Reserve Bank launches ‘100 Days 100 Pays’ Campaign for Return of Unclaimed Deposits

The Reserve Bank of India(RBI) has announced a ‘100 Days 100 Pays’ campaign for banks to trace and settle the top 100 unclaimed deposits of every bank in every district of the country within 100 days. This measure will complement the ongoing efforts and initiatives by the Reserve Bank to reduce the quantum of unclaimed deposits in the banking system and return such deposits to their rightful owners/ claimants.

The banks will commence the campaign from June 01, 2023.

Unclaimed Deposits are balances in savings or current accounts that have not been used for ten years, or term deposits that have not been claimed within ten years of maturity. These funds are transferred by banks to the Reserve Bank of India’s “Depositor Education and Awareness” (DEA) Fund.

The Reserve Bank has from time to time, through public awareness programmes, encouraged members of the public to locate and approach the bank in question to claim such deposits. The Reserve Bank has announced the creation of a centralised web site for the public to seek for unclaimed deposits across numerous institutions.