RBI Launches ‘100 Days 100 Pays’ Campaign For Return Of Unclaimed Deposits
The Reserve Bank of India on Friday, 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’, informed a press release.
This measure is expected to 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 or claimants.
The banks will commence the campaign on 1 June 2023.
The balances in savings or current accounts which are not been operated for 10 years, or term deposits not claimed within 10 years from the date of maturity are classified as ‘Unclaimed Deposits’.
These amounts are transferred by banks to the Depositor Education and Awareness (DEA) Fund maintained by the Reserve Bank of India.
“The Reserve Bank, from time to time, through its public awareness initiatives, has been encouraging members of the public to identify and approach the bank concerned for claiming such deposits. Recently, the Reserve Bank has also announced the setting up of a Centralised Web portal for the public to search unclaimed deposits across multiple banks”, the release added.