RBI launches campaign for unclaimed deposits in banks: All you need to know (file photo)The Reserve Bank of India (RBI) recently launched a campaign for the return of unclaimed deposits in bank accounts to the rightful owner or claimants. The campaign called ‘100 days 100 pays’ will commence from June 1, 2023. Recently, the RBI also announced the setting up of a Centralised Web portal for public to search unclaimed deposits across multiple banks. Balances in savings/current accounts which are not operated for 10 years, or term deposits not claimed within 10 years from date of maturity are classified as 'unclaimed deposits'. At present, the depositors or beneficiaries of unclaimed bank deposits of 10 years or more have to go through the websites of multiple banks to locate such deposits.

Source: dna May 21, 2023 06:27 UTC