How SBI customers can claim unclaimed money in fixed deposit (FD), recurring deposit, or savings account — Explained
Balances in savings / current accounts that are not operated for 10 years, or term deposits not claimed within 10 years from the date of maturity are classified as “Unclaimed Deposits".
Every bank is required to show the details of unclaimed accounts on its website, as per the RBI regulations. After checking the details on the website, customers can visit the bank branch with a duly filled claim form, and receipts of the deposits, and know your customer's (KYC) documents to claim the money.
Customers may visit a branch of SBI with all necessary KYC documents.
If the customer wants to activate and continue operations in the account, the branch will accept the specific request from the customer and reactivate the account by obtaining proper KYC.
In case of final claims and closure of an account, the branch will accept specific requests from the customer to process accordingly.
Customers may visit the SBI branch with the request letter (in the given format) and submit valid proof of identity, address & latest photograph. On verification of the same, the branch will make the account operative and allow transactions in the account.
The Legal Heir / Nominee may visit the SBI Branch and submit the required documents. Customers would be required to comply with the claim settlement process of the Bank.
The customer may submit the Claim Form on the Company’s/ Firm’s / Institution’s letterhead duly signed by the authorized signatories along with their valid identity and address proofs. The customer may also be required to submit additional documents as required by the Bank
On 17 August 2023, RBI launched the centralised web portal 'UDGAM' for the public to facilitate and make it easier for them to search their unclaimed deposits
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