What will happen to unclaimed deposits in banks current and savings accounts from June 1?
From June 1st, a new campaign will be commenced by banks to trace and settle unclaimed deposits across the country. Balances in current and savings account which are untouched for 10 years are called as unclaimed deposits.
If you haven't used your banks saving and current accounts for at least 10 years, and do have some deposits balance in them, then starting June 1, 2023, a key change will be happening for these accounts. Firstly, the deposits idle in these non-operated banks are called as unclaimed deposits. For these unclaimed deposits, RBI has launched a '100 Days 100 Pays’ campaign and during these period banks are required to settle these deposits. But there is a catch!