The savings account must be active
It is often seen that the savings account linked to the FD account is not working. In many cases the account holder abandons the FD due to lack of funds. Small mistakes like these lead to problems. In this case, the maturity amount is deposited in the discount account.
The money is put into the DEAF fund
According to the information received from the Reserve Bank website, if any type of deposit, including maturity, is not withdrawn within 10 years, then the deposit is transferred to the Depositors Education and Awareness Fund ie DEAF. . There are certain guidelines that must be kept in mind to withdraw funds invested in DEAF.
What do the RBI guidelines say?
According to Reserve Bank guidelines, if you do not make any activity in a savings or current account for two years, then the account becomes inactive. Like a savings account, if the money in the savings account is not withdrawn within 2 years after the maturity date, then the account is closed. According to the RBI rules, the account closure rule is also applicable to FDs, RDs, demand drafts, banker’s cheques, pay slips and electronic money transfers.
What is the withdrawal method?
According to the RBI guidelines, all banks have to list the defaulted funds and customers on their official website. People whose money has been frozen, check the bank’s website and contact the bank’s branch. You have to follow the whole process to get money. You have to go to the branch and fill the application form. Receipt of deposit and KYC documents should also be attached with the form. You can do this by visiting any bank branch.