Banks to commence ‘100 Days 100 Pays’ campaign for return of unclaimed deposits

the Reserve Bank of India (RBI)On Friday, the banks will launch the “100 Paydays 100” campaign, in which they will track and settle the 100 largest unclaimed deposits from each bank in each region within 100 days.

Banks will start the campaign to return unclaimed deposits from June 1. As per information available with RBI, as of the end of February, the total amount of unclaimed deposits transferred to RBI by public sector banks in respect of deposits not in operation for 10 years or more was ₹35, 012 crore.

The RBI said the ‘100 Days 100 Pays’ campaign will complement its ongoing efforts and initiatives to reduce the amount of unclaimed deposits in the banking system and return such deposits to their rightful owners/claimants.

Central Bank last month May announce that a web portal It will be placed to enable searching across multiple banks for potential unclaimed deposits based on user input. The search results will be improved using some artificial intelligence tools. This step aims to improve and expand the access of depositors/beneficiaries to this data.

Balances in savings/checking accounts that have not been run for 10 years, or term deposits that are not claimed within 10 years of the due date are classified as “unclaimed deposits”.

These amounts are transferred by the banks to the Depositor Education and Awareness (DEA) Fund which they manage Reserve Bank of India. Banks display a list of unclaimed deposits on their website. =