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Heirs must produce succession certificate or probate of Will
Business Standard
|September 30, 2025
The Reserve Bank of India (RBI) has directed banks to speed up the settlement of unclaimed funds between October and December.
Banks held about ₹67,270 crore in unclaimed deposits as of June 2025, according to Reserve Bank of India (RBI) data presented in Parliament.
What is unclaimed deposit?
Savings and current accounts are treated as unclaimed if they remain inactive for 10 years. Fixed and recurring deposits are considered unclaimed if proceeds are not collected within 10 years from maturity date. Once this period has elapsed, banks transfer the money to the Depositor Education and Awareness Fund (DEAF), which is maintained by the RBI. “Customers, or their legal heirs, can still claim these funds from the bank, along with any applicable interest,” says Nishant Singh, chief executive officer and co-founder, BusinessNext.
Using the UDGAM portal
This story is from the September 30, 2025 edition of Business Standard.
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