Quick Summary
The Reserve Bank of India (RBI) has released a draft circular titled "Inoperative Accounts/ Unclaimed Deposits in Banks - Revised Instructions (Amendment), 2025", which proposes modifications to the earlier guidelines issued on January 1, 2024. These changes pertain to paragraph 6.1 of the previous circular and aim to enhance the management of inoperative accounts and unclaimed bank deposits across the banking sector. The RBI is seeking feedback and suggestions from the public, stakeholders, an
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FAQ :
The RBI has released a draft circular proposing amendments to its existing instructions on inoperative accounts and unclaimed deposits, aiming to simplify the reactivation process.
Feedback and suggestions on the draft circular can be submitted until June 6, 2025.
The proposed changes suggest that banks should facilitate KYC updation for inoperative accounts at all branches, and potentially through Video-Customer Identification Process (V-CIP) or authorised Business Correspondents.
As per current instructions, balances in accounts not operated for ten years or more, or any unclaimed amounts for ten years, are transferred by banks to the Depositor Education and Awareness (DEA) Fund maintained by the RBI.
Comments can be submitted via the 'Connect 2 Regulate' section on the Reserve Bank's website, by post to the Department of Regulation, Central Office, Mumbai, or by email.
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