What is Unclaimed Bank Deposit & In-operative Bank Accounts:
Unclaimed Bank Deposit includes funds in Current account, Saving account, Fixed Deposit, Recurring Deposits, etc with banks.
As per RBI regulation, an account where there has been no transaction for 2 years other than the interest being credited or maintenance charges being debited, is called an In-operative bank account/Dormant account.
If an account remains inoperative for 10 years or more, then such accounts/deposits are classified as Unclaimed Bank Deposits.
Normally Deposits remain unclaimed due to Change of address, Non-completion of KYC, Not updating Nominee details, etc.
What happens with Unclaimed Deposit:
All the amounts classified as Unclaimed Bank Deposit is transferred to a fund maintained by RBI which is known as Depositor Education and Awareness Fund (DEAF).
RBI transfers the Unclaimed deposit to DEAF every month. Around Rs 48262 crores is lying in DEAF at the FY ended 2021-22.
A committee set up by RBI invests the money transferred to DEAF in instruments such as government securities.
The Unclaimed money earns interest at the rate specified by RBI. The income earned from DEAF is used to pay interest on deposits and for investor education and awareness purpose.
How Customers can claim the Unclaimed Bank Deposit:
As per RBI regulations, banks are required to show the details of Unclaimed Bank Deposit on the Bank’s website.
Customers can check the details of their unclaimed bank deposit on the bank's website and then visit the bank to claim it.
Customers need to present duly filled claim form, Receipt of Deposits, and their KYC documents such as PAN, Address proof, etc at the bank.
If a customer is claiming the deposit in the capacity of a legal heir, then they additionally need to present the death certificate of the account holder and document evidencing the legal heirship.
After verifying the genuineness of the claim, the bank will release payment to the claimant.
After the Bank makes payment to the customer, it lodges the claim with RBI to get the refund from DEAF for such claim settled.
Connect with Share Samadhan for the following queries by clicking here or call at 8800332200:
• How to recover unclaimed bank deposits?
• How to claim money from inoperative bank accounts?
• How to activate a dormant account in the bank?
• How do I get unclaimed bank deposits?
• How do I claim dormant money in the bank?
• How much money is lying in unclaimed amounts?
• How do I activate my inoperative bank account?
• How to activate an inoperative bank account?
• What is DEAF fund of RBI?
Write to us at email@example.com, should you have any queries.
#DEAF #RBI #Unclaimed Funds #Inoperative #domant account