The Reserve Bank of India (RBI) on January 01, 2024, issued a notification regarding the Inoperative Accounts /Unclaimed Deposits in Banks.
The credit balance in any deposit account maintained with banks, which has not been operated upon for ten years or more, or any amount remaining unclaimed for ten years or more, as mentioned in paragraph 3(iii) of the “Depositor Education and Awareness” (DEA) Fund Scheme, 2014, are required to be transferred by banks to DEA Fund maintained by the Reserve Bank of India.
Based on the review, it has been decided to issue comprehensive guidelines on the measures to be put in place by the banks covering various aspects of classifying accounts and deposits as inoperative accounts and unclaimed deposits, as the case may be, periodic review of such accounts and deposits, measures to prevent fraud in such accounts/deposits, grievance redressal mechanism for expeditious resolution of complaints, steps to be taken for tracing the customers of inoperative accounts/ unclaimed deposits including their nominees/ legal heirs for re-activation of accounts, settlement of claims or closure and the process to be followed by them.
This circular applies to all Commercial Banks (including RRBs) and all Co-operative Banks.
The revised instructions shall come into effect from April 1, 2024.
Kindly find the revised instructions attached to the document below.
[Notification No. RBI/2023-24/105 DOR.SOG (LEG).REC/64/09.08.024/2023-24]
