A grandfather deposited money in the bank and then forgot it, how can his grandson withdraw it?
The Reserve Bank of India has simplified the process for recovering funds from inactive and unclaimed bank accounts. Now, any family member can easily claim the money with the necessary documents.
If your grandparents, parents, or any other family member opened a bank account years ago and later stopped using it, there's good news for you. The Reserve Bank of India has simplified the process for recovering funds from inactive and unclaimed bank accounts. Now, any family member can easily claim the money with the necessary documents. So, let us tell you today how you can claim the money if your grandfather also deposited money in the bank and then forgot it.
Crores of rupees lying forgotten in banks across the country
According to RBI data, crores of rupees lie unclaimed in banks across the country for years. Sometimes people forget to change their account when they change jobs, and sometimes, after a family member's death, the family is unaware that they had an account. If a bank account remains inactive for 10 years, the bank transfers the funds to the RBI's Depositor Education and Awareness Fund. However, this money remains yours and can be claimed at any time. Regarding this type of money, the Reserve Bank has clarified that there is no time limit on getting it back. Furthermore, the claim process has been completely digitalised and simplified. You can now withdraw your grandfather's money from the bank in three easy steps.
Step 1: To withdraw unclaimed money from your bank account, first go to the RBI website and search for any old account linked to your name or that of a family member. This will also tell you which bank the money is in and how long the account has been inactive.
Step 2: According to the RBI, you no longer need to visit the bank branch where your account is held to claim your unclaimed money. You can now visit any bank branch of your choice and fill out the claim form.
Step 3: According to RBI regulations, the bank will first verify the documents you provide, and upon verification, the entire amount from the DEA fund is transferred to your account. No fees are levied.
Required Documents for Withdrawing Unclaimed Money
KYC documents are required to withdraw unclaimed money for your family members. This requires any of the following: Aadhaar card, voter ID, passport, driving license, and NREGA card. If a grandchild or heir files a claim, additional documents such as a death certificate, relationship certificate, and legal heirship certificate are also required.
Why is this RBI move special?
The RBI has launched Unclaimed Assets Awareness Camps in all districts from October to December 2025. In these camps, officials provide on-the-spot assistance to residents and initiate the claims process. This initiative is being considered a major step towards restoring people's rights and making the system transparent.
