RBI asks banks to return unclaimed deposits of these bank account holders

 RBI asks banks to return unclaimed deposits of these bank account holders

Reserve Bank launches ‘100 Days 100 Pays’ campaign to return account-holders' unclaimed deposits: The Reserve Bank of India has launched ‘100 Days 100 Pays’ campaign to return unclaimed deposits of bank account-holders in the country on Friday, May 12. On periodic intervals, Reserve Bank of India launches public awareness campaigns to encourage account-holders of such unclaimed deposits to identify and approach the bank where they hold the savings, current to term deposit accounts and claim such dormant deposits. RBI had recently announced the setting up of a Centralised Web portal for account-holders to search unclaimed deposits and accounts held by them across multiple banks.

Reserve Bank of India 100 Days 100 Pays scheme: What are Unclaimed Deposits?

 

RBI has informed in a press note that the balances in savings and current accounts which have not been operated for 10 years, or term deposits which have not been claimed within 10 years from date of maturity are classified as “Unclaimed Deposits”.