Have you set aside money in a Savings or Current account or saved a tidy sum in a Fixed Deposit for future use but forgotten about it? If so, you are not alone. Many people have funds lying untouched in their bank accounts or deposits simply because they have forgotten about them. This could happen if you changed your job and forgot about your old Savings Account, in which you used to receive a salary, or if you moved out of the city or country and could not access your money. It can also occur if the account holder forgets about the account, passes away without informing heirs, or shifts to another bank without closing the existing account. If this seems familiar, learn more about unclaimed deposits and how to access your funds.
What is an Unclaimed Deposit?
Accounts or Deposits, which are not operated or not claimed for 10 years or more are classified as “Unclaimed Deposits”. Banks are required to transfer the amounts in these accounts/deposits to the “Depositor Education and Awareness” (DEA) Fund maintained by the Reserve Bank of India.
Where I can search if my old account is part of Unclaimed Deposits?
As per RBI Circular No. RBI/2011-12/389 DBOD No. Leg. BC. 81/09.07.005/2011-12 dated February 7, 2012, the list of unclaimed deposits / inoperative accounts which are inactive / inoperative for ten years or more has been displayed on Banks’ websites. The list contains only the names and the addresses of the accountholder(s) with respect to unclaimed deposits / inoperative accounts. To search for your Unclaimed Deposit on Axis Bank’s website, click on this link:
https://application.axisbank.co.in/webforms/Inoperative/unclaim_search.aspx
However, if you are unsure of the bank in which the deposit account exists, you can use the UDGAM portal, which has been developed by RBI. Using the online portal UDGAM (Unclaimed Deposits-Gateway to Access information), registered users can search for unclaimed deposits/accounts across multiple banks at one place in a centralised manner.
The list of these banks is available on home page of UDGAM (https://udgam.rbi.org.in/unclaimed-deposits/#/login)
What are the prerequisites/details required for searching for my Unclaimed Deposit?
If you have been an Axis Bank account holder in the past, here is where you can search for your Unclaimed Deposit.
For Axis Bank Portal:
Search using the name of the accountholder(s) (individual / entity). If a match is found, the name and address of the customer will be displayed.
For UDGAM portal:
You have to register on the portal by providing your name and mobile number.
(The user manual available on the portal (https://udgam.rbi.org.in/unclaimed-deposits/#/login) explains the detailed process of registration and use of the portal).
a. Individuals: For searching unclaimed deposits in the individual category, you have to provide inputs such as the name of the account holder, the name of the bank (one or more banks can be selected) and one or more of the five inputs viz., Permanent Account Number (PAN), Driving Licence Number, Voter ID Number, Passport Number and Date of Birth of the account holder.
b. Non-Individuals: For searching unclaimed deposits in the non-individual category, you have to provide inputs such as the name of the entity, the name of the bank (one or more banks can be selected) and one or more of the four inputs viz., Name of the authorised signatory, PAN, Corporate Identification Number (CIN) and Date of Incorporation.
If you don’t have any of the above-mentioned information, then you can use the address of the account holder or the entity (as the case may be), to search for the account details.
How can I claim the unclaimed deposit?
For Axis Bank:
Claim by self: You can visit the nearest branch of Axis Bank and submit the unclaimed deposit claim form (As per Annexure I) duly filled and signed. For an unclaimed deposit (fixed deposit account), you can visit the nearest Axis Bank with the original Fixed Deposit receipt. If you don’t have the original Fixed Deposit receipt, you may contact the branch officials. Along with this, you will also need to submit a valid proof of identity and address in the name of the account holder(s).
Claim by legal heir / nominee
For the claim process, the legal heir / nominee can visit the nearest branch of Axis Bank and submit the documents as advised by the branch and also comply with the legal requirements.
Claim by non-individual
If it is a claim for a non-individual account, you need to submit the Claim Form on the Company’s/ Firm’s /institution’s letterhead duly signed by the authorised signatories along with their valid identity and address proofs. You may also be required to submit such other documents as may be requested by the Bank.
Note: Please carry the original documents for verification. For any further clarifications / details on the procedure, you may visit the nearest Axis Bank Branch.
Download the Annexure Form: https://www.axisbank.com/docs/default-source/default-document-library/process-unclaimed-deposits-inoperative-accounts.pdf?sfvrsn=2&_ga=2.177949734.204910989.1712221543-336063544.1688622611
For account search or download annexure form:
https://application.axisbank.co.in/webforms/axis-support/UnclaimedAccount.aspx
Also Read: 7 Different types of fixed deposit in banking
For Other Banks:
Users shall claim the balance in their Unclaimed Account/Deposit from the respective bank / banks
Is interest accrued on unclaimed deposit amounts transferred to the DEA Fund?
Yes. Banks are required to transfer the entire amount, including the accrued interest, as on the date of transfer to the DEA Fund.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision
