RBI directs all banks to launch special campaign to return unclaimed deposits

The Reserve Bank of India (RBI) is going to launch a special campaign ‘100 days, 100 pays’ from June 1. Accordingly, all the banks have been directed to trace and settle the top 100 unclaimed deposits in every district of the country within 100 days. Balances in savings / current accounts which are not operated for 10 years, or term deposits not claimed within 10 years from date of maturity are classified as ‘Unclaimed Deposits’.