Millions of Indians have unclaimed money lying in old or dormant bank accounts. These funds may come from savings accounts, fixed deposits, or recurring deposits that were inactive for years. Recovering this money is simple if you follow the proper procedure.
This guide will help you identify unclaimed assets, check your account status, and claim your funds securely.
1. What Are Unclaimed Assets?
Definition: Money lying idle in bank accounts for a specified period (usually 10 years) without any activity or withdrawal.
Includes:
Savings accounts
Fixed deposits (FDs)
Recurring deposits (RDs)
Insurance payouts, dividends, and pension funds
Banks transfer these funds to the Depositor Education and Awareness Fund (DEAF) after prolonged inactivity.
2. How to Check for Unclaimed Bank Accounts
Step 1: Visit Bank Website
Most banks provide an “Unclaimed Accounts” or “Dormant Accounts” section on their website.
Step 2: Provide Details
Enter your name, account number, and PAN to search for dormant funds.
Step 3: Check RBI Portal
The Reserve Bank of India (RBI) website has a centralized database of unclaimed deposits.
Use your account details to verify if your funds have been transferred to RBI’s DEAF.
3. How to Claim Your Unclaimed Assets
Step 1: Contact Your Bank
Approach your bank branch with ID proof, account details, and KYC documents.
Step 2: Fill Claim Form
Complete the claim application for dormant/unclaimed accounts provided by the bank.
Step 3: Verification
The bank verifies your identity and account details.
Step 4: Fund Transfer
Upon verification, the bank credits the unclaimed funds to your active account.
4. Tips to Avoid Losing Access to Your Funds
Keep your contact details and KYC updated with the bank.
Make at least one transaction a year to avoid accounts becoming dormant.
Regularly check old accounts to ensure no funds remain unclaimed.
Track insurance, dividends, and mutual fund payouts to avoid unclaimed amounts.
FAQs
Q1: How long does it take to recover unclaimed money?
It usually takes 7–15 working days, depending on the bank and verification process.
Q2: Do I need to pay taxes on recovered funds?
Recovered funds are not taxable, but interest earned on unclaimed deposits may be subject to tax.
Q3: Can I claim money from any old bank account?
Yes, as long as you can provide proof of identity and ownership of the account.
Q4: What if the bank has transferred funds to RBI DEAF?
You can still claim the money from RBI through the respective bank or DEAF portal.
Q5: Is there a central portal to check all unclaimed funds?
Yes, the RBI website maintains a centralized database for unclaimed deposits.
Published on : 4th October
Published by : SMITA
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