Unclaimed Deposits:
Starting June 1, 2023, significant developments are on the horizon for individuals who haven’t used their savings and current accounts at banks for a minimum of 10 years.
These dormant accounts, known as unclaimed deposits, will undergo a transformation.
The Reserve Bank of India (RBI) has introduced the ‘100 Din 100 Pay’ campaign to address these unclaimed deposits,
obligating banks to resolve the matter during this designated period. However, there’s a twist!
Where Will the Unclaimed Deposits End Up?
Under RBI guidelines, balances remaining in savings and current accounts that have been inactive for 10 years
or have not been claimed within 10 years from their maturity date are categorized as ‘unclaimed deposits.’
Remarkably, these funds are transferred by banks to the Depositor Education and Awareness (DEA) Fund, established by the Reserve Bank of India.
During the April 2023 monetary policy announcement, the RBI expressed its commitment to protecting depositors,
emphasizing that measures are being taken to prevent new deposits from going unclaimed and to ensure the recovery of existing unclaimed deposits
through a proper procedure, ultimately returning them to their rightful owners or beneficiaries.
On May 2, the RBI launched the ‘100 Din 100 Pay’ campaign, urging banks to locate and address these unclaimed deposits.
However, the latest guidelines state that each bank in every district of the country will settle only 100 unclaimed deposits within a span of 100 days as part of the campaign.
