The Benefits of Reopening Unclaimed Fixed Deposits (FDs)

If an FD (Fixed Deposit) remains untouched for ten years or more, the bank may transfer the amount to the Depositors Education And Awareness (DEAF) fund. In the case of unclaimed FDs, it is crucial to get in touch with your bank. Even if you have unclaimed FDs, the bank will inform you. You can also search for unclaimed FDs on the RBI (Reserve Bank of India) initiated portal using your name, PAN number, account number, or address.

Steps to Recover Unclaimed FDs:

1. Contact the Respective Bank:

Begin by reaching out to the bank where you hold the FD. They will provide guidance on the necessary steps.

2. Provide Documentation:

To verify your identity, you will need to submit documents such as the FD receipt, PAN card, and Aadhar card.

3. Verification Process:

The bank will then verify your credentials. Once the verification is successful, the bank will initiate the claim process.

After these steps, the unclaimed FD amount will be credited back to your account.

It's important to note that if you are a joint account holder or have family members who are legal heirs, you can consider reopening the unclaimed FD account jointly. This can be an effective way to safeguard and recover the unclaimed FD funds.

In summary, if you have unclaimed Fixed Deposits, you can take steps to recover the funds by following the necessary procedures with your bank. It's essential to stay proactive and ensure that your hard-earned money does not go unclaimed or transferred to the DEAF fund due to inactivity.