The Reserve Bank of India (RBI) has directed banks to speed up the return of long-pending unclaimed deposits to rightful owners and their legal heirs. Banks have been asked to complete the process for maximum accounts within three months.
Unclaimed deposits include savings or current accounts left idle for over 10 years and fixed deposits unclaimed for 10 years after maturity. While such funds are usually transferred to the RBI’s Depositor Education and Awareness (DEA) Fund, claimants are entitled to get back their money with interest.
To fast-track the process, RBI has instructed banks to hold district-level joint camps, where unclaimed deposit lists will be published, and heirs can submit claims.
The first camp will begin in Gujarat in early October, followed by similar drives nationwide until December, helping thousands reclaim their forgotten or inherited funds.
