What to do with your unclaimed or matured fixed deposits?

As per the reports from the Reserve Bank of India, there is approximately Rs.11,302 crore in unclaimed fixed deposits for over three crore account holders spread across 64 banks in the country. This happens because though investors open FD accounts using their savings, they forget to claim or renew them.

Two of the ways to avoid this scenario is to invest in an FD with a bank or company that will send you reminders about maturity and to include your investment details in your portfolio. For instance, to avoid the unclaimed Fixed Deposit scenario, invest with Bajaj Finance to be reminded about the maturity 3 months prior to the due date. Also, Bajaj Finance ensures that a sourcing agent will get in touch with you to know how you wish to proceed further with your maturity amount. Apart from this, a Bajaj Finance FD offers you one of the highest Fixed Deposit rates in the country. You earn interest up to 8.75% if you are a standard investor and up to 9.10% if you are a senior citizen starting an FD that offers your interest earnings at maturity with Bajaj Finance for at least 36 months.

Read on to know what to do with unclaimed fixed deposit.

In case of unclaimed or matured fixed deposit

  • How can you claim it
    • Visit your FD issuer’s website.
    • Fill the claim form for unclaimed or matured FD.
    • Enter necessary details and FD deposit number.
    • Submit the required documents, FD receipt photos, and KYC documents along with the claim form to your issuer.
    • You will receive the FD amount in your specified ban account via NEFT or RTGS payment or as a cheque, after proper verification.
  • How can your legal heir claim it
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If you have already assigned a nominee or a legal heir for your FD, then in your absence they need to follow these steps to claim the matured FD amount.

    • Firstly, a legal heir will have to submit a death certificate of the FD account holder to the issuer.
    • Then they will have to submit a proof acknowledging their legal heir status and claim for the FD account.
    • As a next step, the legal heir has to fill in all the customer details in the necessary claim form.
    • Finally, they will have to submit all the required documents along with the claim form to initiate an FD withdrawal.

How to avoid problems of unclaimed fixed deposits?

  • Use net banking to deposit your investment

It is wise to invest in FDs through internet banking. If you have the net banking facility, utilise this to your advantage when starting an FD. This is because when you open an FD online then on maturity your total sum is directly credited to the savings account without any hassle. Also, with internet banking you can redeem it easily in case of financial emergencies.

  • Choose the auto renewal option

While starting an FD, you can either choose the auto renewal option or choose to retrieve the maturing amount. If you choose the auto renewal option then the issuer will automatically renew your FD for the same tenor you had chosen earlier at that day’s FD interest rate. This way, your FD will keep accumulating funds.

  • Get an online FD account for better tracking
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You can manage your FD account online to keep a proper track of its maturity date. With physical transaction you may forget the exact due date or lose the papers where your tenor is mentioned. However, with an online FD account, you will get reminders about due dates and interest earnings. Keeping abreast with these will help you stay better informed about your investments so that they don’t go unclaimed.

While investing in an FD, always make sure that you either have a joint FD or a nominee to avoid hassles of an unclaimed FD. Apart from the above-mentioned ways, you can make a list of FDs with maturity dates to remember when they are maturing. Now that you know how to proceed further in case of unclaimed or matured fixed deposit, start an online FD with Bajaj Finance to earn high returns. However, before investing use the FD calculator to compare FD earnings from different issuers so as to park your funds in the most profitable one.

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