FD is common investment option for growing money. When the FD matures and no withdrawal or renewal takes place for a period of 10 years after maturity then the FD is categorized as an unclaimed FD. Unclaimed FDs do provide returns but not at the rate of the FD. They provide it at the rate of savings account.
There is more than Rs. 60000 Crore lying idle with banks, post offices, Employees Provident Fund organization or EPFO, insurance companies of India as unclaimed money. You can assess the magnitude of it yourself.
The RBI has taken up the issue and handed over the job of determining the account holders of these unclaimed deposits and locating them on high priority to banks. Recently the RBI has issued this notification.
Find out your unclaimed Bank Deposit
RBI guidelines directs banks to disclose the names and addresses of the account holders of these unclaimed FDs on their web site. It is mandatory that no information regarding the account numbers and bank branch will be displayed on the websites by the banks. If you want to check about any such unclaimed account of yours then you may simply check the website of the banks you have your accounts with.
Claim your Unclaimed Deposit
An online application form for claiming it from the bank’s website is available which you can download. There are more documents that will be required by the banks for claiming the accounts. You will find the details of which on the website itself.
Bottom Line: This post describe the how to claim unclaimed FD, So before investing in FD you have must know all the rules of this.
Aman is working in the domain of Investment management in one of the top universities. He has published research papers and case studies in Investment and Fixed Deposit marketplace. He is an avid blogger in the domain of Investment management. you can also find him on social networking platforms.