Pnb unclaimed deposits

The Reserve Bank of India on Friday said a special 100 days campaign will be launched under which banks trace and settle their top 100 deposits in every district of the country. The banks will commence the campaign from June 1, 2023. Balances in savings/current accounts which are not operated for 10 years, or term deposits not claimed within 10 years from date of maturity are classified as “ ( These amounts are transferred by banks to “Depositor Education and Awareness" (DEA) Fund maintained by the Reserve Bank of India. “The Reserve Bank of India today announced a ‘100 Days 100 Pays’ campaign for banks to trace and settle the top 100 unclaimed deposits of every bank in every district of the country within 100 days," the central bank said in a statement. This measure, it added, will complement the ongoing efforts and initiatives by the Reserve Bank to reduce the quantum of unclaimed deposits in the banking system and return such deposits to their rightful owners/claimants. Recently, the RBI has also announced the setting up of a centralised web portal for public to search unclaimed deposits across multiple banks. The Reserve Bank, from time to time, through its public awareness initiatives, has been encouraging members of public to identify and approach the bank concerned for claiming such deposits. The unclaimed deposits are transferred by banks to “Depositor Education and Awareness" (DEA) Fund maintained by the central bank. The issues related to unclaimed deposits were ...

The money transferred to the fund by various banks is invested in instruments such as government securities by a committee set up by the RBI. The income thus earned is used for paying interest on the deposits as well as using it for investor awareness and education purposes. Let’s understand how the money lying in deposit ends up in the DEA fund and how you can claim it back. HOW DEPOSIT STATUS CHANGES According to the RBI regulations, if a bank account remains inoperative for a period of 10 years, the money can be transferred to DEAF. An account is considered dormant or inoperative if there has been no transaction (apart from interest credited or maintenance fees charged) for a period of two years. The bank is required to contact the customer via e-mail or phone about this. If the bank account remains inoperative, the bank is required to transfer the money to the DEAF account by the end of the subsequent month along with the interest accrued. The unclaimed money will earn interest at rates specified by the RBI and not the rate at which the deposit was made. HOW TO CLAIM YOUR MONEY As per the RBI regulations, every bank is required to show the details of unclaimed accounts on the bank’s website. After checking the details on the website, you can visit the bank branch with a duly filled claim form, receipts of the deposits and know your customer (KYC) documents to claim the money. If the claim is related to an old account (when digital banking was not enabled), you could fa...

Unclaimed deposit and dividend Details of unclaimed deposits and dividend as on March 31, 2022 Details of unclaimed deposits and dividend as on March 31, 2021 Details of unclaimed deposits and dividend as on March 31, 2020 Details of unclaimed deposit and dividend as on March 31, 2019 Details of unclaimed deposits and dividend as on July 27, 2018

TCS Work From Office Rule: ‘Productivity is Hampered Because…’ - Say Employees; Two Things Worrying Staff Returning To Office – Know What In a development that will help people to trace their unclaimed deposits lying in banks, the Reserve Bank of India (RBI) has decided to develop a web portal to enable search across multiple banks for possible unclaimed deposits. Public Sector Banks (PSBs), including SBI and PNB, transferred Rs 35,012 crore of unclaimed bank deposits to RBI at the end of February 2023. These deposits have been lying in banks unclaimed for 10 years or more. “As per information available with the Reserve Bank of India (RBI), as at the end of February, 2023, the total amount of unclaimed deposits transferred to RBI by Public Sector Banks (PSBs) in respect of deposits which have not been operated for 10 years or more, was Rs. 35,012 crore,” Dr Bhagwad Karad, Union Minister of State in the Ministry of Finance, said in a written reply to a query in the Lok Sabha on April 3. Also Read: As per RBI’s instructions, banks are required to make an annual review of accounts in which there are no operations for more than one year. Banks may also approach customers and inform them in writing that there has been no operation in their accounts and ascertain the reasons for the same. “Banks have also been advised to consider launching a special drive for finding the whereabouts of the customers / legal heirs in respect of accounts which have become inoperative, i.e., where ...

settlement of claims pertaining to deceased / missing customers of the bank in respect of their deposits, contents of lockers and articles in safe custody with the bank. Bank has a simplified policy and procedure in place to help in getting the claims settled in respect of deposits, contents of lockers and articles in safe custody left with bank in the account of the deceased / missing customers. All claims are to be lodged by submitting Claim Form, along with the proof of death of the depositor, at account maintaining branch. Settlement of claim in Joint accounts with survivorship clause In a joint account where payment of balance to the survivor(s) is provided in the related account opening form, upon the death of one of the joint account holders, the balance in the account will be payable to the surviving joint account holders. The surviving joint account holder(s) is/are required to make a written request in this regard, along with the death certificate of the deceased joint account holder(s). It is suggested that the survivor(s) should open new account in his / their name(s) and request for transfer of balance to the new account. Settlement of claims on the basis of nomination In the deposit account / locker where the deceased account holder has made a nomination, payment of the balance amount / delivery of the contents of the locker shall be payable to the nominee. It is clarified that payment / delivery of articles to the nominee is made only as a trustee of the leg...

PNB unclaimed deposits list includes relevant account details and instructions for the account holders or their legal heirs to initiate the necessary procedures and reclaim the unclaimed deposits, this initiative promotes transparency and facilitates the return of unutilized funds to their rightful owners The PNB Unclaimed Deposits List refers to a compilation of dormant or inactive accounts held by Punjab National Bank (PNB) where customers have not made any transactions or accessed their funds for an extended period. These unclaimed deposits typically arise from forgotten accounts, lost passbooks, or deceased account holders without proper succession details. PNB periodically publishes the Unclaimed Deposits List on its official website, aiming to raise awareness among customers and rightful beneficiaries to claim their funds. Unclaimed deposits refer to funds that have been left untouched in bank accounts for a period exceeding 10 years. Punjab National Bank (PNB) has recently published the PNB Unclaimed Deposits List, which consists of account holders with inactive accounts. It is advisable to verify if your name appears on the list of inactive account holders released by PNB, and if so, follow the necessary procedure and provide valid documentation to claim the deposits. PNB Unclaimed Deposits List 2023 Bank Name Punjab National Bank Article PNB Unclaimed Deposits List Purpose Promoting financial literacy and awareness among depositors Benefit Unclaimed deposits will ...

Image Source : FREEPIK RBI announces new central portal for tracking unclaimed deposits The Reserve Bank of India (RBI) has announced that a new central web portal will be set up to look for unclaimed deposits that are more than ten years old. Currently, bank customers need to visit the websites of various institutions to retrieve their deposits. However, this new web platform will enable bank customers to locate their unclaimed deposits in one convenient location. Reserve Bank of India governor Shaktikanta Das said “right now, people who have bank deposits that have been unclaimed for 10 years or more have to look through the websites of several banks to find them. Consequently, in order to increase and broaden depositors’ and beneficiaries' access to information on such unclaimed deposits, it has been agreed to create an online site that would allow them to search across several banks for probable unclaimed deposits. ALSO READ: This will assist depositors/beneficiaries in recovering unclaimed deposits.” Unclaimed deposits with banks recently declined to Rs 35,012 crore from Rs 48,262 crore a year ago, according to government data. The total amount of unclaimed deposits transferred to the Reserve Bank of India by public sector banks in respect of deposits not operated for 10 years or more was Rs 35,012 crore until February 2023, compared to Rs 48,262 in March 2022, according to Bhagwat Karad, Minister of State for Finance, in a written reply to Parliament. According to th...