Discovering Wealth

Print Edition: March 2012

A surprise windfall might be waiting for you. The Reserve Bank of India has asked banks to locate and refund unclaimed deposits estimated at over Rs 1,700 crore to customers or their legal heirs.

Banks will have to publish the list of unclaimed deposits and inoperative bank accounts that are inactive/inoperative for 10 years or more on their websites.

The list, which has to be made available by 30 June 2012, will contain only the names of the account holder and his/her address as mentioned in the unclaimed deposits and inoperative accounts.

It will be updated on a regular basis. Banks will also have to provide a search option to discover unclaimed accounts held by individuals.

As in December 2010, Rs 1,723.24 crore in 1.03 crore non-operational accounts in different banks were lying unclaimed.

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