How to Claim Unclaimed Money in SBI FD, RD, or Savings Account
Have unclaimed money in your FD, RD, or savings account with State Bank of India (SBI)? In this article, we will explain the process of claiming these deposits and provide valuable information to help SBI customers recover their unclaimed funds. Unclaimed Deposits From SBI | FD, RD, Saving Account
Understanding Unclaimed Deposits from SBI
After a period of inactivity or maturity, balances in savings or current accounts that have not been operated for 10 years, or term deposits that have not been claimed within 10 years, are classified as “Unclaimed Deposits”. This classification applies to SBI accounts as well.
How to Claim Unclaimed Deposits from SBI
All banks, including SBI, are required to display details of unclaimed accounts on their websites as per the RBI regulations. To initiate the claim process, customers should visit the official SBI website or their nearest SBI branch and follow these steps:
- Check the Details: Look for the section dedicated to unclaimed accounts on the SBI website. Find your account and note down the necessary information.
- Gather Required Documents: Prepare all the necessary KYC (Know Your Customer) documents, such as identification proof, address proof, and recent photographs. Also, ensure you have the receipts of the deposits in question.
- Fill the Claim Form: Obtain and fill out the claim form provided by SBI. This form is essential for initiating the claim process.
- Visit the SBI Branch: Visit your nearest SBI branch with all the required documents, including the claim form and receipts of the deposits. Make sure to bring copies and originals for verification purposes.
- Account Reactivation or Closure: Depending on your preference, you can request either account reactivation or closure.
- Account Reactivation: If you wish to continue operating the account, provide the branch with your request for reactivation. Ensure you have completed the necessary KYC procedures to reactivate the account.
- Account Closure: If you want to finalize your claim and close the account, inform the branch about your request for closure. They will process it accordingly.
Claiming Unclaimed Deposits for Different Cases
The claim process may vary depending on different scenarios. Here’s what you need to know for each situation:
Individual Claim by Customer
If you are an individual customer, follow these steps:
- Write a Request Letter: Draft a letter in the specified format provided by SBI. Include your request for account reactivation or closure.
- Submit Required Documents: Along with the request letter, submit valid proof of identity, address, and a recent photograph. The branch will verify these documents before making your account operative again.
Claim by Legal Heir/Nominee
If you are claiming on behalf of a legal heir or nominee, follow these steps:
- Visit SBI Branch: Visit your nearest SBI branch and submit the necessary documents required for the claim settlement process. Ensure that you comply with all the guidelines provided by the bank.
Claim by Non-individual
If you are claiming as a non-individual entity (such as a company, firm, or institution), follow these steps:
- Submit Claim Form: Complete the Claim Form on your company’s, firm’s, or institution’s letterhead. The authorized signatories should sign the form. Include valid identity and address proofs as well. Additional documents may be required by the bank, so make sure to fulfill all their requirements.
Reasons for growing volume of unclaimed deposits according to RBI
The volume of unclaimed deposits is increasing, primarily due to the following reasons:
- Non-closure of savings or current accounts that depositors no longer intend to operate.
- Failure to submit redemption claims for matured fixed deposits.
There are also cases where accounts belong to deceased depositors, and the nominees or legal heirs have not come forward to make a claim with the concerned banks.
UDGAM Portal for Unclaimed Deposits
To facilitate the search and recovery of unclaimed deposits across multiple banks, the Reserve Bank of India (RBI) launched a centralized web portal called “UDGAM” on August 17, 2023. This portal provides a convenient platform for the public, including SBI customers, to search for their unclaimed deposits in one place.Unclaimed Deposits From SBI | FD, RD, Saving Account
30 Banks Onboard the UDGAM Portal
The UDGAM (Unclaimed Deposits – Gateway to Access information) portal has been joined by 30 banks, including major public sector lenders like SBI, Bank of Baroda, Punjab National Bank, Canara Bank, and Bank of India. It also includes foreign banks such as Citibank, Standard Chartered, and HSBC. Private sector lenders like HDFC Bank, ICICI Bank, and Axis Bank are also part of the platform.
By leveraging this portal, individuals can efficiently claim and search for their unclaimed deposits from any of the banks listed.
In conclusion, if you have unclaimed money in your SBI FD, RD, or savings account, it is crucial to take the necessary steps to claim these deposits. Visit the SBI branch with the required documents and complete the designated process. Additionally, make use of the UDGAM portal to simplify your search for unclaimed deposits across various banks.
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Disclaimer:
Estabizz Fintech compiled the material in this article using the most recent Acts, Rules, Circulars, Notifications, Provisions, Press Releases, and material applicable at the time. They ensured the completeness and correctness of the material through due diligence. When using this material, users must consult the relevant, applicable legislation. The given data may change without prior notice and does not constitute professional advice. Estabizz Fintech disclaims all liability for any results from the use of this material.
