Unclaimed Deposits in banks RBI latest newsUnclaimed Deposits in banks RBI latest news

Unclaimed Deposits in banks: At present, the banks of our country have deposits of Rs 48,263 crore which have no claimants. Therefore, from June 1, 2023, the Reserve Bank of India is starting a special campaign today to find out the real claimants. Under this, banks will find the heirs of unclaimed deposits lying with them. And will return that money to those people. Is your unclaimed money lying in the bank for years? Check and claim like this.

 

Unclaimed Deposits in banks

According to the annual report of the Reserve Bank of India, the unclaimed amount in banks increased to Rs 48,263 crore in the financial year 2021-22. In the previous financial year, this amount was Rs 39,264 crore. According to reports, most of this amount is deposited in banks in Tamil Nadu, Punjab, Gujarat, Maharashtra, Bengal, Karnataka, Bihar, and Telangana / Andhra Pradesh. From June 1, 2023, the banks are going to find the right heir and give their money, know what to do to get the lost amount?

 

What is RBI 100 Days 100 Pages?

The Reserve Bank of India (RBI) is starting a campaign named 100 Days 100 Pages from June 1, 2023, to find out their real claimants. Its purpose is to reach the unclaimed funds deposited in the banks to its rightful owner. The central bank has asked all banks to identify and settle the top 100 unclaimed deposits in each district within 100 days. 100 Days 100 Pages campaign will be especially beneficial for those people who have their own or any relative’s old bank account and whose money is lying in it for years.

 

How to check unclaimed deposits?

Under RBI’s ‘100 days, 100 pays’ campaign, all banks will have to issue a list of inactive accounts and unclaimed deposits. The name and address of the account holder will also be there in this list. Under the ‘100 days, 100 pays’ campaign, banks will take out the 100 highest amount unclaimed deposit accounts and then find the account holder or his nominee and return the money.

If you also want to check whether your name is on the list of unclaimed deposits or not, check the list by visiting the website of any bank in which you want to check and see whether your name is there or not.

 

How to claim an unclaimed deposit?

If you find your or any relative’s name in the list of unclaimed deposits given on the bank’s website, then follow the following steps.

1- Visit the nearest branch of that bank and take the claim form, fill it and submit it.

2- Take the necessary documents with you for bank KYC.

3- If the account holder and the registered nominee have died, then the one who is the heir can claim.

4- In case of not having a registered nominee, you can give a succession certificate or probate and notarized death certificate.

5- If the amount to be claimed is more then banks can ask for NOC from your family members.

6- Bank will verify your documents and details after that will transfer your money.

 

What are Unclaimed Deposits?

If a fixed and recurring deposit is not claimed for 10 years from the date of maturity, then it comes under the category of an unclaimed deposit. This amount is transferred by the bank to the Depositor Education and Awareness Fund (DEAF) of RBI. Many a time customers open an account in a new bank and do not do any transactions in their old accounts.

There are also cases of unclaimed deposits in a large number of accounts of deceased depositors, where the nominees/legal heirs do not come forward to claim the same with the bank concerned.

 

History of unclaimed deposits

The amount in the Unclaimed Deposits Fund keeps on increasing.

  • In the year 2014-15: Rs 7,875 crore
  • In the year 2015-16: Rs 10,585 crore
  • In the year 2016-17: Rs 14,697 crore
  • In the year 2017-18: Rs 19,567 crore
  • In the year 2018-19: Rs 25,747 crore
  • In the year 2019-20: Rs 33,141 crore
  • In the year 2020-21: Rs 39,264 crore
  • In the year 2021-22: Rs 48,263 crore

 

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