How to claim unclaimed deposits

Many depositors forget when their FDs mature and do not claim the proceeds. According to regulations, banks are supposed to display a list of unclaimed deposits with the deposit holders' name on their websites.

Choose redemption option while filling the FD application
Choose either the renewal option or redemption while starting the FD. This will save you the hassles later. If you choose to redeem, provide the bank with a savings bank account number to which the money can be transferred at the time of maturity. If you choose to renew, the bank will automatically renew the FD at maturity.

SB interest paid after maturity

After the maturity, the deposit continues to earn savings bank interest, which is 4% annually. If there is a loan against the FD, the bank settles the loan and the balance is kept for redemption.

Write to the bank
To claim the amount write to the branch with details such as name of the deposit holder, amount, date of maturity, account number and reasons why you could not claim the money. The bank releases the amount after verifying the details and the signature of the deposit holder. It may take time if the correspondence has to be done with the bank's head office.

Dispute between heirs
In case of demise of the deposit holder, the amount on maturity is paid to the nominee. But if there is no nominee then the legal heir will have to provide proof such as court affidavit. In case of multiple claimants, it can lead to legal cases. That is why it is important to mention have a nominee for your FD.