Forgotten Money In Old Bank Accounts? Here's How To Claim It

Money lying in old bank accounts that have remained inactive for years can still be claimed, according to information shared by the Reserve Bank of India (RBI). Depositors and their legal heirs can recover such funds even if they have already been transferred to the RBI's Depositor Education and Awareness (DEA) Fund.

Under RBI rules, bank accounts that remain inoperative for more than two years continue to stay with the concerned bank. If deposits are unclaimed for more than 10 years, banks transfer the amount to the DEA Fund maintained by the RBI.

When Does Money Go To The DEA Fund?

A bank account becomes inoperative if there are no customer-initiated transactions for more than two years. The account, however, continues to remain with the bank.

If money in a savings account, current account, fixed deposit (FD) or other eligible deposit remains unclaimed for 10 years, the bank transfers it to the RBI's DEA Fund. This transfer does not cancel the customer's ownership of the money. The amount remains claimable at any stage.

What Is The Claim Process?

Customers can approach any branch of the bank where the account was maintained. They do not have to visit the branch where the account was originally opened.

The bank will ask for a claim application along with KYC documents. Aadhaar, Passport, Voter ID and Driving Licence are among the accepted identity proofs. Once the bank verifies the documents and establishes the claimant's identity, it processes the payment. Interest, wherever applicable under the rules, is also paid.

How To Check If You Have Unclaimed Deposits

Before visiting the bank, customers can search for old deposits through the UDGAM portal, which brings together information from 30 banks on a single platform. Many banks also provide a separate facility on their websites to help customers search for unclaimed deposits.

The search can be useful for people who have forgotten old accounts, changed cities, switched banks or are trying to locate deposits made years ago.

Legal Heirs Can Also Make A Claim

The facility is available not only to account holders but also to legal heirs. In case of the demise of the original account holder, eligible family members can submit the necessary documents to establish their claim.

The verification is carried out by the concerned bank. Once the claim is found to be valid, the amount is released even if it has already been transferred to the DEA Fund. This means deposits are not forfeited simply because they remained unclaimed for several years.