FD money is stuck for many years, so apply like this, you will get the amount immediately

Crores of rupees are lying in the government’s account without claim

Are you one of those people who fixed deposit (FD) money stuck in a discount account for many years? Your FD matured but couldn’t withdraw the money? If this is the case then you have to take care of some special things to get the money. It is often seen that the speed with which people invest in FD or any other term deposit When you deposit money, forget to withdraw money for that fast maturity. Money remains like this for many years. Those who do not register the name of the nominee in the FD account, there is more trouble in getting their money. If the account holder dies, the family members do not get the money easily. In this situation, people give up money after getting tired. Why does money get stuck and how can we get it out, let’s take a look at it.

Many times it also happens that the FD account to which the savings account is linked gets closed due to not being in operation for many years. Then for some reason the account holder is not able to withdraw even the FD money. In this way, a small mistake becomes heavy and a huge amount goes into a write off. According to the Reserve Bank, if the deposit money, which includes maturity, is not withdrawn within 10 years, then it gets deposited in the Depositors Education and Awareness Fund ie DEAF. Later, to take this money, some special rules have to be taken care of.

What is RBI’s guideline

According to the RBI guidelines, if the transaction is not done in the savings or current account for two years, then that account is declared inactive. Similarly, if the money in the term deposit account is not withdrawn within 2 years from the date of maturity, then that account becomes inactive. For example, suppose you have an FD linked to your savings account. As long as the money of that FD comes into the savings account, it remains operative. When the interest money is closed, the savings account becomes inactive. Even if the savings account is closed, interest on the FD money keeps on getting on it. But the problem comes when the FD matures and that money is not withdrawn. Interest is not available on this money according to the FD rate, but interest is earned at the rate of the savings account.

Dormant accounts also include your FDs, recurring deposits, demand drafts, banker’s cheques, pay orders and national electronic funds transfer transactions. According to the rules, the bank is required to contact the customer in this regard through e-mail or phone. Banks are often unable to contact the account holders as they do not update their details. In such a situation money gets stuck. But there is also a way to withdraw this money.

how to get stuck money

According to the RBI guidelines, every bank is required to mention such stranded money and customers on its website. The customer whose money is stuck, that customer should check the bank’s website and contact the branch. For this, the claim form has to be duly filled. The receipt of deposit and KYC documents will also have to be submitted along with the form. Now there is no such rule that one has to go to the same branch in which FD or any other term deposit account was running. With Core Banking facility, you can go to any branch of the bank. However, if you want to get the work done quickly, then it is advisable to go to your branch.

If the account holder has died, then attach the death certificate along with the claim form. If you are a nominee then definitely give your identity card. After this the bank will scrutinize all the documents and release the deposited money in the account. Keep in mind that if the savings account is already inactive, it will be necessary to activate it. The bank first returns the money from itself to the customer, then claims a refund of his money from DEAF.