It is possible to lose track of bank deposits if financial records are not maintained properly. Also, when a person dies, legal heirs sometimes discover unclaimed bank deposits. The Reserve Bank of India has mandated banks to publish a list of inactive or inoperative accounts for 10 years or more on the bank's website. It is possible for the depositor or legal heir to claim such amounts by following procedures.

Search of records

The claimant needs to visit the bank's website to check the inactive account details. Only the primary account holder's details can be searched from the list.

Search criteria Claimant can search records based on: Name and date of birth Name and PAN Name and passport number Name and pincode Name and telephone number Claim by self

If the account holder himself wishes to make a claim, he needs to visit the nearest bank branch and submit the unclaimed deposits claim form which can be downloaded from the bank's website or obtained at the branch.The form needs to be duly filled and should be accompanied with a valid identity and address proof document of the claimant.

Claim by heirnominee

In case of claim by a legal heir, he needs to visit the nearest branch and submit the unclaimed deposits claim form. The form needs to be accompanied with valid identity and address proof of the claimant. Copy of death dertificate of deceased account holder.

Process

After the bank verifies the genuineness of the claim, the status of the unclaimed account is changed to regular and transactions are allowed. In case of claim by legal heirs, the claim settlement procedure of the bank is followed.

The claimant is required to carry original documents for verification.

Applicable interest for savings bank accounts is credited on regular basis irrespective of the status of the account i.e. operative or not.

Banks are required to make all efforts to trace inoperative account holders.