There is no claimant of 48 thousand crores deposited in banks, whose money is this?

Publish Date: 03 Aug, 2022 |
 

There are assets worth more than 48 thousand crore rupees in the country's public and private banks for which no claim has been found. RBI will now launch a campaign in their search. The Reserve Bank will pay special attention to the eight states where the most money is deposited. The Reserve Bank is launching this campaign to locate claimants amid an increase in unclaimed deposits in banks. This campaign focuses on eight states where unclaimed deposits in bank accounts are on the rise. According to the Reserve Bank's annual report, the unclaimed amount in banks increased to Rs 48,262 crore in the fiscal year 2021-22. This sum was Rs 39,264Cr in the previous fiscal year.


According to a Reserve Bank official, the majority of this amount is held in banks in Tamil Nadu, Punjab, Gujarat, Maharashtra, Bengal, Karnataka, Bihar, and Telangana/Andhra Pradesh. According to the central bank, such savings / current accounts have had no transactions of any kind for ten years in a row, or such FD has not been claimed for ten years from the date of maturity. Depositors, on the other hand, are still entitled to their interest payments from the bank. According to the Reserve Bank, despite several bank awareness campaigns, the unclaimed amount has been steadily increasing over time.


Along with the languages of these eight states, a campaign in Hindi and English has begun. Unclaimed amounts are balances in savings/current accounts that have not been used for 10 years, or fixed deposits that have not been claimed within 10 years of maturity. Banks transfer this amount to the Reserve Bank's 'Depositor Education and Awareness Fund' (RBI). Depositors, on the other hand, are still entitled to their money back from the bank, along with any applicable interest.


Nonetheless, despite bank and RBI campaigns, the amount of unclaimed deposits continues to rise. Unclaimed deposits are primarily caused by the failure to close Savings/Current accounts that depositors do not wish to carry forward or claim before the banks for maturity. There are also cases of deceased depositors' bank accounts where the nominee/legal heirs do not come forward to withdraw the money.



 

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