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How To Claim Unclaimed Fixed Deposits From Banks
Total Articles: 13
An unclaimed deposit is a deposit where a fixed deposit bank account has not been operated for a period of 10 years since its last deposit. When we talk about term deposit accounts, when no withdrawal or renewal takes place for a period of 10 years from the date of maturity, the deposit is treated as an unclaimed deposit.
An unclaimed deposit continues to earn returns – not at a fixed deposit rate, but rather at the savings bank account rate. The banks, insurance companies, post offices, and Employees Provident Fund Organization (EPFO) of India claim to have INR 64,000 crore lying with them as idle and unclaimed money, which itself explains the magnitude of this topic.
The Reserve Bank of India (RBI) recently issued a notification stating that the determination of the account holders of unclaimed money and their whereabouts must be a priority. The job of tracing such account holders and ensuring that they get their money has been directly handed to the banks.
How do You Find your Unclaimed Bank Deposits?
As per the guidelines set by RBI, banks are required to disclose the names and addresses of such account holders on their websites. Only the address and the name of the account holder must be displayed, and not the account number or bank branch. Thus, in order to discover any unclaimed accounts and deposits on any name, one can simply check the information provided on the respective bank’s website.
How do you Claim an Unclaimed Deposit?
An online application form for claiming an unclaimed fixed deposit can be downloaded from the respective bank’s website. Apart from the form, there are several documents that will be required by the bank, details of which will be mentioned on their website as well.
There might be a situation wherein you possess documentary proof of an unclaimed deposit or account in a bank but your name is not listed on the bank’s website. If this is the case, you can approach the bank directly for further guidance. The bank will do everything it can to verify and ascertain the status of the unclaimed account and present it to you. Thus, you should not be discouraged if you don’t find your name on the website of your bank.
Who can Make the Claim?
If an account holder is alive and has forgotten about his deposit, he can make the claim himself.
However, in the event of the account holder’s death, a nominee or legal heir of the account holder can make a claim for the deposit. The person who wants to make a claim will be required to submit all the necessary documents along with the application form. In case the claim is being made by a legal heir or nominee, then the death certificate of the account holder is required. The heir must also submit proof of their relationship with the account holder.
Non-individual entities such as companies can also make claims for unclaimed fixed deposits. The claim has to be submitted on the letterhead of the company and the necessary documents are required to be attached to it. So keep in mind to make nominee when you invest your money in FD who will able to claim your fixed deposit after you.
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