How To Check And Reclaim Your Unclaimed Deposits In Banks

Did you realise that there could be unclaimed deposits in banks that belong to you or a loved one? Individuals frequently forget or neglect some funds, such as dormant bank accounts, uncashed checks, or insurance policies. Here is how to check for unclaimed deposits in bansk.

What is Unclaimed Deposit?

Unclaimed deposits are funds in savings or current accounts that have not been used for ten years, or fixed and recurring deposits that have not been claimed within ten years of maturity.

These funds are sent by banks into the Depositor Education and Awareness (DEA) Fund, which is managed by the RBI and utilised for investor education and awareness.

Every month, money is transferred to the RBI's Depositor Education and Awareness (DEA) Fund if a bank account remains dormant for ten years. The crucial thing to remember here is that unclaimed money receives interest at the RBI-specified rates, not the rate at which the deposit was made.

How to check and claim your money in an unclaimed deposit?

• A list of inactive accounts and unclaimed deposits is published by the banks, together with the names and addresses of those on the list.
• Check each bank's website to see if your name is on any of the lists.
• If you see your or a relative's name, go to the nearest bank branch and fill out, sign, and submit the claim form.
• Submit the required documentation to complete the KYC procedure.
• If the account holder dies without a registered nominee, or if the registered nominee dies, the claim can be filed by a beneficiary named in the Will, or by producing a succession certificate or probate, as well as the notarised death certificate.
• If the sum is significant, certain banks may also request an indemnification and no-objection certificate from each family member.
• After the bank has verified all of the paperwork, the money will be given to the claimant, along with any interest.
• There are no time constraints for filing claims. Banks are expected to settle such claim requests with all supporting papers within 15 days of receipt.