Attention! Fixed deposits that have not been renewed for more than 7 years will be considered as unclaimed money. Remember to remind your elders to renew their fixed deposits regularly.
I believe that many elders have the habit of depositing fixed deposits, and many of them will leave their fixed deposits unattended after depositing them, without updating them regularly, or checking their fixed deposits frequently for updates.
Recently, a netizen pointed out that his family members had not updated their fixed deposits for more than seven years, and as a result, when he went to the bank to make inquiries, he was told that the deposits had been transferred to the State General Accounting Office. This netizen went to the State Accounting Office only to be told that he had not received the money.
According to the Unclaimed Monies Ordinance 1965, fixed deposits that have not been renewed for more than seven years are automatically categorized as “unclaimed monies”! The unclaimed money will be forwarded to the National Accounts Office (NAO) and the account holder will need to collect the money in person with the relevant documents!
