The process for SBI clients to retrieve unclaimed funds from savings accounts, recurring deposits, and fixed deposits (FDs) is described

 The process for SBI clients to retrieve unclaimed funds from savings accounts, recurring deposits, and fixed deposits (FDs) is described

The process for SBI clients to retrieve unclaimed funds from savings accounts, recurring deposits, and fixed deposits (FDs) is described

Exist any unclaimed funds in savings, RD, or FD accounts? Here's how to get these bank deposits back.

"Unclaimed Deposits" are savings and current account balances that have not been used for ten years, as well as fixed deposit amounts that have not been claimed within ten years of its maturity date.

How is an unclaimed deposit claimed?

All banks are obligated by RBI regulations to provide information on unclaimed accounts on their websites. Customers may visit the bank branch with the properly completed claim form, deposit receipts, and know your customer (KYC) papers after reviewing the information on the internet to pick up their money.

How may clients of SBI retrieve their unclaimed deposits?

Customers who have the necessary KYC documentation may visit the SBI branch.

The branch will accept the particular request from the client and restart the account by getting the necessary KYC if the customer wants to activate the account and resume operations.

The branch will accept special requests from the client to execute in accordance in the event of final claims and account closure.

SBI Customer Claim Procedure: Each customer's claim is handled separately.

Clients may visit the SBI branch with the request letter (in the format provided) and provide current identification, proof of residence, and a recent picture. The branch will activate the account and permit transactions when it has been verified.

Legal heir or nominee's claim

Legal heirs or nominees are able to visit the SBI office and turn in the necessary paperwork. Clients will have to follow the Bank's claim settlement procedures.

assertion made by an entity

The client may submit the claim form, together with proper identification and proof of address, on the letterhead of the business, firm, or institution, signed by the authorized signatories. The client could also need to provide further documentation if the bank requests it.

RBI cites causes for the increase in the amount of unclaimed deposits

The non-closure of savings or current accounts that depositors no longer plan to use or the failure to file redemption claims with banks for matured fixed deposits are the primary causes of the rising number of unclaimed deposits. There are causes.

There are instances when accounts belong to depositors who have passed away, and the bank in question has no claim from the nominees or legal heirs.

The UDGAM Unclaimed Deposits Portal

The RBI made available to the public a consolidated online facility called 'UDGAM' on August 17, 2023, which facilitates their search for unclaimed deposits across many banks in a single location.

30 banks are listed on the UDGAM website

To make it easier for customers to locate and collect unclaimed deposits, over 30 banks have been added to the UDGAM (Unclaimed Deposits – Gateway to Access to Information) platform.

Among the 30 banks are international banks like Citibank, Standard Chartered, and HSBC as well as all of the country's leading public sector lenders including SBI, Bank of Baroda, Punjab National Bank, Canara Bank, and Bank of India. The private sector lenders on the list are Axis Bank, ICICI Bank, and HDFC Bank.

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