Unclaimed Deposits: According to RBI, money that is lying in a savings or current account and no transaction of any kind has been done for 10 years is considered unclaimed money. Billions of rupees are left unclaimed in the banks of our country and its owners do not to take it back. Now the RBI will find out such people by running a campaign and then their money will be returned to them.
There is such money deposited in many banks of the country, whose heirs are not withdrawing, nor do they know whose money it is. The bank cannot give this amount to anyone without a nominee. Recently, it has been said by the Reserve Bank of India that such people will be traced by running a campaign and then their money will be returned to them.
What are unclaimed deposits?
According to RBI, money that is lying in a savings or current account and no transaction of any kind has been done for 10 years is considered unclaimed money. If a fixed deposit has not been claimed even after ten years of maturity, then that amount will also be considered unclaimed money. But the money deposited in these accounts continues to get interest, and banks also need to keep paying this interest.
Official Website: RBI
₹ 35,000 Cr have been transferred to the RBI by Public Sector Banks like SBI, BoB, and Indian Bank in the month of February 2023. These amounts were deposits lying unclaimed with PSUs for the past 10 years. The account holder has not operated his/her account in the last ten years. Unclaimed deposits in scheduled commercial banks in India, these huge amount handover to the RBI by PSU scheduled commercial banks.
What happens to unclaimed deposits?
The unclaimed deposit money is deposited in a fund of the Reserve Bank of India. A fund called DEAF has been created by RBI for this amount. DEAF means Depositor Education and Awareness Fund. The unclaimed deposit money is deposited in a fund of the Reserve Bank of India. A fund called DEAF has been created by RBI for this amount. RBI invests this money in public awareness programs. You must have seen many advertisements for RBI on TV, and posters. Their expenses are borne from this fund.
This unclaimed deposit money is being utilized by the government for welfare, infrastructure, and other purpose without you knowing.
List of unclaimed deposits in India
- SBI, PNB, CANARA BANK, BANK OF BARODA, UNION BANK OF INDIA, BANK OF INDIA, INDIAN BANK, INDIAN OVERSEAS BANK, CENTRAL BANK OF INDIA, BANK OF MAHARASHTRA, UCO BANK, PUNJAB, AND SIND BANK
₹ 35,012 cR UNCLAIMED DEPOSITS IN Indian banks, these unclaimed deposits were transferred to RBI by public sector banks
How to claim unclaimed deposits?
If the account holder is alive, unclaimed deposits can be claimed as follows:
- If a fund goes to the Unclaimed Deposits Fund, then the KYC document has to be submitted by going to the bank.
- You should take your personal identity card and proof of current address as KYC documents and submit them to the bank.
After the completion of the entire process from the bank, you can take that money into your work and also withdraw it from the bank.
Inoperative account meaning in Hindi
When there has been no transaction or transaction from your account within two years, the bank makes your account doormate or inoperative. जब आपके अकाउंट से दो साल के अंदर कोई ट्रांसक्शन या लेनदेन नहीं हुआ है , तो बैंक आपके अकाउंट को डोरमेट या इन ऑपरेटिवे कर देता है .
How to claim unclaimed deposits?
You need to go to the nearest bank branch of your bank and submit the unclaimed deposits claim form. There are 4 possible scenarios where you will be allowed to claim the deposit money.
- You are the legal heir
- Your Nominee/ You are the nominee
- Other reason
You need to submit the form with relevant documents like address proof and identity proof in your bank. After the document verification.
Read More: How to Apply for SBI Credit Card in 2023
Frequently Asked Questions
Q 1. Unclaimed deposits in India
Ans. ₹ 35,012 cR
Q 2. Canara Bank’s unclaimed deposit
Ans. 4558 cr
Q 3. IOB unclaimed deposit
Q 4. Bank of India unclaimed deposit
Ans. 2557 cr
Q 5. Bank of Maharashtra unclaimed deposit
Ans. 838 cr
Q 6. SBI unclaimed deposit
Ans. 8086 cr