The Reserve Bank of India has initiated a drive to locate and resolve the “top 100 unclaimed deposits” in each district of the nation. Beginning on June 1, the RBI’s “100 Days, 100 Pays” promotion will be active.
“The Reserve Bank of India today launched a ‘100 Days 100 Pays’ initiative for banks to locate and pay the top 100 unclaimed deposits of every bank in every district of the nation within 100 days. According to a news statement from the Reserve Bank on May 12, “This measure will complement the ongoing efforts and initiatives by the Reserve Bank to reduce the amount of unclaimed deposits in the banking system and return such deposits to their rightful owners/claimants.”
Additionally, the central bank announced the creation of a centralized online platform to make it simpler to locate unclaimed deposits across several institutions. Let’s examine unclaimed deposits to better understand how nominees and heirs might access the funds as the RBI’s new campaign prepares to commence.
Unclaimed deposits are what?
Unclaimed deposits, in the words of the Reserve Bank of India, are “balances in savings / current accounts which are not operated for 10 years, or term deposits not claimed within 10 years from date of maturity.” These monies are contributed by banks to the RBI’s Depositor Education and Awareness (DEA) Fund.
The RBI has been working to lower the amount of deposited that have not been reclaimed. The central bank has been encouraging clients to seek their bank for claiming such deposits via public awareness efforts.
If any deposits are unclaimed, depositors may inquire about them at the closest bank branch. To verify the facts, they might also examine the bank’s official website.
Following is the procedure to get monies from unclaimed deposits:
Account holders must submit the claim form in person, together with any accessible details regarding their unclaimed deposit, at the branch where their deposit is kept.
They must also provide current photos, a legitimate form of identification evidence, proof of residence, a passbook, receipts for term deposits and special term deposits, and any other paperwork the bank may demand.
The lender will start the process of releasing money from the unclaimed deposit if the paperwork is in place.
How to get the deposit as a nominee or heir:
After the depositor passes away, a nominee or successor may claim the deposit by going to the bank branch with the completed and signed Unclaimed Deposits Claim Form. A copy of the depositor’s death certificate, the nominee’s or heir’s passbook, special term deposit, and receipts for term deposits are also required.
After obtaining all the proper documentation for the claim, the bank branch will proceed according to the correct procedure.
