Have Unclaimed Deposits In Bank Account? Here’s How You Can Claim The Cash

The nominee/heir will need valid identity proof, a copy of the depositor’s death certificate and passbook/special term deposit/term deposit receipts among others to claim Unclaimed Deposits from bank accounts.

New Delhi: The Reserve Bank of India (RBI) has launched a new initiative called the ‘100 Days 100 Pays’ campaign, aimed at facilitating the retrieval and settlement of the top 100 unclaimed deposits in every bank across all districts of the country within a span of 100 days. So, if you have not used your bank account, both saving and current account for at least 10 years and have come deposits in them, then starting June 1, 2023 banks will commence the campaign.

This action, according to RBI, will support the Reserve Bank’s continued efforts to lower the amount of unclaimed deposits in the banking system and return those deposits to their rightful owners or claimants.

What are Unclaimed Deposits?

According to the Reserve Bank of India, an unclaimed deposits are “balances in savings / current accounts which are not operated for 10 years, or term deposits not claimed within 10 years from date of maturity.” Banks deposit these funds to the Depositor Education and Awareness (DEA) Fund, which is maintained by the RBI.

How to claim Unclaimed Deposits money?

The account holders must visit the branch where their deposit is maintained and submit the claim form, along with the available information about their unclaimed deposit.

They must also submit recent photographs, a valid identity proof, address proof, passbook, term deposit/special term deposit receipts and any other documents required by the bank.

If the documents are in order, the lender will begin the process of releasing funds from the unclaimed deposit.

How to claim Unclaimed Deposits money for non-individual accounts?

In case of a claim made for non-individual accounts, i.e (company/ partnership firm/ LLP/institution) etc all correspondence relating to the claim should be on the official letterhead duly signed by the authorized signatories along with their valid identity and address proofs.

How can a nominee/heir claim the Unclaimed Deposit Money?

A nominee or heir can claim the deposit after the death of the depositor by visiting the bank branch with the Unclaimed Deposits Claim Form filled and signed. The nominee/heir also needs valid identity proof, a copy of the depositor’s death certificate and passbook/special term deposit/term deposit receipts.

Some banks may seek an heirship certificate (in case of small amounts) or a succession certificate or a letter of administration (for large sums) or a probated testamentary document (probated will). Few banks also process the claims based on Affidavit and Indemnity and/ or No objection certificate from all family members, however it is as per individual banks discretion.

Is there a time limit for filing the claims?

There is no time limit for filing claims. Claimants (account holders or their nominee or their legal heirs/ beneficiaries) can lodge their claims with the respective home bank at any time post the deposit being transferred to DEAF. As per RBI notification, a bank must settle such a claim request within 15 days of the claim being filed with all supporting documentation needed for legitimacy of the claim.