If you don't use the balance in your savings or current account, or fail to claim your term deposits after maturity for 10 years, the funds become unclaimed deposits. State Bank of India (SBI), one of India’s largest public sector banks, allows you to reclaim your unclaimed money.
In this article, we’ll cover SBI unclaimed deposits, the claim process, how to check your unclaimed amount, required documents, and other important details.
What Is SBI Unclaimed Deposits?
In banking terms, unclaimed deposits refer to funds in savings or current accounts that haven’t been used for the last 10 years, or term deposits that remain unclaimed 10 years after maturity.
When this happens, SBI reports the unclaimed funds to the Reserve Bank of India (RBI), which lists the details on the UDGAM (Unclaimed Deposits - Gateway to Access Information) portal. This portal makes it easier for the public to claim their unclaimed funds.
What Is the Total Unclaimed Amount in SBI?
According to the latest information, the State Bank of India has the most unclaimed deposits in India, and the total unclaimed amount is Rs. 8,086 crore.
What Happens to SBI Unclaimed Deposits?
When SBI identifies an unclaimed deposit, it reports the matter to the RBI for further action. The RBI then transfers these funds to its Depositor Education and Awareness Fund (DEAF) within 3 months of the 10-year expiry.
In 2023, the RBI launched the UDGAM portal to simplify tracking of unclaimed deposits. The portal allows individuals to check details about unclaimed funds, making it easier to claim them.
How To Check SBI Unclaimed Deposit?
Follow these steps to check your unclaimed deposits in the State Bank of India:
Step 1: Go to the official website of the State Bank of India.
Step 2: Click on the ‘Customer Care’ option available on the top right-hand side of the homepage.
Step 3: Click on the ‘Show More’ option on the ‘Customer Care’ page and select ‘Inoperative Account (More Than 10 Years)’ from the drop-down option.
Step 4: Enter your name, address, and captcha code and click the ‘Submit’ button.
The screen will display your unclaimed deposit details, if any. To claim your unclaimed deposit, you should visit your nearest SBI Branch.
How To Claim SBI Unclaimed Deposits?
SBI unclaimed deposit claim procedure varies for different categories of customers. Here is a detailed discussion of the same.
Documents Required To Claim SBI Unclaimed Deposits
These are the list of documents that you need to submit to claim your unclaimed deposits in SBI Bank:
- Bank account statement
- Identity Proof (Aadhaar card, PAN card, Voter ID, Passport or driving license)
- Latest photographs
- Address Proof (Passport, driving license, credit card statement, salary slip or Voter ID)
- Copy of the account holder's death certificate (if claimed by the legal heir or nominee).
Please note that the State Bank of India may ask you for additional documents for verification purposes.
SBI Unclaimed Deposits Claim Form Download
SBI unclaimed deposits claim/ SBI unclaimed deposit reactivation form is available on the SBI Bank’s website. Follow these steps to download the SBI unclaimed deposits claim form:
Step 1: Visit the unclaimed deposit claim page of SBI Bank.
Step 2: On the left-hand side, you will get the 'Download Claim Form' button.
Step 3: Click on this button to download the PDF version of the claim form
Take a printout of this form, fill it out, and submit it to SBI Bank to claim your unclaimed deposits.
Now that you have an overall idea about SBI unclaimed deposits and the claim process, required documents, list, etc., you can visit your nearest SBI branch to claim your unclaimed deposits.
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11. Bank of Baroda Unclaimed Deposits: List, How to Check & Claim BoB Unclaimed Deposits?
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