Winning Bizness Desk
Mumbai. Almost every person deposits their hard earned money in a bank account and many times, more than one bank account is opened for various reasons. However, as the time passes, the account holder neglects this bank account. Apart from this, there are also thousands of bank accounts having no heirs registered. Public sector banks have handed over the amount in similar uninherited accounts to the Reserve Bank and an amount of nearly 35 thousand crores has been handed over to the central bank.
Minister Bhagwat Karad gave the information
The Union Finance Ministry gave this information to Parliament last week saying that public sector banks have handed over an amount of 35 thousand 12 crores to the Reserve Bank in the month of February. There was no heir to this amount. Union Minister of State for Finance Bhagwat Karad gave the information in a written reply in the Lok Sabha. He said that most of the uninherited assets are in the State Bank of India. 8086 crores of assets in SBI were left uninherited. So, Punjab National Bank had Rs 5340 crore, Canara Bank had Rs 4558 crore unclaimed.
10 years window to claim amount
As per Reserve Bank of India rules, if no one has claimed the amount in the savings or current account for 10 years, then that amount is considered as Unclaimed Amount. This money is transferred to the Depositor Education and Awareness Fund (DEAF) established by the RBI. If you are also depositing money in a bank account, the account should continue to operate. If you do not trade in this account for a certain period of time, this account is deactivated. The amount in this inactive account is treated as Unclaimed Amount.
