Bankers caution depositors on ‘classification as abandoned property’

Colombo, 12 August, (Asiantribune.com): Sri Lanka Banks’ Association (Guarantee) Ltd. (SLBA) yesterday cautioned their depositors and customers over the Governments recent classification of inactive deposit accounts and safe custody lockers as abandoned property.

SLBA highlighting the sense of panic amongst deposit holders in banks, especially among those resident overseas has brought to the notice of customers that provisions in the Banking Act to consider certain articles as abandoned property if there has been no activity for a period of 10 years. "In the case of safe custody