Bank Account Rule Change: 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.
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 the guidelines of RBI, if the amount left un-operated for 10 years in the savings and current account or if no one has claimed it within 10 years from the date of maturity, then it will be treated as unclaimed deposit. According to the guideline, 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 Rajeshwar Rao had said in April that this web portal for unclaimed deposits is expected to be ready in three to four months.
Campaign will start from June 1, 2023
After this, on May 12, 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 banks concerned to claim such unclaimed deposits.
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