How to claim Unclaimed Deposit: If you do not make any transaction in such an account for 10 years or more, then the amount deposited in the bank becomes unclaimed. If your account is once declared unclaimed by the bank, you may have to struggle a lot to get your money back.
Many times we open accounts in more than two banks, but do not transact regularly in them. It has been seen many times that people keep some money in their bank account and leave it inactive. If you do not make any transaction in such an account for 10 years or more, then that amount deposited in the bank becomes unclaimed. Banks currently have Rs 78000 crore unclaimed. This includes current and savings accounts as well as fixed deposits (FD).
Let us know what is unclaimed deposit? What does the bank do with this money? How will you find out whether you have any share in the unclaimed deposit or not? What is the way to get it back:-
What is unclaimed deposit?
An account or deposit in which there is no transaction for 10 years or more. That is, during this time neither you have withdrawn nor deposited money. In this case, this deposited amount becomes unclaimed. Some people get FD, RD done. They do not claim it even after many years of its maturity. In such a situation, this account also becomes unclaimed. Apart from this, if such account holders have died and do not have any nominee, then the money kept in that account also becomes unclaimed.
What does the bank do with this money?
The unclaimed amount deposited in banks is transferred to the Depositor Education and Awareness Fund (DEAF). This fund was created in 2014. From here, the unclaimed amount is later invested in instruments like government debentures.
How will I know whether my money is unclaimed or not?
You can check your unclaimed status by visiting the government’s UDGAM (Unclaimed Deposits – Gateway to Access Information) portal udgam.rbi.org.in. Through this portal, you can get information about your unclaimed deposits lying in different banks.
Is there any process to check online?
- Go to https://udgam.rbi.org.in.
- Login for unclaimed deposits.
- Enter your mobile number, password, captcha code.
- An OTP will be sent to your registered mobile number.
- Enter the name of the account holder and select the bank.
- Fill in the required information.
- After this, click on the search button.
- If there is any unclaimed amount, it will be visible to you.
When and how can you withdraw the unclaimed amount?
There is no deadline to withdraw the unclaimed deposit. You can claim it from your bank whenever you want. For this, you will have to apply to the bank. The bank will return the amount after verifying your information and documents. No charge is taken from you in the process of claiming the unclaimed amount.
