DelhiDesk The Reserve Bank of India (RBI) has directed banks to scrutinize accounts in which no transaction has been done by the customer for more than 10 years. As per the rules, the bank is bound to transfer the amount deposited in such account to the Depositor Education and Awareness Fund (DEAF). Finance Minister Nirmala Sitharaman has asked the regulator to launch a special drive to facilitate settlement of unclaimed deposits and claims in banking deposits, mutual funds, shares and dividends in the financial sector. GoRBI has launched a campaign named 100 Din 100 Pay to encourage banks to trace and pay top 100 unclaimed deposits from every single bank in every district of the country within 100 days. Individuals can visit the official website of the concerned bank to find the unclaimed deposit secrets and claim their money.
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Here is the news bullets sorted by DelhiBreakings.com team.
– RBI directs banks to scrutinize accounts with no transaction for over 10 years
– Unclaimed deposits to be transferred to Depositor Education and Awareness Fund (DEAF)
– Finance Minister asks regulator to facilitate settlement of unclaimed deposits and claims in financial sector
– RBI launches campaign named 100 Din 100 Pay to trace and pay top 100 unclaimed deposits from every bank in every district within 100 days
– Individuals can visit bank’s website to find unclaimed deposit secrets and claim their money from DEAF
– Account holders must fill claim form correctly and submit required documents for refund of balance amount
– Self-attested documents should be presented for all joint account holders and minors should submit documents for their guardian
– Transfer will be done only in the account of the account holder
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