Context:
The Reserve Bank of India (RBI) has directed all banks to launch a 3-month drive (October–December 2025) to settle unclaimed funds such as deposits, dividends, interest warrants, and pensions.
What are Unclaimed Deposits?
Unclaimed deposits are funds held in bank accounts, fixed deposits, recurring deposits, or other financial instruments that remain unclaimed by the account holder or beneficiary for a specified period, usually due to inactivity, non-withdrawal, or lack of communication with the bank.
Key Features
| Feature | Details |
|---|---|
| Types of Unclaimed Deposits | – Savings/Current Account Balances: Dormant accounts – Fixed/Recurring Deposits: Maturity proceeds not claimed – Interest Warrants & Dividends: Payments issued but not encashed – Pension/Gratuity Payments: Benefits unclaimed by beneficiaries |
| Time Frame | – Savings/Current Accounts: Not operated for 10 years – Term Deposits: Not claimed within 10 years from maturity – Such funds are transferred to Depositor Education and Awareness (DEA) Fund at RBI – Depositors can claim funds later with applicable interest |
| Handling by Banks | – Maintain separate ledger for unclaimed deposits – Periodic reporting to RBI is mandatory – May transfer funds to DEA Fund or Unclaimed Deposits Fund per RBI norms |
