Inactive Account Rules: Reserve Bank of India has made some rules and regulations to operate bank accounts. According to these rules, money is withdrawn and deposited from the accounts. If a customer does not do any kind of transaction in his account for 10 years, then in such a situation the money deposited in his account is considered as unclaimed amount. After this, the bank transfers this money to the Depositor Education and Awareness Fund (DEAF) considering it as unclaimed amount.
Explain that this amount can be of any type of account like Current Account, Savings Account, FD or Recurring Deposit account. According to RBI data, the number of this unclaimed amount is increasing every year. According to the data of the Reserve Bank, last year this figure was about 40 thousand crores.
When does the account become inactive?
It is worth noting that if a person does not do any kind of transaction in an account for two years, then in such a situation that account is put in the category of Inactive Account. This account can be any type of account like FD, RD, Current Account, Savings Account etc. On the other hand, if an account remains dormant for 8 consecutive years, then its money is transferred to the Depositor Education and Awareness Fund by treating it as unclaimed amount.
How to claim dormant bank account amount?
Let us tell you that if your account has been deactivated then only you can easily claim the money deposited in it. In most of the cases it has been seen that many times the account holder dies and later his family members claim such an account. In such a situation, if the name of the nominee is registered in the account, then he can easily claim this money by showing his ID proof.
What to do if there is no nominee?
If an account holder has not put a nominee in his account, then in such a situation you can claim the money by showing the succession certificate. Explain that the bank first checks the background of the person making the claim. After this the will of the account holder is checked and only after that the money is given to anyone. All this process is followed for claiming the unclaimed amount.