Deputy Commissioner Venkat Raja launched the ‘Your Money Is Your Right’ awareness campaign recently to help depositors or their legal heirs reclaim deposits and insurance premiums that have remained unclaimed in banks for long periods.
Speaking after inaugurating the programme at the District Magistrate’s Hall, he stressed the need for extensive awareness among customers whose deposits and insurance premiums have not been claimed due to various reasons.
He noted that in Kodagu district alone, around 33 crore belonging to 1.41 lakh account holders has remained unclaimed for many years, and urged that every such customer or heir must be informed so they can reclaim their money.
ZP CEO Anand Prakash Meena explained that money lying in bank accounts that have been inactive for more than 10 years is transferred by the RBI to the DEAF (Depositor Education and Awareness Fund). Legal heirs can reclaim such deposits at any time by providing the necessary documentation. He emphasised the need for widespread awareness on this issue.He further advised customers to make full use of the awareness camp by bringing identity documents along with eligibility proofs.
Nisha, Assistant General Manager, RBI, said that as per guidelines of the Ministry of Finance, awareness programmes will be conducted across all banks, insurance offices and related departments until December 31 to educate legal heirs about unclaimed financial assets. The camp aims to help families recover financial assets that have remained unclaimed for several years.
During the event, unclaimed amounts were also returned online to some depositors. Â Â District Manager of Grameena Bank, Gangadhar Nayak, spoke on the importance of the ‘Your Money, Your Right’ initiative.
A poster on the campaign was released by Deputy Commissioner Venkat Raja, GP CEO Anand Prakash Meena and RBI AGM Nisha. Managers of several district banks, LIC branch managers and other officials were present. Unclaimed money from inactive bank accounts (two to ten years) or deposits not claimed for more than 10 years are transferred to an RBI-managed fund. Depositors or their legal heirs may reclaim the money anytime by contacting their bank. They may also check their unclaimed deposits online at the RBI’s UDGAM portal by submitting KYC documents (Aadhaar, Passport, Voter ID or Driving Licence).
