Millions of crores of rupees remain unclaimed in indian banks. These funds belong to accounts that have been inactive for years or whose account holders are no longer alive and heirs have not claimed the money. Here’s how you can check and claim your funds, including interest.
1. Why Money Remains Unclaimed
· Many people forget old bank accounts or stop using them after switching banks.
· If an account is inactive for a long time, the bank transfers the balance to the Reserve bank of India (RBI) under the Depositor education and Awareness Fund (DEAF).
· Heirs often fail to claim the money of deceased account holders.
2. How to Check If Your Name is on the List
· The RBI publishes a list of unclaimed deposits on its official website.
· You can search by your name, account number, or bank name to see if you have any unclaimed funds.
· Many banks also provide an online portal to check inactive accounts.
3. Steps to Claim Your Money
1. Identify the account: Check RBI’s unclaimed deposits list or your old bank statements.
2. Visit the bank: Go to the bank branch where the account was held.
3. Provide documents: Submit ID proof, address proof, and account details.
4. Claim your funds: The bank will verify your documents and release the money along with accrued interest.
4. Interest on Unclaimed Deposits
· Funds lying unclaimed continue to earn interest until claimed.
· The rate of interest depends on the type of account and bank policies.
· Once claimed, the bank pays the principal plus interest.
5. How Heirs Can Claim Money
· In case of a deceased account holder, heirs can submit legal documents such as a succession certificate, will, or legal heir certificate.
· Banks then release the funds to the rightful claimants after verification.
6. Stay Alert to Avoid Losing Money
· Regularly update your bank records and KYC details.
· Keep track of old accounts to avoid funds being transferred to RBI.
· Inform your family about account details and procedures to claim unclaimed money.
Conclusion
Millions of crores of rupees are lying unclaimed in banks. By checking the RBI’s list and following proper procedures, you can recover your money along with the interest. Don’t let your hard-earned money go unclaimed!
Disclaimer:
The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any agency, organization, employer, or company. All information provided is for general informational purposes only. While every effort has been made to ensure accuracy, we make no representations or warranties of any kind, express or implied, about the completeness, reliability, or suitability of the information contained herein. Readers are advised to verify facts and seek professional advice where necessary. Any reliance placed on such information is strictly at the reader’s own risk..jpg)
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