According to the annual report of the central bank, unclaimed deposits in banks have increased from Rs 39,264 crore in the last fiscal to Rs 48,262 crore in FY22.
Most of these funds are lying with the banks. Tamil NaduPunjab, Gujarat, MaharashtraBengal, KarnatakaBihar and Telangana/Andhra Pradesh, one by one reserve Bank of India Officer.
Accordingly, the Monetary Authority has launched a campaign in the languages ​​of these eight states as well as Hindi and English.
As per RBI norms, balances in savings/current accounts that are not operated for 10 years, or fixed deposits are not claimed within 10 years from the date of maturity, are classified as “claimed deposits”. is done. The banks then transfer such money to the ‘Depositor Education and Awareness Fund’ reserve Bank of India (RBI).
However, depositors are still entitled to claim their money from the bank at a later date along with applicable interest. However, despite public awareness campaigns carried out by banks as well as RBI from time to time, the amount of unclaimed deposits is showing an increasing trend, the central bank said.
The quantum of unclaimed deposits mainly arises due to non-closure of savings/current accounts which the depositors no longer wish to operate or due to non-submission of redemption claims with banks for matured fixed deposits. There are also cases of accounts of deceased depositors, where the nominee/legal heirs do not come forward to withdraw the money.
The central bank said that the objective of this campaign is to help such depositors or nominees/legal heirs of deceased depositors to identify and claim deposits.