Unclaimed MoneyImage Credit source: File Photo
There are many accounts in banks in which unclaimed deposits run into thousands of crores. Which customers have not used for many years. If your account has not been used for a long time and money is stuck in it. RBI recently launched the ‘100 Days, 100 Payments’ campaign, which will start from June 1 this year, to return unclaimed money to its rightful owners.
The central bank has mandated all banks to trace and dispose of their 100 unclaimed deposit accounts in each district within 100 days of the launch of the campaign. Most of the banks are trying to find manpower and resources to run this campaign. You need to visit the website of each bank to check whether your name is in their list of unclaimed accounts or not.
The RBI had earlier announced that it would set up a centralized web portal for the public to search for unclaimed money across multiple banks. However, so far no guideline has been announced for this facility. If an account is inactive for more than two years, ie no transactions other than interest deposited or maintenance charges have taken place, the bank will have to contact the customer through e-mail or phone. But sometimes banks fail to reach people if their contact information has changed, they have moved cities or moved abroad, or if they have died.
Bank will not disclose the money
If you find your or a relative’s name on the bank’s website, you will need to submit a claim form (each bank has a different format) and provide all necessary documents to complete the KYC process. However, the bank will not disclose how much money is in the account, so no one is sure how much effort and time it will take to claim the money.
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Under the campaign, banks will focus on accounts where nominees are registered, as these would be easier to trace. So, if you have proof that you are a nominee to an account and the person is dead, approach the bank yourself with proof of nomination, proof of ID and a copy of the death certificate.
How to check and claim your money
- All banks are required to issue list of inoperative accounts and unclaimed accounts with name and address.
- Is your name in any list or not? To know this, visit the website of each bank.
- If you find your name, or that of a relative, visit the nearest branch of the bank and fill, sign and submit the claim form.
- Submit the required documents to complete the KYC process.
- If the account holder is dead and there is no registered nominee, or if the registered nominee is also dead, can be claimed by the beneficiary as per will or by providing succession certificate or probate, and notarized death certificate Could. ,
- If the amount is large, some banks may also require a no objection certificate from all the family members.
- After verification of all the documents by the bank, the amount along with interest, if any, will be transferred to the claimant.
- There is no time limit for filing claims, but banks are required to settle such claim requests within 15 days from the date of filing along with all supporting documents.
