
