Unclaimed Amount in Banks: Do you know that there is a considerable amount in the country’s banks that has no claimant? In such a situation, the central government has taken a significant step regarding the unclaimed amount held in banks. Soon, the unclaimed money will be returned to the relatives. Finance Minister Nirmala Sitharaman has also inquired about the money lying in banks.
She has instructed all the banks to return the unclaimed amount soon. For this, district-wise camps will be organised by the banks. If you have also forgotten to deposit money in the bank, you can go to the camp and present your claim, after which the funds will be returned. The funds will be provided directly to the owner.
How much unclaimed amount is lying in the banks
According to a report, banks across the country have an unclaimed amount of Rs 78,000 crore. Since the account has not been used for many years and other reasons, the amount is considered unclaimed. Now, the government is making the process of returning the unclaimed amount easier. It will be vital for you first to know in which accounts the unclaimed amount is kept. According to the current rules, how can you get your money back without any issues
What is an unclaimed deposit?
The question may be arising in your mind about what is considered an unclaimed amount. If there is no transaction in an account for 10 years, the deposited amount is regarded as an unclaimed deposit. Additionally, this rule applies to all types of bank deposits, including savings bank accounts, fixed deposits, current accounts, and recurring deposits. If the account holders pass away for any reason, their heirs can claim this amount.
District-wise camps will be set up
Union Finance Minister Nirmala Sitharaman has asked the regulators and departments to return the money to the owners by setting up special camps at the district level. This campaign is to be initiated through RB, the I, SEBI, MCA, PFRDA, and IRDA, as well as banks, pension agencies, and insurance companies.