Unclaimed Deposits: From June 1, there is going to be a big change in the savings and current account. This change will be regarding unclaimed deposits. For this, RBI has started 100 days 100 campaign. Banks will have to settle these deposits within this time limit.
According to RBI guidelines, savings and current accounts have remained unoperated for 10 years or 10 years from the date of maturity If no one claims within this period, it will be treated as unclaimed deposit. As per the guidelines, banks will have to settle it from June 1.
Web portal launched by RBI
These amounts are transferred by the banks to the Depositor Education and Awareness (DEA) Fund created under the RBI. Recently RBI had brought a web portal to find out unclaimed deposits in many banks. In April 2023, in view of the security of depositors’ money, the RBI had talked about returning the existing unclaimed deposit amount to its rightful owners. For this reason, RBI had recently decided to create a web portal to track unclaimed deposits in several banks. RBI Deputy Governor Rajeswara Rao said in April that this web portal for unclaimed deposits is expected to be ready in three to four months.
The campaign will start from June 1, 2023
After this, on May 12, the RBI announced the ‘100 Din 100 Pay’ campaign to find out these unclaimed deposits. Under this, every bank in every district of the country will have to settle 100 unclaimed deposits within 100 days only. Banks have been instructed to start this campaign from June 1, 2023. RBI has been approaching from time to time through awareness campaigns to identify and contact the bank concerned to claim such unclaimed deposits.
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