Easy process to withdraw 'unclaimed' money lying in bank account for years, know how to claim

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Unclaimed Deposits Claim: If money remains in an account for 10 years and no one claims it, such amount is kept in the category of unclaimed deposits. To remit such money to its rightful owners, the Reserve Bank of India has launched a special campaign. Accordingly all the banks have been specially informed that the banks have also made special arrangements to deliver the unclaimed money to the account holders or their relatives.

How to claim unclaimed amount?

In keeping with the RBI regulations, the bank has started uploading the information of unclaimed accounts on its official website. So that customers can get information from this website. He can then visit the bank branch to complete the KYC process and claim the money. If your money is deposited in State Bank of India, the country's largest bank, for years, you can also claim it easily. In which you have to submit ID proof, address and photo for KYC. You can then continue the account as per your wish or close it by withdrawing money.

How can a nominee or heir claim?

If the account holder has died, in such a case the nominee or legal heir has to visit the bank branch to claim the account amount. Also the necessary documents have to be deposited there. But if a company or firm claims the money deposited in the account, then the signature of the head of the company will be very necessary.

You can claim on UDGAM portal

RBI has launched the UDGAM portal on 17 August 2023, so that unclaimed funds lying in banks can be channeled to their rightful owners. You can easily find such accounts with the help of this portal. More than 30 banks of the country have registered in this portal. These include many banks like SBI, PNB, Axis Bank, ICICI, HDFC, Canara Bank.


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