How can I regain my deceased father’s unclaimed money that has been lying in a savings bank account for 10 years?

My father passed away 10 years ago. I recently learned that he had some money left in his bank account, which I have not claimed. Please help me with how I can claim such deposits. Also, do banks host a list of unclaimed deposits on their website with some identifiable details? 

Name withheld 

Reply by Sanchit Garg, CEO and Co-founder of GLC Wealth 

The balances in savings or current accounts that have not been operated for 10 years or term deposits not claimed within 10 years from the date of maturity are classified as ‘Unclaimed Deposits’ and transferred to the RBI’s DEAF account. As per the latest data, Rs 35,012 crore were transferred as unclaimed deposits to the RBI’s Depositor Education and Awareness Fund (DEAF) account, which is mounting up daily. The top three contributors are SBI, PNB, and Canara Bank, with their respective balances of Rs 8,086 crore, Rs 5,340 crore, and Rs 4,558 crore.

To address this, the RBI recently started an unprecedented 100 Days 100 Pays campaign under which every bank has to settle the top 100 unclaimed deposits in 100 days in every district.

To help such depositors or the nominees/legal heirs of deceased depositors identify and claim the deposits, banks already host a list of Unclaimed Deposits on their website with some identifiable details.

An account holder or their legal heir(s) can check the details of the unclaimed deposits on the bank’s website where they had the account. They can visit the bank branch with a duly filled claim form or Annexure-B, along with the required receipts (evidence to claim deposits) and KYC documents to claim the money.

In case of the demise of an account holder, if the nomination was updated in the bank account, then the unclaimed funds can be claimed by the nominee after completing the due compliances & documentation of the banks like ID proof of the Nominee, Death certificate of the account holder etc. However, in case there was no nominee in the account & the account holder did not leave behind any Will, then the successors / legal heirs, as per the respective law of succession applicable to them, might have to apply for a Succession Certificate or Letter of Administration from the court depending upon the bank's threshold of unclaimed deposits.

In some cases, where the account holder left behind a Will, a probate of the will might also be required depending upon the quantum of funds in the deceased’s account. Once the legal heirs obtain this court order, they can get the funds transmitted in their names.

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