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How To Claim Unclaimed Deposits From Banks

Adhil Shetty

When an account holder fails to use his/her bank account for 10 years or more, the money deposited in the account becomes unclaimed deposit.

How To Claim Unclaimed Deposits From Banks

Sometimes people tend to forget or misplace important documents resulting in huge unclaimed deposits in banks. The chances of misplacing documents are especially higher if you haven’t been in the habit to maintain records. The situation of an unclaimed deposit can also arise due to a bereavement in the family and you being a legal heir staking a claim.

If you are not acquainted with the procedure of claiming unclaimed bank deposits, then this is for you:-

What Unclaimed Deposits Stand For? 

When an account holder fails to use/transact his/her bank account for 10 years or more, the money deposited in the account becomes unclaimed deposit. For a term deposit account, if the holder fails to withdraw or renew the deposit after a period of 10 years or more from the date of maturity, the amount becomes an unclaimed Bank deposit.

What Are The Ways To Find Out Unclaimed Bank Deposits? 

Customers can rely on the bank’s website to find out relevant information regarding unclaimed bank deposits. The website lists names and addresses of the primary account holders of the unclaimed deposits.

What If Your Account Does Not Appear In The List?

Sometimes, banks might miss out to list a certain account while updating it on their website. If you know an unclaimed deposit is there in the bank and also have documentary proof to establish the validity of your claim, do approach the bank branch for further assistance. The bank will proceed with verifying your claim and process it if your demand appears to be genuine.

Claiming Unclaimed Deposits 

To claim the unclaimed deposits from a bank, you need to download the prescribed form from the bank’s website. The website also contains information regarding other necessary documents. After you have submitted the filled in form along with the relevant documents, the bank will verify the records and proceed with the claim.

Claims Made By Self

An account holder may himself make a claim for unclaimed deposits to a bank. This may happen if the account holder is alive but due to some reason had forgotten about the deposits. In that case, the account holder needs to submit the field in form along with relevant documents that the bank seeks for.

Claims Made By A Legal Heir Or By A Nominee 

If a legal hair or the nominee is making an application to claim unclaimed bank deposits, he/she needs to submit the death certificate of the deceased along with the form. Further, it is also necessary for the legal heir to furnish proof of being the legal heir of the account holder.

What Happens Afterwards?

After receiving the claim application, the bank will proceed with its verification. When the claim is made by the account holder himself and is found to be genuine, the status of the account will be changed to regular and the claimant will be allowed to start transactions on it. However, when a claim is made by a legal heir and is proved to be genuine, the bank will proceed with the settlement of the claim.

Earning money is not at all easy and therefore no money should get wasted or misplaced. If you too have an unclaimed bank deposit, do approach the bank and get your money back. is a leading online marketplace in India that helps consumers compare and apply for Credit Card, Personal Loan, Home Loan, Car Loan, and insurance.

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