A Customer account should be treated as inoperative/dormant if there are no transactions in the account for over a period of two years.
POLICY GUIDELINES ON INOPERATIVE ACCOUNTS (10 YEARS & ABOVE)/ UNCLAIMED
DEPOSITS:
1. An account shall be classified as Inoperative Accounts (10 years and above) / unclaimed deposits if the same is not operated (other than interest credits and service charge debits) for 10 years and more from the date of the last operation.
2. In term of directions of RBI, bank display the name and address of such depositors on the bank’s website.
Procedure for search
- Search Account by name only.
- If the name is accepted in the search query, detail would have emerged in the format.
3. The customer/survivor / legal heir/authorized signatories, as the case may be, may lodge a claim for the unclaimed deposit / activate the account, as the case may be. The claim process is as follows:-
i) Claim by Self: Customer can visit the branch of the Bank with the request letter (Annexure-I) and submit valid proof of identity, address & latest photograph. On verification of the same branch shall convert the account into Operative category and allow transactions in the account.
ii) Claim by Legal Heir / Nominee: For the claim process, the Legal Heir / Nominee can visit the branch of the Bank and submit the required documents and has to comply with the claim settlement process of the Bank.
iii) Claim by Non-Individual: For the claim of Non-Individual accounts, the customer needs to submit the Claim Form on the Company’s/ Firm’s / Institution’s letterhead duly signed by the authorized signatories along with their valid identity and address proofs. The customer may also be required to submit such other documents as may be requested by the Bank.
