Bank Transaction New Rules: When you do not do any transaction with the deposits kept in the bank for 10 years or more, then it becomes un-claimed. Unclaimed deposits include current and savings accounts as well as fixed-deposits and recurring deposits…
The unclaimed amount deposited in Indian banks is continuously increasing. By March 2023, unclaimed deposits with banks have reached Rs 42,270 crore. In the financial year 2021-2022, this amount was Rs 32,934 crore.
When you do not make any transaction with the deposits kept in the bank for 10 years or more, then it becomes unclaimed. Unclaimed deposits include current and savings accounts as well as fixed-deposits and recurring deposits. If you also want that your money kept in banks does not go ‘unclaimed’, then you must do some work.
When a bank declares the money lying in a bank account unclaimed, that money is then transferred to the Depositor Education and Awareness (DEA) Fund, where it is invested in instruments like government securities. Once the money becomes unclaimed, you or your family members have to go through a lot of trouble to prove it as yours. Let us know what precautionary measures should be taken to ensure that your money kept in the bank does not go out of your hands.
Keep doing transactions-
When you do not make any transaction with the deposits in the bank for 10 years or more, then a problem arises. Therefore, keep doing transactions in your account. If you have got an FD, then when it matures, either withdraw the money or renew it.
Make a nominee-
Money kept in many bank accounts goes unclaimed because the account holder has not made a nominee. If you also make this mistake, the chances of your money becoming unclaimed will increase. If you tell in advance who will get your money after your death, not only will it be easier for the bank to give your money to its rightful owner, but the nominee will also not have any problem in getting the money.
KYC update-
The amount deposited in many bank accounts went unclaimed because the bank did not have sufficient information about the account holder. In such a situation, the bank could not contact the account holder or his family members. Always update your KYC details with the bank to protect your account from becoming unclaimed. If there has been a change in your address, then definitely inform the bank about it.
Share information with family-
Lack of information about bank accounts or FD accounts among the family members of the bank account holder is also a major reason for the money being unclaimed. Please inform your family about your bank account and FD etc. This transparency will help your loved ones manage these accounts effectively in unexpected circumstances. By doing this you can save your hard earned money from going unclaimed. When people have all the details, they can claim the money.
Do not keep too many bank accounts-
Do not keep too many bank accounts. Close the accounts which you are not using for a long time, withdraw the money deposited in them. By doing this, the risk of money becoming unclaimed will be reduced and financial management becomes easier by consolidating the money.
Keep FD receipts safely.
When investing in fixed deposits (FD), keep the FD slips safely. These documents serve as proof of your investment and are important for the nominees or beneficiaries to claim the money.
