Opened a bank account, maintain an insignificant balance, and then forget about it after a few years? Or were you unable to use it for a long time? There are also scores of nominees who are unaware of FDs or bank deposits in their parents’ name, which are converted into ‘Inoperative Accounts’, and finally into ‘Unclaimed Deposits’ by the bank. But did you know that you can still claim these amounts by submitting the right documentary proof?  

Keep reading to learn about the process and regulations to access any Unclaimed Deposits with Bank of Baroda you may be entitled to.  

Status of Inoperative Accounts & Unclaimed Deposits Across Banks in India  

As per RBI records, at the end of March 2023, somewhere around Rs. 42,000 Crores in lying dormant in unclaimed deposits across various banks in India. Out of this, SBI tops the chart with Rs.8086 Crores worth of unclaimed deposits, with PNB coming second at Rs.5340 crores. Bank of Baroda had around Rs.3904 crores in unclaimed deposits.  

This kind of unutilized money is hampering national development at some stage and compelled RBI to come up with the UDGAM portal for consumers to claim their money from these unclaimed deposits. And Bank of Baroda is partnering with RBI & UDGAM portal to facilitate access to all its customers to access their money from their unclaimed deposits.  

Before we go ahead, let’s understand –  

What Are Inoperative Accounts? And What Are Unclaimed Deposits? 

Inoperative Accounts –  

A savings or current account that has not had any customer-induced transactions in more than two years is considered inoperative. Consumer-induced transactions include both deposits and withdrawals made by the consumer or third parties. The interest from you term deposit that is credited to your savings bank account is considered as a customer-induced transaction. However, regular credit activities initiated by the bank, like bank charges or periodic interest payments do not fall under customer-induced transactions.  

When an account is declared inoperative, the bank labels it as "Dormant" in its system. For reactivating such an account, the account holder must apply for reactivation of his account, submit fresh KYC documents, and deposit at least once in that account. 

Now, What are Unclaimed Deposits?  

An Unclaimed Deposit is an account that has been inactive for 10 years. This includes both Savings and Current Accounts not operated for 10 years, and Time Deposits (like fixed deposits) not withdrawn 10 years after their maturity date. 

How to Find My Unclaimed Deposits with Bank of Baroda? 

Bank of Baroda, and most major banks, already have a process in place to ensure that their customers can claim any money in their unclaimed deposits. With the launch of the UDGAM portal in August 2023, this process has been streamlined and made more accessible for consumers.  

We have detailed step by step process for getting details of your unclaimed deposits, both through the Bank of Baroda website, as well as the UDGAM Portal. Kindly utilize whichever option works best for you.  

1. Unclaimed Deposits List on the Bank of Baroda Website  

Starting from June 30, 2012, Bank of Baroda has been publishing the ‘Unclaimed Deposit List’ on its official website. Individual account holders can search by name or address, and if a match is found, they receive a unique ID number. For non-individuals, the name, address, and authorized person are shown. Customers should visit the nearest branch with their unique ID if their details appear in the list.  

  1. On the official Bank of Baroda website, at the bottom of page, you will see the option ‘Other Links’.  

  2. Under that, you have the option ‘List of Inoperative Accounts’. Click on that.  

  3. It will take you to this screen –  

  4. In this screen, you can search for your account by entering your name or address, or the authorized signatory details.  

  5. Verify the Captcha text and click on ‘Search Account’.  

  6. It will show a list of accounts matching your input.  

  7. It will show the name of the account holder, the address on that account, and a unique ‘Reference No.’ 

  8. Once you find your account in this list, note down the unique Reference No. listed against your account.  

  9. You can approach your Bank of Baroda branch with this Reference no., and they will be able to identify your unclaimed deposit and help you reactivate it or withdraw the money in it.  

2. Finding Your Unclaimed Deposits Through The UDGAM Portal  

The UDGAM Portal was originally launched in August 2023 with the participation of 7 banks. It is currently supported by 30 banks in India, whose customers can find details of their unclaimed deposits on the portal.  

  1. Visit the UDGAM Portal at https://udgam.rbi.org.in/unclaimed-deposits/#/login  

  2. Register with your name and mobile number. 

  3. Once registered, use your credentials to log in to the portal. 

  4. You can search for unclaimed deposits as an individual or a non-individual (company). 

  5. For individuals: Provide the below details –   

  • Account Holder’s name 

  • Name of banks – Choose Bank of Baroda from the dropdown.  

  • Any one of the following details should be entered –  

    • PAN 
    • Driving License Number 
    • Voter Id 
    • Passport Number 
    • Date of Birth 

  1. For non-individuals: Provide these details   

  • Entity name 
  • Name of banks – choose Bank of Baroda 
  • Any one of the following details should be entered –  
    • Authorized Signatory Name 
    • PAN 
    • CIN 
    • Date of Incorporation 

  1. Once you enter these details, click on ‘Search’. 

  1. The portal will display search results of any unclaimed deposits in your name with Bank of Baroda.  

  1. It will show the name on the account, address on the account, and an UDRN (Unclaimed Deposit Reference Number).  

  1. You can approach the nearest Bank of Baroda branch with the UDRN number for further process.  

What Documents Will I Need to Claim My Unclaimed Deposits Amount with Bank Of Baroda?  

Bank of Baroda will require you to submit KYC documents to verify your identity and necessitate any action on your unclaimed deposits account. Most common KYC documents include –  

  1. Your bank account passbook or term deposit certificate.  

  2. Latest ID Proof & Address Proof 

  3. Latest photograph  

What Happens to Unclaimed Deposits That Are Never Claimed Even After 10 Years?  

Even after 10 years, your money is safe, and you can still claim it. It's just transferred to a special fund called the Depositor Education and Awareness Fund (DEAF) by the RBI. Interest on unclaimed deposits is payable by the bank till it is transferred to DEAF; thereafter, banks stop paying interest. When you subsequently claim your money, it will be returned along with some interest which is borne by the RBI. The bank will pay you this upfront and later recover it from the RBI. 

Unclaimed Deposits at Bank of Baroda – FAQs:  

  1. What is the difference between Inoperative Accounts & Unclaimed Deposits?  

An account is considered inoperative (or dormant) when there have been no customer-initiated transactions for more than two years. When there are no customer-generated transactions for more than ten years, an account becomes an 'Unclaimed Deposit.' In the bank's system, such accounts are identified as "Dormant." The customer has to furnish updated KYC documents and do a transaction for the reactivation of the account. 

  1. Are there any charges to reactivate my Unclaimed Deposits with Bank of Baroda?  

No, they don’t charge any fees to reactivate your inoperative account or unclaimed deposits.  

  1. Will my inoperative savings bank account earn periodic interest?  

Yes, periodic interest is credited on regular basis on inoperative accounts too.  

  1. Can I apply to reactivate my unclaimed deposits through the UDGAM portal?  

No, UDGAM Portal only displays a list of inoperative accounts under your name. You must approach your nearest Bank of Baroda branch to reactivate it and claim the amounts.  

 

Disclaimer: This page includes information that has been compiled from many sources and is only offered for informational purposes. Since this type of data might change over time, we cannot guarantee that the information supplied or included within it is accurate. It is anticipated that the user would confirm with the relevant source prior to taking any choices or actions.