RBI Draft Circular on Inoperative Accounts/ Unclaimed Deposits in Banks
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The Reserve Bank of India (RBI) has issued a draft circular proposing amendments to its existing guidelines on inoperative accounts and unclaimed deposits in banks. The draft circular, titled “Inoperative Accounts/ Unclaimed Deposits in Banks – Revised Instructions (Amendment) 2025”, was released on the RBI’s website today.
These new proposed changes are meant to modify the instructions outlined in Paragraph 6.1 of the RBI’s earlier circular dated January 1, 2024, which provided banks with directions on how to handle dormant accounts and unclaimed funds.
Public Comments Invited Until June 6, 2025
The RBI has invited comments and suggestions from the public, financial institutions, and other stakeholders on the proposed amendments. The last date to submit feedback is June 6, 2025.
How to Submit Feedback
Stakeholders can share their feedback through the ‘Connect 2 Regulate’ section available on the RBI’s official website. Alternatively, comments may be submitted by post or email [[email protected]] to:
The Chief General Manager
Business Conduct Group
Department of Regulation, Central Office
Reserve Bank of India, 12/13th Floor
Shahid Bhagat Singh Marg, Fort
Mumbai – 400 001
Background and Importance
Inoperative accounts and unclaimed deposits remain a concern for the banking sector and consumers alike. These are funds lying untouched in bank accounts for extended periods. Periodic updates to the regulations ensure that such funds are managed efficiently and transparently, and rightful owners or their legal heirs are more easily able to claim them.
The RBI’s effort to revise and streamline these instructions reflects its continued commitment to consumer protection, financial inclusion, and sound banking practices. The move also emphasizes public involvement in shaping policies that affect everyday banking and customer rights.
