RBI Launches 100 Days 100 Pays Campaign To Return Unclaimed Deposits

The Reserve Bank of India (RBI) launched a 100 Days 100 Pays campaign on Thursday, to trace and settle the top 100 unclaimed deposits of every bank in every district within 100 days. This measure will complement the ongoing efforts by the central bank to reduce the quantum of unclaimed deposits in the banking system and return such deposits to their rightful owners or claimants.

But let us tell you what the “unclaimed deposits” are. These are the unclaimed balances in savings or current accounts which are not operated for 10 years or term deposits not claimed within 10 years from the date of maturity. The banks then transfer these amounts to the Depositor Education and Awareness Fund which is maintained by RBI.

According to RBI, the increasing numbers of unclaimed deposits are mainly because of the non-closure of savings or current accounts which depositors do not intend to operate anymore or due to the non-payment of redemption claims with banks for mature fixed deposits. The central bank also mentioned that they also have cases of funds belonging to deceased depositors where the nominees or legal heir do not come forward to claim the concerned banks.

Earlier in February, Minister of State for Finance Bhagwat Karad said in a written reply to Parliament that the total amount of unclaimed deposits transferred to the RBI by public sector banks was Rs 35,012 crore. As of now, the State Bank of India (SBI) tops the chart of unclaimed deposits with Rs 8,086 crore followed by Punjab National Bank having Rs 5,340 crore, Canara Bank with Rs 4,558 crore and Bank of Baroda with Rs 3,904 crore.

One can also claim the deposits:

Every bank is required to show the details of unclaimed accounts on its website with some identifiable details. One can check the details on the website, the customers can visit the bank branch with a claim for receipts of the deposits and Know Your Customers (KYC) documents to claim the money.