NOTICE
The Reserve Bank of India had specified that the rate of interest payable by banks to the depositors/claimants on the unclaimed interest bearing deposit amount transferred to the DEA Fund shall be 4% simple interest. However the rate of interest has since been reviewed and it has been decided that the rate of interest payable by banks to the depositors/claimants on the unclaimed interest bearing deposit amount transferred to the Fund shall be calculated on simple interest at the rate 4% p.a. upto June 30, 2018, 3.5% p.a. with effect from July 01, 2018 upto May 10, 2021 and at 3% p.a. with effect from May 11, 2021. The settlement of all claims received by the banks on or after May 11, 2021 will be at this rate, until further notice.

UNCLAIMED DEPOSITS

RBI vide its circular issued on March 21, 2014 has informed Banks of the establishment of the Depositor Education and Awareness Fund Scheme, 2014. As per the directive, the amount to the credit of any account in India with any bank which has not been operated upon for a period of ten years or any deposit or any amount remaining unclaimed for more than ten years has to be credited to the Fund, within a period of three months from the expiry of the said period of ten years.

As per RBI guidelines Banks have been advised that they should display the list of unclaimed deposits which are inactive / inoperative for ten years or more on their respective websites.

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GUIDELINES ON ACTIVATION OF THE UNCLAIMED DEPOSITS AND CLAIMING THE BALANCES THEREIN

Outstanding credit amount of any account which has not been operated upon for a period of ten years or any deposit or any amount remaining unclaimed for more than ten years shall be transferred to the Depositor Education and Awareness (DEA) Fund of RBI.

The Customer / Survivor / Legal Heir/Authorized Signatories, as may be the case, may lodge a claim for the unclaimed deposit to activate the account.

PROCEDURE FOR CLAIM

· Claim by Self: Customer may visit the base branch of the Bank with the request letter (in the given format) and submit valid proof of identity, address & latest photograph. On verification of the same branch will make the account operative and allow transactions in the account.
· Claim by Legal Heir / Nominee- For the claim process, the Legal Heir / Nominee may visit the base branch of the Bank and submit the required documents and comply with the claim settlement process of the Bank.
· Claim by Non-Individual - For claim of Non-Individual accounts, the customer needs to submit the Claim Form on the Company’s/ Firm’s / Institution’s letterhead duly signed by the authorized signatories along with their valid identity and address proofs. The customer may also be required to submit additional documents as required by the Bank.
Click here to download the format for Claiming Amount Under Unclaimed Deposit.

GUIDELINES ON ACTIVATION OF THE INOPERATIVE ACCOUNTS

A savings/ current account shall be treated as inoperative, if there are no ‘customer induced transactions in the account for a period of over two years.

PROCEDURE FOR CLAIM

· To activate an account, the account holder/s are required to visit the base branch of the Bank in person, with the request letter (in the given format ) and submit valid proof of identity, address & latest photograph.
· On verification of the same branch will make the account operative and allow transactions in the account.
Click here the format for reactivation of Inoperative/Dormant Account.