Finance Minister Nirmala Sitharaman, during the 7th Meeting of the Financial Stability and Development Council (FSDC), asked regulators to conduct a special drive to facilitate the settlement of unclaimed deposits and claims in the financial sector across all segments, such as banking deposits, shares, and dividends, mutual funds, insurance, etc.
Addressing the issue of unclaimed deposits, Economic Affairs Secretary Ajay Seth said that the FSDC believes a drive should be started to make sure that customers receive their unclaimed deposits held by financial institutions, according to PTI.
What are unclaimed bank deposits?
A deposit is considered to be unclaimed if there has been no activity on it for ten years or longer, such as a deposit of funds or a withdrawal from the depositor.
The growing number of unclaimed deposits is primarily the result of depositors failing to close their current or savings accounts when they no longer want to use them or failing to notify banks of their desire to redeem matured fixed deposits. There are also instances of accounts belonging to deceased depositors when the nominee nominees or legal heirs fail to lodge a claim against the bank or banks in question.
About Rs 35,000 crore unclaimed deposits as of February 2023 were transferred to the Reserve Bank by public sector banks (PSBs) in respect of deposits, which have not been operated for 10 years or more, PTI quoted.
How to check unclaimed deposits in HDFC Bank
Step 1: Visit link https://leads.hdfcbank.com/applications/webforms/apply/HDFC_Inoperative_acc/HDFC_Inoperative_acc.aspx
Step 2: Search your name in the search box and click. It will show the HDFC Bank address where the deposit is held.
The process to be followed to operationalise the account:
Customers to visit the nearest branch in person
A letter to be submitted to the branch stating the reason for non-operations along with:
In the case of individual accounts:
– ID document as per the acceptable list of ID documents.
– Address the document as per the acceptable list of documents.
In the case of non-individual accounts
– Requests should be provided on the company’s letterhead, signed off by the authorized signatories along with a valid ID document.
– Address documents as per the acceptable list of documents.
*add the other bank
How to check unclaimed deposits in ICICI Bank?
Visit link- https://nli.icicibank.com/NewRetailWeb/loadInoperativeAccounts.htm
Enter all the required details and click submit
Things to note
- Minimum two fields of above search criteria must be entered.
- Name and Date of birth
- Name and PAN
- Name and Passport number
- Name and Pincode
- Name and Telephone number
Search can be done only based on primary holder’s details
If match is found, the name and addresse(s) of deposit holder will be displayed
Fields marked with *(asterisk) are mandatory.
Records displayed would be indicative based on search criteria match found in database and must not be considered as final.
If you are unable to find details of your account visit your nearest ICICI Bank Branch or call our 24-hour Customer Care.
In case of joint accounts, search data, based on first holder’s details.
How to check unclaimed deposit in Canara Bank
Customers can visit https://canarabank.com/Unclaimed-Deposit.aspx
Enter name, city and click search option.
How to check unclaimed deposit in SBI
You can search inoperative account holders (more Than 9.5 Years) as on 31st March 2023
Visit https://sbi.co.in/web/customer-care/inoperative-accounts. Enter name and address. Enter captcha code and click Submit.
You can visit the official websites of your bank to check about unclaimed deposits. Further, you can also visit the nearest bank branch to get the details of unclaimed deposits
A new centralised web platform to check unclaimed deposits
To look for unclaimed deposits that are more than ten years old, the Reserve Bank of India (RBI) in April announced the creation of a new centralised web platform. Bank customers currently have to visit the websites of numerous banks to claim their deposits.
“At present, the depositors or beneficiaries of unclaimed bank deposits of 10 years or more have to go through the websites of multiple banks to locate such deposits. Now, in order to improve and widen the access of depositors/beneficiaries to information on such unclaimed deposits, it has been decided to develop a web portal to enable search across multiple banks for possible unclaimed deposits. This will help depositors/beneficiaries in getting back unclaimed deposits,” according to the RBI governor, Shaktikanta Das.
Source By: economictimes
