RBI On Unclaimed Money | RBI plans to settle ‘unclaimed money’, ‘100 days 100 payment’ program will start

File Photo Mumbai: Do you have any bank accounts in the name of parents or grandparents which have been closed for a long time? So this news is only for you, because if you have some money lying in such non-operative account, then from June 1, RBI can put it in the category of ‘unclaimed money’. They have made some rules to make this a reality and will soon launch the ‘100 Days 100 Payments’ program. RBI issued guidelines, first let us know whether it is ‘unclaimed money’? As per the latest RBI rules, money lying in savings or current accounts without any transaction for at least 10 years will come under this category. When money is not withdrawn within 10 years after maturity of FD or RD, then from June 1, 2023, it will also come under the category of ‘Unclaimed Deposit’. Reserve Bank of India is going to start ‘100 Din 100 Payment’ program, so that these ‘unclaimed money’ can reach their rightful owners. For this, banks have been instructed to identify such accounts and reach their owners and settle the money. Every bank branch in every district of the country will identify 100 such accounts and settle the accounts within 100 days. The latest guidelines also clarify that banks will transfer ‘unclaimed money’ to the ‘Depositor Education and Awareness’ fund of the RBI. ALSO READ Portal likely to be ready in next 3 to 4 months When RBI announced the policy in April 2023, it told that steps can be taken to reduce the burden of this ‘unclaimed money’. The Reserve Bank of India conducts awareness campaigns from time to time through which the common man is encouraged to identify such accounts and claim ‘unclaimed money’ lying in them. This initiative of the central bank is also an attempt to reduce the burden of this ‘unclaimed money’ on the banking system. RBI is working to make it easier to reach such depositors. For this it has been decided to develop a web portal where it would be easy to search for ‘unclaimed money’ in various banks. Only the user has to enter some inputs related to it. This portal is likely to be ready in next 3 to 4 months. RBI is also trying to ensure that new deposits do not end up in the category of ‘unclaimed money’. On the other hand, the existing ‘unclaimed money’ should be handed over to its rightful owner at the earliest after fulfilling all the criteria.