Bank account holders or nominees across India will present a new format to help fix the nominations Unclaimed deposit According to informed sources, more than 78,213 crores.
Banks are implemented new RBI guidelines For unclaimed deposits and Passive accountEffective from 1 April. The guidelines require banks to display unclaimed deposits on their websites, including the account holder’s information and a public discovery feature.
The streamlined process will include standardized applications and declaration forms along with a uniform set of documents required for deposit reclaimation.
Applicants should present basic information including name, mobile number and address. According to the public sector bank official, the concerned bank branch will verify and process these applications.
Unclaimed deposit
An executive officer of the bank said, “The recommendations of a work group established to look into the issue of unclaimed deposit have been accepted.” “From FY26, the online recovery mechanism will be fully operated.”
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A work group involving senior bankers of state-operated institutions was established last year after suggesting ways to accelerate the unclaimed fund settlement after discussion with Reserve Bank of India (RBI), government officials and other stakeholders.
The standardized format developed by public sector banks will be distributed to private sector institutions through the Union of Indian banks.
A senior banking official confirmed that the process would work smoothly in all banks.
He said, “Once a customer is filled in the details, it will ensure that the concerned bank branch reaches the customer for additional verification, and if necessary, transfer the amount to the verified account,” he said.
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Currently, customers should examine unclaimed deposits through RBI’s UDGAM portal and later visit their bank branch to claim funds.
RBI depositor education and awareness (DEA) fund receives deposits from passive accounts for 10 years or more. By March 2024, the fund has ₹ 78,213 crore, which is showing 26% growth from the previous year.
The Banking Law (Amendment) Bill, introduced in August, allows up to four enrolled persons per bank account, which is an increase from the previous single enrolled limit.
Finance Minister Nirmala Sitarman has instructed the financial regulators to start a special drive to settle unclaimed deposits and claims in various financial sectors including banks, shares, dividends, mutual funds and insurance.
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