Over 109 crore remain unclaimed in Salem banks for over 10 years

Salem: With more than Rs109 crore remaining unclaimed in the public and private banks in the district for more than 10 years, officials have intensified efforts to trace the holders of such accounts and return their money.In India, if holders forget about their bank accounts or in cases where family members of deceased holders don't come forward to claim the money in their accounts, the money is considered unclaimed after 10 years. As per the official estimate, Rs1.82 lakh crore remain unclaimed presently in the banks in India. Recently, Salem collector R Brindha Devi had chaired a meeting with the bankers in the district to discuss ways to identify the holders of bank accounts with unclaimed money. "We have decided to conduct a two-phase campaign to identify the holders with unclaimed money in their accounts and return the amount." According to bank officials, as of now, Rs109.67 crore remain unclaimed in bank accounts in the district. "The amount unclaimed for 10 years will be transferred to the Reserve Bank of India's Depositors Education and Awareness Fund. To reclaim this unclaimed amount, KYC documents have to be submitted to the nearest bank branch. After verification, it will be released to the account holders or to their heirs, if the holders have passed away," an official source said.