According to the RBI annual report, unclaimed deposits in banks have unusually increased and the apex bank has begun a nationwide campaign to ramp up awareness on the issue, reports Zee Business.
As per the report, the unclaimed deposits in banks spiked to Rs 48,262 crore in the FY22 from Rs 39,264 crore in the preceding fiscal.
Most of the funds are in banks in Tamil Nadu, Punjab, Gujarat, Maharashtra, Bengal, Karnataka, Bihar and Telangana/Andhra Pradesh.
The apex bank’s campaign is being conducted through local languages of the states along with Hindi and English.
As per the RBI norms, balances in savings/current accounts that are not operated for 10 years, or term deposits not claimed within 10 years from the date of maturity, are classified as “unclaimed deposits”.