Learn Rules to Get Unclaimed Amount From An Inactive Bank Account

Banks in India are governed by certain rules made by the Reserve Bank of India. there are some rules for operating accounts in public and private sector banks. The bank within these rules allows customers to withdraw and deposit money from their accounts.

According to RBI rules, if a customer does not do any transaction from his bank account for 10 years, then the amount deposited in the account is considered an unclaimed amount and the money will be deposited in the Depositor Education and Awareness Fund.

This rule covers all types of bank accounts. If there has been no transaction in any current account, savings account, FD or recurring deposit account in the last ten years, then that account is declared unclaimed. 

Account becomes inactive

According to the rules, if a person does not make any transaction in his bank account for two years, then the bank puts his account in the inactive category. If there is no transaction in the account after two years and for the next 8 years, then in such a situation, your account will be put in the category of unclaimed amount.

Ways to withdraw money

If any bank account of yours or your family member has become inactive then the amount lying in it can be easily claimed. Suppose any of your family members had an account in the bank and now he has died, then the nominee can easily claim the money from the inactive account.

If there is no nominee

If any family member has not named the nominee in the account, then you can claim the money with the help of a succession certificate. The bank checks your background and the will of the account holder, after which the bank returns the money.

Please, collect all the account related document before claiming.

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