00:00 Reserve Bank of India has issued new guidelines on bank accounts and unclaimed deposits.
00:08 If you have an account that you have opened but you don't use it anymore,
00:14 then this news is for you.
00:16 So watch the video till the end.
00:18 In this, we will understand in detail what guidelines RBI has issued.
00:22 Actually, RBI has told the banks that they should not issue new guidelines
00:26 and customers of unclaimed deposits or their nominees or legal heirs should be found
00:33 and either the accounts should be reactivated or claim settlement should be done.
00:37 The bank has also said that such accounts should be investigated for a certain period of time
00:42 because such accounts are also prone to fraud.
00:46 And these new rules will be applicable from April 1, 2024.
00:50 If you don't know when an inoperative account is,
00:53 then according to RBI's circular, any saving or current account will be considered inoperative
01:00 when a customer has not made a transaction in it for more than two years.
01:05 We call it an inoperative or dormant account.
01:08 Now let's know what will be the benefit of the new rules for the customers of RBI's guidelines.
01:14 So first, according to RBI guidelines, banks will always have to pay interest on unclaimed deposits.
01:21 Even if your account is inactive, inoperative, you will still get interest on the saving account.
01:28 Second, minimum balance penalty will not be applied on inoperative bank accounts.
01:34 Third, even if there is zero balance in government scheme accounts, it will not be considered inoperative.
01:41 What are the guidelines that RBI has given to banks?
01:43 So the bank has been instructed to send an email or SMS and find the owner of the inoperative account.
01:51 KYC should be easy.
01:52 Once the KYC is done in the inoperative account, the account should be restarted.
01:56 Once the account is restarted, the bank will not take any charge from the customer.
02:01 The bank account will have to be activated in three days after the claim is made.
02:07 If the customers have an alert that they have not made a transaction, then the account will be inactive.
02:13 So that those whose account has been inactive for more than two years,
02:16 they can make any transaction and make it active.
02:20 Next is, after restarting the inoperative accounts, it will be monitored for 6 months.
02:26 Next is that the bank will put the system of finding unclaimed deposits on the website.
02:32 Next is that the bank will not be able to withdraw money from the inoperative savings accounts.
02:37 That is, such accounts in which money is lying, but it has become inoperative
02:42 because the customer has not made any transaction in it for more than two years.
02:46 So the bank cannot withdraw any amount in it.
02:50 This is the direction given by the RBI to all banks.
02:54 The next point is that the information of inoperative accounts and unclaimed deposits must be kept safe.
03:00 Let me tell you that there is such a rule that in any bank, in any such deposit account,
03:04 in which there has been no operation for more than 10 years,
03:08 or in this 10 years or more than this, there is an unclaimed deposit in the account.
03:13 So this deposit should be sent to the bank to the Depositor Education and Awareness Fund,
03:19 which is run by the RBI.
03:21 And the meaning of unclaimed deposits is that if there is more than 10 years of money in any bank account
03:27 and no one comes to claim it, then it is called unclaimed deposits.
03:32 For that, the government has also run a separate rule.
03:35 And such money should not be kept with the bank.
03:38 In fact, it should be sent to the Depositor Education and Awareness Fund,
03:43 which is run by the RBI.
03:45 So if you have not made any transaction for more than 2 years,
03:49 your account is inoperative, then this news was for you.
03:52 If you want to activate it, then you can also activate it.
03:57 That's all for the video.
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