New Delhi: Many people fail to withdraw money from their savings or scheme accounts, which the government considers unclaimed. There is a minimum period for withdrawing money from a bank account. Failure to withdraw money within that timeframe results in the account being considered unclaimed. There are approximately 500,000 such accounts in India that have not been transacted for a long time.
Around ₹190 crore lies unclaimed in these accounts. This is money that people have forgotten about or that has become inoperative due to a prolonged lack of transactions. Sometimes, transactions in old accounts cease due to job changes or the loss of passbooks and ATM cards, leading to unclaimed transactions.
In such situations, the bank places the money in the unclaimed category. This is a major setback. However, you can withdraw this money by submitting a claim. The government is providing this opportunity to the public.
Learn how to get your money
If you have money lying in a bank account, you can withdraw it without waiting in line. The Reserve Bank of India has launched a special facility. The RBI has launched the UDGAM portal. You can check online whether your money is lying unclaimed in any bank. If it is, there’s an easy way to withdraw it.
You can make an online claim and withdraw it. By visiting the UDGAM portal, you can search for unclaimed funds in all banks at once using your name, mobile number, PAN, or date of birth. If you find a match, the system will provide you with bank and account information, which can then be claimed.
You can easily withdraw your money by submitting documents online or visiting the bank. If you’ve forgotten an old account, changed banks, forgotten an old FD, or can’t find a record of a relative’s deposit, you can check it once by visiting the UDGAM portal.
Know who has the right to claim?
People whose old bank accounts are closed or who suspect that money may be deposited in their name are invited to file claims. Claimants must bring their identity cards and relevant documents. Officials will be able to verify all information on the spot. If the details are correct, they will assist in completing the claim process immediately. This process is being carried out under the supervision of the District Magistrate.