Unclaimed bank deposits are money in bank accounts that haven't been used for a long time, often because the account holder forgot about it, passed away, or for other reasons. This can include money in savings accounts, fixed deposits, or dormant accounts. These deposits are transferred to the RBI’s Depositor Education and Awareness Fund (DEAF) by the banks, but they still belong to the rightful owner or their legal heirs. Let’s understand how you can get it!
Note: A legal heir is a person who, by law, inherits the property or assets of someone who has passed away. For example, if a parent dies, their children are usually considered legal heirs and may inherit the parent’s house, savings, or other belongings.
Death of the Account Holder: The legal heirs may not be aware of the existence of the bank account.
Lost Track of Accounts: With multiple bank accounts, people may lose track of some accounts.
Dormant Accounts: Accounts with no activity for a specific period become dormant and eventually unclaimed.
Change of Address: If the account holder moves and doesn’t update the bank, they may miss communication regarding the account.
Funds Remain Intact: Even after ten years, the money in the account remains safe and can be claimed by the rightful owner.
Interest Accumulation: The funds may continue to earn interest, depending on the type of deposit.
Legal Heirs’ Rights: Legal heirs have the right to claim unclaimed deposits after the account holder's demise.
The first step to get back unclaimed deposits is to find out if there are any such deposits under your name or your deceased family member’s name.
Go through old bank statements and documents to identify any forgotten accounts.
Many banks have a dedicated section on their websites where you can search for unclaimed deposits. You’ll need to enter basic details like the account holder’s name, address, and date of birth.
The Reserve Bank of India has an online portal where you can search for unclaimed deposits across various banks. This can be especially helpful if the account details are not known.
If you think a deposit might be unclaimed but don’t have records, contact the bank where the account was. Give them the details they need to help find the account.
Important: Keep track of all your accounts, even if you don’t use them often, to prevent them from becoming inactive and unclaimed.
Once you’ve identified the unclaimed deposit, the next step is to gather the necessary documents to prove your ownership or legal heir status.
Identity Proof: Aadhar card, PAN card, or any government-issued ID.
Address Proof: Utility bills, passport, or Aadhar card.
Bank Account Details: Passbook, bank statements, or account opening forms.
Death Certificate: A certified copy of the account holder’s death certificate.
Legal Heir Certificate: This proves your relationship with the deceased account holder.
Succession Certificate: Required in cases where the account holder did not leave a will.
No Objection Certificate (NOC): If there are multiple heirs, an NOC from other heirs may be required.
Indemnity Bond: Some banks may require an indemnity bond to protect against potential disputes.
Important: Make sure that all documents are up-to-date and properly notarized if required.
After gathering the necessary documents, you can proceed to submit the claim to the bank.
Visit the branch where the account was held with all the required documents. If the branch has merged or closed, the bank will guide you to the correct branch.
The bank will provide a claim form that you need to fill out. This form will ask for details such as:
Account holder’s name
Account number
Type of deposit
Details of the claimant
Relationship with the account holder (for legal heirs)
Submit the filled-out claim form along with the supporting documents. Ensure that you receive an acknowledgment receipt from the bank for the submitted documents.
The bank will verify the documents and may ask for additional information if required. This process can take some time, depending on the complexity of the claim.
Important: Be patient during the verification process and follow up with the bank regularly to check the status of your claim.
Once the bank has verified the documents, the claim will move to the processing stage.
The bank’s internal team will cross-check the submitted documents with their records. They may contact you for any additional information or clarification.
If everything is in order, the bank will approve the claim. The approval process may involve multiple levels of verification, especially for large deposits or legal heir claims.
Upon approval, the bank will transfer the funds to the claimant’s account. The funds may be transferred to an existing account or a new account opened for this purpose.
Even after the claim is approved, there may be instances where you need to follow up or resolve disputes.
If your claim is taking too long, check back with the bank branch. If it’s still delayed, you can ask to speak to higher authorities within the bank.
If there are disputes, like multiple people claiming the same deposit or disagreements about who is the legal heir, the bank might ask for more documents or legal help. If things get complicated, it's a good idea to get legal advice.
If the bank fails to process your claim within a specific time, or if there are unresolved disputes, you can escalate the matter to the Banking Ombudsman. The Ombudsman is a quasi-judicial authority that addresses complaints from bank customers.
| Aspect | Details |
|---|---|
| Identify Unclaimed Deposits | Check bank statements, use the bank’s website, RBI’s portal, or contact the bank. |
| Gather Required Documents | Collect identity proof, address proof, bank details, death certificate, legal heir certificate, etc. |
| Submit the Claim | Visit the bank, fill out the claim form, and submit documents; get an acknowledgment receipt. |
| Claim Processing and Approval | Bank verifies documents, approves claims, and transfers funds to the claimant's account. |
| Follow Up and Resolve Disputes | Regular follow-up, dispute resolution, and escalation to the Banking Ombudsman if necessary. |
Getting back unclaimed bank deposits might seem hard, but if you follow the steps in this guide, you can recover your money. Whether it’s your own money or someone else’s, staying organized, patient, and informed will help. Acting quickly ensures the funds go to you or your legal heirs. By understanding and following the process, you can reclaim the deposits with less trouble.
Yes, you can reclaim deposits from a bank that has closed or merged with another bank. The process remains the same, but you may need to contact the new bank or relevant authorities.
If you’re missing certain documents, such as a legal heir certificate, you may need to obtain them before submitting your claim. Some banks may also accept alternative proofs or ask for an indemnity bond.
Yes, Non-Resident Indians (NRIs) can reclaim unclaimed deposits in India by following the same procedure. They may need to provide additional documentation related to their NRI status.
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