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!
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