RBI Unclaimed Deposits: If your or any of your family member’s money is lying in an old bank account for years and you do not know how to get it back, then there is no need to worry now. Keeping in mind the problem of millions of such account holders, the Reserve Bank of India (RBI) has given easy and transparent ways to get back unclaimed deposits. With the right information you can get your money back.
What is unclaimed bank account? (RBI Unclaimed Deposits)
When there is no transaction in a savings, current or fixed deposit account for 10 years or more, the account is declared “inoperative” or unclaimed. The amount deposited in such accounts is transferred from the bank to RBI, but the account holder’s money remains completely safe.
RBI told 2 easy ways to get money back
1. Online claim through UDGAM portal
RBI has launched a digital portal named “UDGAM” through which any person can search their unclaimed bank account information online.
- Information about unclaimed accounts of all banks at one place
- Search facility from Aadhaar, PAN or other basic details
- Time saving and entire process online
After getting the account on the portal, you have to submit the necessary documents in the concerned bank and claim it.
2. Claim by going directly to the bank branch
If you are not comfortable with the online process, you can also claim the money by visiting the branch of the bank where you had your old account.
Required Documents:
- Identity Card (Aadhar Card, PAN Card)
- address proof
- Old information related to account (passbook, FD receipt etc.)
If the account holder is deceased, the nominee or legal heir can make a claim with the necessary documents.
How much time does it take to get the money?
The bank usually processes the claim within 15 to 30 days if all the documents are correct. In some cases, it may take a little more time due to verification.
What things should be kept in mind?
- No fee is charged for making a claim
- Don’t fall prey to any agent or broker
- Keep doing transactions in your bank account from time to time
If your money is stuck in an old bank account, now it has become very easy to get it back. You can reclaim your entitled amount through RBI’s UDGAM portal and bank branch. With a little awareness and correct information, years old money can be useful to you again.
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