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RBI issues new rules on inoperative, unclaimed savings accounts, FD, deposits: FAQs on how to claim, charges, interest to be paid

The Reserve Bank of India (RBI) has issued comprehensive guidelines on the measures to be implemented by the banks covering various aspects. The revised instructions shall come into effect from April 1, 2024, stated RBI.

RBI issues new order to help recovery of unclaimed deposits in banks

The Reserve Bank of India (RBI) has issued fresh instructions to banks to strengthen the ongoing efforts to reduce the quantum of unclaimed deposits in the banking system and return such deposits to their rightful owners or claimants.

RBI issues new order to help recovery of unclaimed deposits in banks

RBI issues new order to help recovery of unclaimed deposits in banks
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reactivation of accounts process: RBI simplifies reactivation of dormant accounts; tightens norms to curb frauds

The Reserve Bank of India (RBI) has relaxed the process for reactivating dormant accounts and increased norms to limit fraud in inoperative accounts. Activation can be done through KYC details or video-customer identification processes. Banks are not allowed to charge fees for inoperative account activation or penalize non-maintenance of minimum balances.

RBI Issues New Order To Help Recovery Of Unclaimed Deposits In Banks

RBI Issues New Order To Help Recovery Of Unclaimed Deposits In Banks
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