100 Days 100 Payments: Did any of your forefathers leave money in the bank? Bank looking for guardian of 35 thousand crores

Unclaimed Deposit: The Reserve Bank of India has announced a drive to find custodians of unclaimed deposits in the bank and make arrangements for its disposal.

The central bank has been undertaking the exercise of returning unclaimed deposits for over 10 years. If there is no guardian of the amount after maturity of 10 years, then the money will be treated as unclaimed and will go into a separate account.

No inheritance of Rs 35,000 crore
Explain that the public sector banks had transferred the unclaimed amount of about Rs 35,000 crore to the Reserve Bank. This amount was deposited in an account in which no transaction has taken place for 10 years or more. 10.24 crore unclaimed amount was linked to the account. The Reserve Bank had said last month that a centralized portal related to this would be prepared in 3-4 months. In this, depositors and beneficiaries can get information about unclaimed deposits lying in various banks.

Pasta prices suddenly increased in Italy, the government was also worried how this happened! As part of the Reserve Bank’s efforts to reduce deposits in the banking system and return deposits to their rightful owners and claimants’

The ‘100 Days 100 Payments’ campaign will start from June 1.
The bank will start this campaign from 1 June 2023.

As per RBI rules what is unclaimed deposit, savings or current account balance, which has not been operated by anyone within 10 years, or fixed deposit which has not been claimed by anyone for 10 years after the date of maturity has not been Is , This is considered as unclaimed deposit. This money is transferred to the Depositor Education and Awareness Fund created by the RBI.

How unclaimed deposits become unclaimed
Deposits are created for no reason, the main reason being the closure of a savings or current account. Which the account holders of the bank no longer want to use. Or a term deposit, which has not been claimed after maturity. It keeps on increasing due to unclaimed account balances of deceased account holders. The objective of this campaign is to help such depositors and legal heirs of the deceased Jamkarta to identify and claim the deposits.