ABOUT RM11.2 billion of unclaimed money is under the management of the Accountant-General’s Department, Deputy Finance Minister Ahmad Maslan told parliament today.

He said 70% of the money was in bank accounts that had been dormant for seven years or more.

“As of May 23, we have returned RM3.3 billion,” the Pontian MP told Dewan Rakyat today. 

He was responding to a question from Fong Kui Lun (Bukit Bintang-PH), who asked how much money lay unclaimed and whether the funds could be used for national development.

Ahmad urged people to check if they had unclaimed money on the website e-Gumis.

“If all the required documents are submitted accordingly (on the website), the money will be refunded within 14 to 30 days,” he said. 

Ahmad said the government had invested RM10 billion of the unclaimed money in fixed deposits. 

“From the RM10 billion in the fixed deposits, we get RM250 million in interest annually and the funds are used for developments and to help the people,” he said. 

Fong, in an additional question, suggested that the money earned from interest could go to scholarship fund to help impoverished, to which Ahmad said the proposal would be considered. 

Unclaimed money is money that is legally payable to the owner but has remained unpaid for a period of not less than one year, such as salaries, dividends and insurance claims; money paid to credit trade accounts that have remained dormant for a period of not less than two years; and money in bank accounts that have been dormant for seven years and more. – May 24, 2023.