Efficient Process for Retrieving Unclaimed Fixed Deposits Introduced

New Delhi, 17th February 2024: Fixed Deposits (FDs) have long been considered an excellent investment option. Upon maturity, the funds from FDs can be claimed. However, there are cases where some FDs remain unclaimed even after reaching maturity.

According to regulations, banks are mandated to transfer the amount of unclaimed FDs to the Depositors Education and Awareness Fund within three months.

If you have also invested in FDs but have not claimed the amount even years after maturity, it is crucial to contact your bank immediately. The process is simple to follow.

Firstly, get in touch with the respective bank.

Then, provide the bank with the FD receipt, PAN card, and Aadhar card for identification.

Next, undergo the Know Your Customer (KYC) verification process with the bank.

Once the verification process is successful, the bank will proceed with the claim for the unclaimed FD.

Upon completion of the process, the amount of the unclaimed FD will be deposited into your account.

Banks themselves offer information about unclaimed FDs. You can search for unclaimed FDs on the Reserve Bank of India’s Udyam portal by entering your details (name, PAN card number, account number, address).

Unclaimed FDs can be prevented by opening joint FD accounts with family members or spouses.