There is going to be a big change in the savings and current account from June 1. This change will be regarding unclaimed deposits. For this, RBI has started 100 days 100 campaign. Banks will have to settle these deposits within this time limit.
According to the guidelines of RBI, if the amount left un-operated for 10 years in the savings and current account or if no one has claimed it within 10 years from the date of maturity, then it will be treated as unclaimed deposit. According to the guideline, banks will have to settle it from June 1.
Web portal launched by RBI
These amounts are transferred by the banks to the Depositor Education and Awareness (DEA) Fund created under the RBI. Recently RBI had brought a web portal to find out unclaimed deposits in many banks. In April 2023, in view of the security of depositors’ money, the RBI had talked about returning the existing unclaimed deposit amount to its rightful owners. For this reason, RBI had recently decided to create a web portal to track unclaimed deposits in several banks. RBI Deputy Governor Rajeshwar Rao had said in April that this web portal for unclaimed deposits is expected to be ready in three to four months.
