If any of your bank accounts have not been in use for years and now suddenly you remember that money is deposited in it, then there is no need to panic. Often people forget the old account after changing jobs, shifting to the city or opening a new account, due to which it becomes a dormant account. In such a situation, people feel that now it will be difficult to withdraw money from that account. But the Reserve Bank of India i.e. RBI has given an easy way to withdraw money from such inactive bank accounts, through which you can get your deposited amount back without any hassle.
Then the account comes under the category of dormant account.
Actually, according to the rules of the Reserve Bank of India, if there is no transaction in a bank account for 2 consecutive years, then that account comes in the category of dormant account. At the same time, in the accounts where there is no claim on the deposited amount for more than 10 years, that amount is transferred by the banks to the Depositor Education and Awareness (DEA) Fund of RBI. However, the saving grace is that it does not lose money. The account holder or his legal heirs can get this amount back anytime by applying to the bank with the necessary documents.
Easy process to get money
According to RBI, visit any branch of your bank, even if you do not have an account in that branch or it is not your regular branch. Here, submit the documents related to KYC i.e. ‘Know Your Customer’ by filling the prescribed form along with Aadhar, Passport, Voter ID card or driving license. Once your documents are verified, you will be given your money along with interest, if any. RBI has said that till December 2025, you can go to the special camps organized regarding unclaimed property, which have been organized in every district of the country.
This is how you can find out unclaimed deposits in your name
With the help of RBI’s UDGAM portal, you can easily find out whether there is any unclaimed deposit in your name or not. For this, you have to go to the portal and enter important information like your name, bank name, PAN number or date of birth. In just minutes you can see if a bank has unclaimed deposits in your name, making it easy to find and recover money from old or forgotten accounts.
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