RBI Launches Initiative to Return Unclaimed Deposits: 3 Simple Steps to Claim Your Forgotten Funds

New Delhi (The Uttam Hindu): Did you ever open an old bank account that you no longer remember? Or has a family member's money languished in the bank, becoming inactive? If the answer is "yes," then this news is for you. The Reserve Bank of India (RBI) is now fully assisting you in getting your due. The RBI has made it so easy to recover inactive accounts and unclaimed deposits older than 10 years that the entire money will be returned to your account in just three steps.

According to RBI regulations, bank accounts that remain inactive (with no transactions) for more than two years or remain unclaimed for more than 10 years are transferred to the RBI's DEA (Depositor Education and Awareness) Fund. Crores of rupees lie in such accounts across the country.

But this money is yours and can always be claimed. The RBI has clarified that there is no time limit for claiming it. You or your legal heirs can claim it at any time.

Get your money back in just 3 steps

Step 1: Find your money. First, visit the official RBI website (https://www.rbi.org.in/Scripts/DepositorEducation.aspx). Here, you can search for your name or the name of a family member to find out how much money you have in each bank.

Step 2: File a claim at any bank branch. You don't necessarily have to go to the same bank branch where you held the account. You can visit any bank branch of your choice. Find an "Unclaimed Deposit" claim form and fill it out.

Step 3: Provide KYC proof and you will have to provide KYC proof along with the verification form.

ID and Address Proof: You can submit any valid document like Voter ID, Driving License, Aadhar Card, Passport, NREGA Card etc.

For heirs: If legal heirs are making the claim, they will also have to submit legal documents like death certificate.

The bank will verify your documents and transfer the full amount from the RBI's DEA funds to your account. There will be no additional charges for this entire process.

To help people, the RBI is holding special camps on "unclaimed assets" in all districts across the country from October to December this year. You can also visit these camps and receive assistance directly.