Inoperative account: Any deposit account in which there is no customer induced transaction for period of two years will be termed as inoperative account.
Unclaimed Deposits Outstanding credit amount 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 will be transferred to the Depositor Education and Awareness (DEA) Fund of RBI. And such deposit /funds will be termed as unclaimed deposits.
Reactivation : If account becomes inoperative unless it is reactivated by submission of fresh KYC documents (Proof of identity, address and latest Photograph) and customer form , customer can no longer have access to account ,modification in contact details, updating of signature ,pay cheques , use mobile banking, Internet Banking, ATM services etc.
In case of unclaimed deposit customer shall give application for claiming amount in such account in prescribed form.
Reactivation of Inoperative account / Claim for unclaimed Deposit for Deceased Case : In case of death of depositor, procedure as specified in “Death claim settlement “ shall be followed by legal heir/nominee/survivors as the case may be to claim amount lying with bank or RBI under Depositor Education and Awareness (DEA) Fund of RBI.
Claim by Non-Individual
The customer may submit the Claim Form on the Company’s/ Firm’s / Institution’s /Trust’s letterhead duly signed by the authorized signatories along with their valid KYC (identity and address proofs). The customer may also be required to submit additional documents as required by the Bank.
At Searching Option for Unclaimed deposit : If search matches with Depositor Name kindly note corresponding UDRN and visit nearest branch to claim unclaimed deposit transferred to Depositor "Education and Awareness (DEA) Fund of RBI" along with KYC of customer/nominee/legal heir as the case may be.
