RBI launches public awareness drive as unclaimed deposits increase

The amount of unclaimed deposits is on the rise despite repeated public awareness campaigns undertaken by the Reserve Bank of India (RBI) and the banks.

RBI is now encouraging people who have not claimed their deposits to reach out to the respective banks for such deposits. Unclaimed deposits are on the rise mainly due to non-closure of savings / current accounts which depositors do not intend to operate anymore; due to not submitting redemption claims with banks for matured fixed deposits; or nominees/ legal heirs of deceased depositors do not come forward to make a claim.

RBI defines unclaimed deposits as balance