Updated: Aug 4
In today's fast-paced world, it's not uncommon for individuals to lose track of their financial assets, leading to unclaimed deposits in bank accounts. These unclaimed deposits, often overlooked, represent forgotten wealth waiting to be unlocked. If you suspect you have dormant funds lying in an old bank account, fear not! This article provides a comprehensive step-by-step guide on how to claim unclaimed deposits from banks, ensuring you don't miss out on what rightfully belongs to you.
Step 1: Gather Information and Documentation
Start by gathering all relevant information about the bank account in question. This includes the account number, the name of the bank and branch, and any old account statements or passbooks you may have. Additionally, ensure you have valid identification documents such as government-issued ID, PAN card, Aadhar card, and proof of address ready.
Step 2: Contact the Bank
Once you have the necessary information, get in touch with the bank where you suspect the unclaimed deposit lies. You can do this either in person or through the bank's customer service helpline. Inform them about your intention to claim unclaimed deposits and be prepared to answer security questions to verify your identity.
Step 3: Complete the Required Forms
The bank will provide you with the necessary forms to claim unclaimed deposits. These may include an application form, a claimant's affidavit, and other relevant documents. Fill out the forms carefully, providing accurate details to expedite the process.
Step 4: Address Verification
In some cases, banks may conduct address verification to ensure you are the rightful owner of the unclaimed deposit. Provide any additional documents requested by the bank to complete this verification process smoothly.
Step 5: Publish a Notice (If Required)
Depending on the bank's policies and the amount of the unclaimed deposit, it may be necessary to publish a notice in local newspapers or on the bank's website. This notice typically serves as a public announcement, allowing other potential claimants to come forward if they have a legitimate right to the funds.
Step 6: Wait for the Processing
After completing all the necessary steps, the bank will process your claim. The processing time can vary from bank to bank and may take several weeks. Be patient and follow up with the bank if needed.
Step 7: Receive the Funds
Once the bank verifies your claim, you will receive the unclaimed deposit along with any interest accrued over the years. Ensure that you collect all the relevant documents related to the claim for your records.
Claim unclaimed deposits from banks
1. When a person dies, legal heirs sometimes discover unclaimed bank deposits. The Reserve Bank of India has mandated banks to publish a list of inactive or inoperative accounts for 10 years or more on the bank’s website.
2. How to search:
The claimant needs to visit the bank’s website to check the inactive account details. Only the primary account holder’s details can be searched from the list.
3. Search criteria Claimant can search records based on:
1. Name and date of birth
2. Name and PAN
3. Name and passport number
4. Name and Pincode
5. Name and telephone number
4. Claim by self: If the account holder himself wishes to make a claim, he needs to visit the nearest bank branch and submit the unclaimed deposits claim form which can be downloaded from the bank’s website or obtained at the branch.
5. Claim by heir/nominee: In case of a claim by a legal heir, he needs to visit the nearest branch and submit the unclaimed deposits claim form. The form needs to be accompanied by a valid identity and address proof of the claimant. Copy of death certificate of deceased account holder.
5. Process: After the bank verifies the genuineness of the claim, the status of the unclaimed account is changed to regular, and transactions are allowed. In case of a claim by legal heirs, the claim settlement procedure of the bank is followed.
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