The RBI has launched a campaign called "100 Days, 100 Pays"
Under the guidelines, banks must work at least one review per year of accounts that have not had any customer-initiated transactions for over a year. The RBI has launched a campaign called "100 Days, 100 Pays" to encourage banks to settle the top 100 unclaimed deposits (balance in savings or current accounts which are not operated for 10 years, or term deposits not claimed within 10 from the date of maturity) in each district. The deadline for the campaign has been extended to April 1, 2024.
Banks should not classify accounts with zero balances as inactive if they have not been used for two years, as stated in the guidelines.
Finally, if a savings or current account has not been used for ten years, the bank will rank the balance as an unclaimed deposit and transfer it to the Depositor Education and Awareness fund maintained by the RBI.
