PNB unclaimed savings account, FDs: PNB launches campaign called 100 Days, 100 Pays; are you eligible?

Punjab National Bank has initiated a campaign called 100 Days 100 Pays from June 1, 2023 to September 8, 2023 to track and settle unclaimed deposits in each district of the country, according to the website.In April, the Reserve Bank of India (RBI) announced the creation of a new centralised web portal for searching for unclaimed deposits older than ten years. As now bank customers must visit through the websites of various institutions to claim their deposits.When is an account considered as inoperative account?
An account will be classified as Inoperative Accounts (10 years and above) / unclaimed deposits if the same is not operated other than interest credits and service charge debit) for 10 years and more from the date of last operation.

The customer, survivor, legal heir, authorized signatories, as the case may be, can lodge a claim for the unclaimed deposit and activate the account. The claim process is as follows, according to the PNB website.

Claim by Self
Customers can visit the bank’s branch with the request letter (Annexure-I) and provide valid proof of identity, address, and the most recent photograph. Following verification by the same branch, the account will be converted to the operational category and transactions will be permitted.

Claim by legal heir, nominee
For the claim process, the legal heir, nominee can visit the bank’s branch and submit the relevant documents, as well as comply with the Bank’s claim settlement process.

Claim by non-individual
To make a claim on a Non-Individual account, the client must submit a Claim Form on the Company’s/Firm’s/Institution’s letterhead, fully signed by the authorised signatories, together with appropriate identity and address documents. The consumer may also be required to submit any additional documentation needed by the Bank.

The rising amount of unclaimed deposits is mostly due to the failure to close savings and current accounts that depositors no longer intend to use, as well as the failure to file redemption claims with banks for matured fixed deposits.

There have also been reports of accounts belonging to deceased depositors where the nominees/legal heirs have failed to lodge a claim against the bank.

Banks already host a list of unclaimed deposits on their website with certain identifiable details to assist such depositors or nominees, legal heirs of deceased depositors in identifying and claiming the deposits.

Here is how PNB customers can check unclaimed deposit

Visit https://www.pnbindia.in/inoperactive-accounts.aspx, enter name as per the record, enter the code and click on Go. Your information will be displayed.