In case of a family member passes away, one doesn't know all the details of the deceased's bank accounts. If the deposits aren't claimed by any legal heir, then such deposits go to Depositors Education and Awareness Fund (DEAF), a fund launched by the Reserve Bank of India (RBI) in 2014.
According to a report in Livemint, As on 31 March 2019, close to ₹25,000 crore was deposited at DEAF which was unclaimed. This money is transferred to the fund by various banks and the RBI pays interest on the deposited amount. If a bank account remains inoperative for a period of 10 years, the money can be transferred to DEAF, says the RBI guidelines.
Every bank is required to show the details of unclaimed accounts on the bank’s website, according to RBI guidelines. The claimant must visit the bank’s website to check the inactive account details. He/she must search for the account required based on the 'Search Criteria'. Date of birth, PAN, passport number, pincode, telephone number could be some of the criteria.
If you are a legal heir who wants to make a claim, then download the 'unclaimed deposits claim form' from the bank's website and submit it in the bank. Your identity and address proof are essential for the process, along with the death certificate of the deceased.
The bank will then verify the authenticity of the legal heir and his/her claim. The bank can restart the account and allow transactions or conduct an account settlement process.
