Claim Unclaimed SBI Money: A Comprehensive Guide


Are you an SBI customer wondering how to retrieve unclaimed funds in your fixed deposit (FD)? Look no further! In this guide, we’ll explain the simple steps for claiming unclaimed money in your SBI FD, recurring deposit, or savings account.

Unclaimed money in banks refers to funds that are held in customer accounts but have not been accessed or claimed by the account holders for an extended period. This situation can occur for various reasons, and the funds might be classified as unclaimed or dormant. Here are common scenarios leading to unclaimed money in banks:

Inactive Accounts:

If an account remains inactive for a specified period, with no customer-initiated transactions, the account may be classified as dormant.

Dormant Accounts:

Dormant accounts are those that have had no customer-initiated activity for a certain period. The exact timeframe varies by jurisdiction and bank policies.

Unclaimed Deposits:

Funds from matured fixed deposits, recurring deposits, or other time-bound investments may become unclaimed if the account holder does not claim them upon maturity.

Abandoned Accounts:

In some cases, account holders may abandon accounts without formally closing them, leaving funds unclaimed.

Change of Address:

If an account holder changes residence and fails to update their address with the bank, communication regarding the account may go unnoticed, leading to unclaimed funds.

Claim Procedure for State Bank of India (SBI) Customers

Contact the Bank:

Visit your nearest SBI branch or the branch where you hold your account.

Speak with the bank officials or approach the customer service desk to inquire about the process for claiming funds.

Provide Necessary Information:

Furnish essential details, including your account number, proof of identity, and any other relevant documents.

If the unclaimed amount is associated with a Fixed Deposit or Recurring Deposit, provide specific details related to the deposit.

Submit Claim Form:

Obtain and complete the claim form provided by the bank for unclaimed funds.

Submit the form along with the necessary documents as per the bank’s requirements.

Verification Process:

The bank will initiate a verification process to confirm your identity as the rightful owner of the account and funds.

Be prepared for the verification process, which may involve some time and, if needed, additional documentation.

Claim Approval:

After successful verification, the bank will approve your claim for the unclaimed funds.

Receipt of Unclaimed Funds:

The bank will proceed to credit the unclaimed funds to your active account or issue a cheque in your name.

The Reserve Bank of India (RBI) has outlined the factors contributing to the escalating volume of unclaimed deposits.

The increase in unclaimed deposits primarily results from the persistent existence of savings or current accounts that depositors no longer intend to use, coupled with the failure to submit redemption claims for matured fixed deposits.

Additionally, instances arise involving accounts of deceased depositors, where nominees or legal heirs refrain from stepping forward to initiate claims with the relevant banks.

RBI launched the UDGAM portal for unclaimed deposits

On August 17, 2023, the Reserve Bank of India (RBI) introduced the centralized web portal ‘UDGAM‘ to enable the public to conveniently search for their unclaimed deposits across various banks in a single platform.

30 banks have joined the UDGAM portal

A total of 30 banks have joined the UDGAM (Unclaimed Deposits – Gateway to Access Information) portal, facilitating individuals in the process of claiming and searching for unclaimed deposits.

The roster comprises prominent public sector banks such as SBI, Bank of Baroda, Punjab National Bank, Canara Bank, and Bank of India, along with international banks like Citibank, Standard Chartered, and HSBC. Additionally, private sector lenders such as HDFC Bank, ICICI Bank, and Axis Bank are also included in the list.

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