New Delhi: The Reserve Bank of India (RBI) will launch a new initiative called the ‘100 Days 100 Pays’ campaign, aimed at addressing the issue of unclaimed deposits in the banking system. Unclaimed deposits refer to balances in savings or current accounts that have been inactive for a period of 10 years, as well as term deposits that have not been claimed within 10 years from the date of maturity. These funds are then transferred to the “Depositor Education and Awareness” (DEA) Fund maintained by the RBI.
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To tackle this issue and facilitate the return of unclaimed deposits to their rightful owners or claimants, the RBI has set a target for banks to trace and settle the top 100 unclaimed deposits in every bank within each district of the country, all within a span of 100 days. This campaign will work in conjunction with the existing efforts and initiatives undertaken by the RBI to reduce the amount of unclaimed deposits in the banking system.
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‘100 Days 100 Pays’ Campagin Will Start From June 1
Beginning on June 1, 2023, banks will commence their participation in the ‘100 Days 100 Pays’ campaign. This campaign aims to expedite the process of identifying and locating the owners or claimants of unclaimed deposits, ensuring that the funds are returned to the rightful recipients within a specified timeframe.
This initiative showcases the RBI’s commitment to addressing the issue of unclaimed deposits and enhancing depositor education and awareness. By implementing a centralized web portal, individuals will have the ability to search for unclaimed deposits across multiple banks, simplifying the process and enabling easier access to information regarding their funds.
The ‘100 Days 100 Pays’ campaign not only emphasizes the importance of returning unclaimed deposits to their rightful owners, but also encourages greater awareness among the general public about the significance of regularly monitoring and managing their bank accounts. Through this concerted effort, the RBI aims to reduce the quantum of unclaimed deposits within the banking system, ensuring that these funds are rightfully returned and utilized.
How To Claim Unclaimed Money?
To claim their unclaimed deposit, account holders need to visit the branch where their deposit is held and complete the necessary the Annexure-B or claim form. It is important to provide all available information regarding the unclaimed deposit during the submission process.
In addition, account holders are required to submit recent photographs, along with valid identity proof, address proof, passbook, term deposit/special term deposit receipts, and any other documents as specified by the bank. Once the submitted documents are verified and found to be in order, the lender will initiate the necessary procedures to release the funds from the unclaimed deposit.
How A Nominee/Heir Can Claim The Deposit?
In the event of the depositor’s demise, a nominee or heir can claim the deposit by personally visiting the bank branch and completing the Unclaimed Deposits Claim Form, duly filled and signed.
The nominee or heir must also provide valid identity proof, along with a copy of the depositor’s death certificate and the relevant passbook/special term deposit/term deposit receipts. These documents are essential for the verification process and to facilitate the smooth release of the unclaimed deposit to the rightful claimant.