DelhiDesk The Reserve Bank of India (RBI) has launched a ‘100 Days 100 Pays’ campaign for banks to trace and settle the top 100 unclaimed deposits in every district of the country within 100 days. Unclaimed deposits are the balances in savings or current accounts that have not been operated for 10 years or term deposits not claimed within 10 years from the date of maturity. The primary reason for deposits becoming unclaimed is the death of the depositor/account holder without leaving a nomination. Banks transfer unclaimed deposits to the ‘Depositor Education and Awareness’ Fund maintained by the RBI. To avoid the risk of unclaimed deposits, individuals should appoint a nominee for their bank accounts or deposits, share the details of bank accounts and deposits with family members, update KYC details, close unwanted or extra accounts, and keep FD slips safely. Individuals can claim unclaimed deposits by visiting the bank branch with a duly filled claim form, receipts of the deposits, and KYC documents. If the nominee is claiming the unclaimed deposit, they need to visit the bank with the deposit receipts, identity proof, and a copy of the death certificate of the account holder.
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👉 The Reserve Bank of India (RBI) 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 campaign will start on June 1st and unclaimed deposits are balances in savings or current accounts which have not been operated for 10 years or term deposits not claimed within 10 years from the date of maturity.
👉 These amounts are transferred by banks to the ‘Depositor Education and Awareness’ (DEA) Fund maintained by the Reserve Bank of India after 10 years.
👉 The primary reason for deposits becoming unclaimed is the death of the depositor/account holder without leaving a nomination.
👉 To avoid the risk of unclaimed deposits, individuals can appoint a nominee for their bank accounts or deposits, share bank accounts and deposits details with family members, regularly update KYC details, close all extra accounts and keep FD slips safely.
👉 Every bank is required to show the details of unclaimed accounts on its website, and customers can visit the bank branch with a duly filled claim form, receipts of the deposits, and KYC documents to claim the money.
👉 If you are the nominee, you need to visit the bank with the deposit receipts, identity proof, and a copy of the death certificate of the account holder to claim the unclaimed deposits.
👉 According to a report in PTI, State Bank of India (SBI) tops the chart of unclaimed deposits worth 8,086 crore followed by Punjab National Bank 5,340 crore, Canara Bank 4,558 crore and Bank of Baroda 3,904 crore.
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