It may happen many a times, that you have placed a fixed deposit and have forgotten about it. It is rare though, but, highly possible. Or, you could have gone abroad and just forgotten about it.
We are not talking of Fds that have matured just a few months ago. We are talking of claiming money from fixed deposits that have matured several years earlier.
How to claim an inoperative or matured fixed deposit?
a) Visit the website of the bank's branch
Almost all the banks have a list of unclaimed fixed deposits, listed on their website. Enter your details as mentioned on the website of the concerned bank.
b) You need to fill the claims form
There is a claims form that has to be submitted to the bank. Along with this, you need to submit a host of documents, most of which are related to know your customer needs. These include your photographs, address proof and also identity proof.
You should also have your FD receipts to claim money from a matured or an inoperative fixed deposit.
c) Easier process if amounts are less than Rs 1 lakh
If the amounts are less than Rs 1 lakhs, banks like State Bank of India allows the branch itself to process tha amounts. However, amounts in excess of Rs 1 lakhs would need the approval of their controllers.
How can legal heir claim inoperative or matured fixed deposits?
The process of claiming a matured fixed deposit for a nominee is not too different. What you need to do is the following:
1) Submit death certificate of the policy holder
2) Also, submit proof of the same know your customer details mentioned in the para above, on know your customer needs.
If you are not an individual, then to claim the inoperative or matured fixed deposits, you need to submit the same on the company letter head.
It is better to make sure that you have a joint fixed deposit or a nominee on the fixed deposit. This would avoid hassles to claim money from long expired Fds.
The process of cliaming matured or unclaimed fixed deposits is likely to take time. It is better you also make a list of your FDs and remember when they mature. This would avoid the unnecessary hassle of going through a tedious process.
Bank may take their own time to complete the deligence process.