claiming the same.
The central bank had also asked the banks to put in place adequate operational safeguards to ensure that the claimants are genuine.
How to claim the deposits
The process for claiming or activating the unclaimed deposit involves a few steps. The account holders, after checking their names and addresses on the list of unclaimed deposits displayed on the bank’s website, will have to visit the branch where the account is maintained. The account holder will have to submit the claim form along with details of the account like pass book or statements of account, term deposit receipts, recent photographs, know your customer documents like a valid identity and address proof along with the originals for verification.
The bank branches will directly process the application for payment of unclaimed deposit and pay the amount after due diligence and KYC compliance of up to R1 lakh. For the balance amount over R1 lakh, the branches will obtain sanction from their controllers before the activation of the amount or payment of balance. In case the claim is done by a legal heir or a nominee, then the person will have to visit the branch and submit the unclaimed deposits claim form filled in and signed and submit documents like passbook, or term deposit receipts, valid identity proof of the claimant and a copy of death certificate of the account holder.
For claim of non-individual accounts, including proprietorship and Hindu Undivided Family (HUF), the claim forms will be submitted on the company’s letter head signed by authorised persons along with a valid identity proof. Banks do not charge any money to the account holders to reactivate inoperative accounts. In case of any grievances, customers can lodge their complaints to the branch-in-charge and the authority will have to resolve the matter within seven days.