Do I earn interest on unclaimed money? Will my unclaimed money be repaid with interest?
No, there is no interest payable or accrued on unclaimed moneys.
Section 11(3), Part II of the Unclaimed Moneys Act 1965 states that:
||Section 11 (3), Part II of the Unclaimed Moneys Act 1965 (Act 370)
No interest shall be payable on all moneys held in the Consolidated Trust Account or in the Consolidated Revenue Account under this Part.
The amount of unclaimed moneys to be refunded by the Registrar of Unclaimed Moneys will be the amount of moneys lodged by the bank or entity without any charge or interest accrued on the moneys received.
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