The RBI gives tips for how to withdraw money from an inactive bank account
RBI: If you have a bank account that hasn’t been used for years and you suddenly remember that it still contains funds, there’s no need to panic. The Reserve Bank of India (RBI) has outlined a simple process for withdrawing money from these inactive bank accounts, allowing you to retrieve your deposited funds without any hassle.
According to Reserve Bank of India (RBI) rules, if there are no transactions in a bank account for two consecutive years, the account is classified as dormant. Furthermore, if the funds in an account remain unclaimed for more than 10 years, the banks transfer the amount to the RBI’s Depositor Education and Awareness (DEA) Fund. However, the good news is that this money is not lost. The account holder or their legal heirs can reclaim the amount at any time by applying to the bank with the necessary documents.
Easy process to reclaim your money: According to the RBI, you can visit any branch of your bank, even if it’s not your regular branch or the one where you opened the account. Simply fill out the prescribed form and submit it along with your KYC (Know Your Customer) documents, such as Aadhaar, passport, voter ID card, or driving license. Once your documents are verified, you will receive your money, including any accrued interest. The RBI has stated that you can also visit special camps organized for unclaimed deposits until December 2025, which are being held in every district of the country.
How to find unclaimed deposits in your name: You can easily find out if there are any unclaimed deposits in your name using the RBI’s UDGAM portal. Simply visit the portal and enter the required information, such as your name, bank name, PAN number, or date of birth. Within minutes, you can see if there are any unclaimed deposits in your name at any bank, making it easy to find and reclaim money from old or forgotten accounts.
