Unclaimed Money In Banks: RBI Brings Campaign To Track, Settle Deposits; Check All Details Here

The Reserve Bank of India on Friday said a special 100 days campaign will be launched under which banks trace and settle their top 100 deposits in every district of the country.

The banks will commence the campaign from June 1, 2023.

Balances in savings/current accounts which are not operated for 10 years, or term deposits not claimed within 10 years from date of maturity are classified as “unclaimed deposits“.

(SBI Tops In Unclaimed Deposits, PNB At Second; Rs 35,012 Cr Transferred By PSBs To RBI)

These amounts are transferred by banks to “Depositor Education and Awareness” (DEA) Fund maintained by the Reserve Bank of India.

“The Reserve Bank of India today announced a ‘100 Days 100 Pays’ campaign for banks to trace and settle the top 100 unclaimed deposits of every bank in every district of the country within 100 days,” the central bank said in a statement.

This measure, it added, will complement the ongoing efforts and initiatives by the Reserve Bank to reduce the quantum of unclaimed deposits in the banking system and return such deposits to their rightful owners/claimants.

Recently, the RBI has also announced the setting up of a centralised web portal for public to search unclaimed deposits across multiple banks.

The Reserve Bank, from time to time, through its public awareness initiatives, has been encouraging members of public to identify and approach the bank concerned for claiming such deposits.

The unclaimed deposits are transferred by banks to “Depositor Education and Awareness” (DEA) Fund maintained by the central bank.

The issues related to unclaimed deposits were also discussed during the meeting of the high-powered Financial Stability and Development Council (FSDC) headed by finance minister Nirmala Sitharaman earlier this week.

Nirmala Sitharaman had underlined the need of launching a drive to help people get their unclaimed deposits in banks and other financial institutions.

About Rs 35,000 crore unclaimed deposits as of February 2023 were transferred to the Reserve Bank by public sector banks in respect of deposits, which have not been operated for 10 years or more.

These unclaimed deposits belong to 10.24 crore accounts transferred to the RBI as of the end of February 2023.

State Bank of India (SBI) tops the chart of unclaimed deposits worth Rs 8,086 crore followed by Punjab National Bank Rs 5,340 crore, Canara Bank Rs 4,558 crore and Bank of Baroda Rs 3,904 crore.

(With PTI inputs)