RBI asks banks to return unclaimed deposits of THESE bank account holders: Check details

Reserve Bank launches ‘100 Days 100 Pays’ campaign to return account-holders' unclaimed deposits: The Reserve Bank of India has launched ‘100 Days 100 Pays’ campaign to return unclaimed deposits of bank account-holders in the country on Friday, May 12. On periodic intervals, Reserve Bank of India launches public awareness campaigns to encourage account-holders of such unclaimed deposits to identify and approach the bank where they hold the savings, current to term deposit accounts and claim such dormant deposits. RBI had recently announced the setting up of a Centralised Web portal for account-holders to search unclaimed deposits and accounts held by them across multiple banks.

Reserve Bank of India 100 Days 100 Pays scheme: What are Unclaimed Deposits?

RBI has informed in a press note that the balances in savings and current accounts which have not been operated for 10 years, or term deposits which have not been claimed within 10 years from date of maturity are classified as “Unclaimed Deposits”. 

Reserve Bank of India 100 Days 100 Pays scheme: What happens to Unclaimed Deposits?

As per the RBI Press Release, the amounts lying in unclaimed deposits are transferred by the banks to “Depositor Education and Awareness” (DEA) Fund — which is maintained by the Reserve Bank of India. 

What is Reserve Bank of India's '100 Days 100 Pays' scheme?

The Reserve Bank of India has announced the ‘100 Days 100 Pays’ campaign and directed every bank to track the top 100 unclaimed deposits in every district of the country within a timeframe of 100 days. The banks will then have to settle and pay the principal alongwith interest accrued to the holders of unclaimed accounts. 

Through this '100 Days 100 Pays' campaign, RBI is looking to complement its ongoing efforts to reduce the amount of unclaimed deposits in the banking system and return the amount held in such unclaimed deposits to their rightful owners or claimants.

When will Reserve Bank of India's '100 Days 100 Pays' scheme begin? 

As per the directives of RBI, banks will commence the campaign from June 01, 2023.

When will Reserve Bank of India's '100 Days 100 Pays' scheme end? 

As the name of the campaign suggests, the campaign will last for 100 days begining June 01, and end tentatively on the 100th day — August 08.