Public Sector Banks (PSBs) have transferred unclaimed deposits worth Rs 35,012 crore to the Reserve Bank of India (RBI) by February 2023. State Bank of India (SBI) has the highest unclaimed amount of Rs 8,086 crore among PSBs. After which Punjab National Bank is in second place with Rs 5,340 crore and Canara Bank with Rs 4,558 crore.
Banks work quickly on the accounts of deceased customers
Let us tell you that Minister of State for Finance Bhagwat Karad informed the Lok Sabha that SBI gives priority to settlement of claims on accounts of deceased customers. SBI also provides information and frequently asked questions on its website to ease the claim settlement process for the customers.
Banks are doing something like this for unclaimed accounts
RBI has directed banks to conduct an annual review of accounts with no transactions for more than a year and display the list of unclaimed deposits and inoperative accounts on their websites. Banks have also been advised to launch special drives to trace the whereabouts of customers or legal heirs of accounts lying dormant for two years or more. RBI has asked banks to play a more proactive role in tracing account holders whose accounts have become inoperative.
