RBI New System: Starting on April 1st, if you neglect to deposit money in a bank, you will need to visit the RBI under the new system

RBI New System: Starting on April 1st, if you neglect to deposit money in a bank, you will need to visit the RBI under the new system

RBI New System: Starting on April 1st, if you neglect to deposit money in a bank, you will need to visit the RBI under the new system

You will need to visit the RBI if you neglect to make a bank deposit. The next fiscal year's new unclaimed amount mechanism will go into effect on April 1.

The Reserve Bank of India will get any deposit funds that are left unclaimed in banks for longer than ten years. The depositor or a member of the depositor's family may make a claim with the proper paperwork even after the deposit money has been transferred to the Reserve Bank. Claimants requesting the withdrawal of money must submit a claim with the Reserve Bank of India once the monies have been transferred to them. Starting on April 1 of the next fiscal year, a new procedure regarding amounts unclaimed in thousands of national accounts that have been unclaimed for more than ten years will be put into place. On January 1, RBI Chief Manager Sunil TS Nair issued an instruction in this respect. The directive states that the unclaimed money shall be securely stored in Depositor Education and Awareness (DEA) after its transfer from bank branches to RBI.

According to Dr. Pawan Jaiswal, the Central Government's advisor on tax and finance, unclaimed deposits are still being held in regular banks as of right now. Its claims seek withdrawals from banks when deposits are made using legitimate documentation. Under the new arrangement, the unclaimed money will be sent to the RBI's DEA account after ten years. The person requesting the money must now submit a claim to RBI. The individual who withdrew the money will now have their paperwork closely examined.

Dr. Jaiswal claims that the local bank administration would have to keep looking for the account holder and his family members in order to recover the unclaimed money, even after being transferred to RBI. In the event that no claimant for the unclaimed funds is discovered, the funds will be used to educate bank customers about the DEA program. In response, ALDM Belal Ahmed of Prayagraj said that modifications had been made to the nation's procedure for recovering unclaimed money that has been held in banks for more than ten years.