Over Two thousand Crore Rs. in Indian Bank Accounts Unclaimed
Forgotten bank accounts - How to check list of unclaimed bank accounts . . .
According to reports there were over Rupees 2000 crore sitting in 1.12 crore unclaimed bank account category in 2013. Money generally ends up in unclaimed accounts perhaps: Due to death of the account holder and family not being aware of their bank account Perhaps people have gone abroad for settlement without closing their bank account Account may hold a small amount of money that account holder may decide to let the money go rather than deal with red tape to get his/her money. Regardless of the reason, a lot of money is sitting in unclaimed bank accounts in various banks of India. Unclaimed balances in bank accounts is not just in India but worldwide. According to a Bank of Canada report at the end of December 2015, approximately 1.7 million unclaimed balances, worth some $626 million, were on the Bank's books.Unclaimed Bank Accounts in India
My understanding is that bank accounts in India that have not been operated for a period of 10 years end up being designated in unclaimed category within three months from the expiry of the 10 year non use period.Reserve Bank of India Guidelines on Unclaimed Bank Accounts
The Reserve Bank of India (RBI)* has advised Indian Banks that they should: ‘Display the list of unclaimed deposits/inoperative accounts which are inactive/ inoperative for ten years or more on their respective websites by June 30, 2012. The list so displayed on the websites must contain only the names of the account holder(s) and his/her address in respect of unclaimed deposits/inoperative accounts, etc. To further strengthen the regulatory framework for inoperative accounts and unclaimed deposits, banks are advised to put in place a Board approved policy on classification of unclaimed deposits; grievance redressal mechanism for quick resolution of complaints; record keeping; and periodic review of such accountsWhat happens to money in unclaimed bank accounts
Money in unclaimed Indian bank accounts is sent by to a DEAF Account set up by the Reserve Bank of India. DEAF is the abbreviation for Depositor Awareness and Education Fund. As per RBI guidelines, Banks in India are required to transfer all unclaimed deposits in bank accounts for more than 10 years to RBI within three months from the expiry of the period of ten years. If a depositor turns up to reclaim their account after their account fund has been transfered to DEAF Fund, then the bank pays the depositor and claims a refund from DEAF. Those who may have unclaimed bank accounts can check the concerned banks websites for the list of the account holders name and address as per bank record. If you indeed have such an account, contact the nearest bank branch with acceptable ID proof to reclaim your money. While all banks would follow the RBI guideline in this regard, to help people understand such lists, here is a link to the Citibank website page that shows a list of such bank accounts updated till November 1, 2016. Account Holders name & address are shown on such lists and the amount of money held in such accounts is not posted on such lists. *Source: Reserve Bank of India's circular dated June 6, 2012 reference RBI/2011-12/591 DBOD.No.Leg.BC. 108/09.07.005/2011-12.
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Over Two thousand Crore Rs.
in Indian Bank Accounts
Unclaimed
Forgotten bank accounts -
How to check list of
unclaimed bank accounts . . .
According to reports there were over Rupees 2000 crore sitting in 1.12 crore unclaimed bank account category in 2013. Money generally ends up in unclaimed accounts perhaps: Due to death of the account holder and family not being aware of their bank account Perhaps people have gone abroad for settlement without closing their bank account Account may hold a small amount of money that account holder may decide to let the money go rather than deal with red tape to get his/her money. Regardless of the reason, a lot of money is sitting in unclaimed bank accounts in various banks of India. Unclaimed balances in bank accounts is not just in India but worldwide. According to a Bank of Canada report at the end of December 2015, approximately 1.7 million unclaimed balances, worth some $626 million, were on the Bank's books.Unclaimed Bank Accounts in India
My understanding is that bank accounts in India that have not been operated for a period of 10 years end up being designated in unclaimed category within three months from the expiry of the 10 year non use period.Reserve Bank of India Guidelines on
Unclaimed Bank Accounts
The Reserve Bank of India (RBI)* has advised Indian Banks that they should: ‘Display the list of unclaimed deposits/inoperative accounts which are inactive/ inoperative for ten years or more on their respective websites by June 30, 2012. The list so displayed on the websites must contain only the names of the account holder(s) and his/her address in respect of unclaimed deposits/inoperative accounts, etc. To further strengthen the regulatory framework for inoperative accounts and unclaimed deposits, banks are advised to put in place a Board approved policy on classification of unclaimed deposits; grievance redressal mechanism for quick resolution of complaints; record keeping; and periodic review of such accountsWhat happens to money in
unclaimed bank accounts
Money in unclaimed Indian bank accounts is sent by to a DEAF Account set up by the Reserve Bank of India. DEAF is the abbreviation for Depositor Awareness and Education Fund. As per RBI guidelines, Banks in India are required to transfer all unclaimed deposits in bank accounts for more than 10 years to RBI within three months from the expiry of the period of ten years. If a depositor turns up to reclaim their account after their account fund has been transfered to DEAF Fund, then the bank pays the depositor and claims a refund from DEAF. Those who may have unclaimed bank accounts can check the concerned banks websites for the list of the account holders name and address as per bank record. If you indeed have such an account, contact the nearest bank branch with acceptable ID proof to reclaim your money. While all banks would follow the RBI guideline in this regard, to help people understand such lists, here is a link to the Citibank website page that shows a list of such bank accounts updated till November 1, 2016. Account Holders name & address are shown on such lists and the amount of money held in such accounts is not posted on such lists. *Source: Reserve Bank of India's circular dated June 6, 2012 reference RBI/2011-12/591 DBOD.No.Leg.BC. 108/09.07.005/2011-12.
