Rs 35,012 crore were deposited in 10.24 crore accounts of public sector banks till February 2023, which have not been operated for the last ten years. The banks have transferred this unclaimed deposit Reserve Bank (RBI). An unclaimed deposit is an amount that hthatt been used for overoverrs. Until MaUntil2022, 48,262 crore rupees were in the form of unclaimed bank deposit bank depositster of State for Finance Bhagwat Karad gave this information in a written reply the Lok Sabha.
The Reserve Bank of India puts unclaimed deposits in the Depositors Education and Awareness Fund (DEAF). As of February 2023, State Bank of India (SBI) had unclaimed deposits of Rs 8,086 crore, Punjab National Bank Rs 5,340 crore, Canara Bank Rs 4,558 crore and Bank of Baroda Rs 3,904 crore. According to the Reserve Bank of India (RBI), if a consumer does not transactis an account for ten years, theunt deposited in that account becomes unclaimed. The report from which transactions are not done becomes inactive (dormant account).
The unclaimed amounts can be in savings, current, fixed, and recurring deposits. There can be many reasons for the deactivation of a bank account, such as the account holder forgetting the bank account or the death of the account holder, family members not knowing about the history of the deceased, wrong address or the nominee being registered in the report. Not to be
How to know- Information about unclaimed deposits is usually available on bank websites only. This information can be obtained from the account PAN card, date of birth, name and address, whether the unclaimed amount is lying in the account holder’s account. Banks return the amount lying in the inoperative account and interest after taking general inquiries and necessary documents.
How to claim?- The account holder can get the amount lying in the bank account withdrawn after contacting the bank and resubmitting the necessary documents. The nominee can easily claim the unclaimed amount if the account holder has died. The nominee will have to give the death certificate of the account holder. Along with this, he will also have to provide his KYC documents. If there is a joint account, the bank will strike off the name of the account holder who has died and give all rights to the surviving account holder.
If not, what is the nominee?
Suppose the nominee is not registered in any account. In that case, the person who approaches the bank to withdraw money from the unclaimed account will have to submit the succession certificate for the withdrawal of a small amount and the succession certificate for the withdrawal of a large amount. If there is any will of the account holder, it will also be examined. Usually, the bank settles the claim within 15 days of filing it.