Unclaimed money amounts to RM11 billion
Deputy Finance Minister Ahmad Maslan says there is approximately RM11 billion in unclaimed monies belonging to the public as of last March. – The Malaysian Insight file pic, April 12, 2023.
Of the total amount, about RM3.2 billion, such as in saving accounts, insurance, and deposits, had been refunded to its owners, he said. Ahmad said unclaimed money is defined as money that is legally payable to the owner but has remained unpaid for a period of not less than one year, money standing to the credit of an account that has not been operated in whatever manner by the owner for a period of not less than seven years, and money to the credit of a trade account that has remained dormant for a period of not less than two years.
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