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.
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.
More details awaited.
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