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Unclaimed Deposits

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Withdrawal Process for Unclaimed Deposits

Welcome to Mahendragarh Central Cooperative Bank Ltd.! We understand the importance of customer satisfaction, and as part of our commitment to transparent banking, we aim to provide you with all the necessary information regarding the withdrawal process for unclaimed deposits.

Unclaimed deposits refer to the amounts left in accounts by account holders who have not operated their accounts for a significant period. The Reserve Bank of India (RBI) mandates that banks must track such accounts and provide an easy process for customers to claim their deposits.

If you believe you have an unclaimed deposit with us, the process to withdraw these funds is simple and straightforward. Below are the key details of the unclaimed deposit withdrawal procedure, including the eligibility criteria, required documents, and steps to follow.

What is an Unclaimed Deposit?

An unclaimed deposit is money left in a bank account where there has been no activity or transaction for a specified period, usually 10 years or more. These deposits may include savings accounts, fixed deposits, recurring deposits, or any other form of deposit held with Mahendragarh Central Cooperative Bank Ltd.

According to the RBI's guidelines, a deposit is considered unclaimed if there has been no customer-initiated activity on the account (such as a withdrawal, deposit, or balance enquiry) for more than 10 years. After this period, the account becomes inactive, and the bank is required to report such accounts and transfer the unclaimed amounts to the Reserve Bank of India (RBI) – Depositor Education and Awareness Fund (DEAF).

However, account holders can still claim their unclaimed deposits. Below is the process to follow if you wish to claim these funds.

Eligibility to Claim Unclaimed Deposits

The account holder or legal heirs of the account holder are eligible to claim unclaimed deposits. To do so, you must:

  1. Be the Original Account Holder or the legal heir/nominee, if applicable.
  2. Provide a valid claim demonstrating your rightful ownership of the deposit.
  3. Meet the prescribed conditions set by the bank as per the RBI’s guidelines.

Documents Required for Claiming Unclaimed Deposits

To ensure smooth processing of your claim, please prepare the following documents:

  1. Identity Proof (any one of the following):

    • Aadhaar Card
    • Passport
    • Voter ID
    • Driving License
    • PAN Card

  2. Proof of Address (any one of the following):

    • Recent Utility Bill (Electricity, Gas, Telephone)
    • Bank Statement
    • Aadhaar Card (if not submitted as ID proof)

  3. Claim Form: A duly filled claim form, available at any Mahendragarh Central Cooperative Bank Ltd. branch.

  4. Account Details:

    • Your account number (or details of the unclaimed deposit account).
    • Original deposit receipt, if applicable (for Fixed/Recurring Deposits).
    • Any other relevant information or documents that may assist in verifying your claim.

  5. Legal Heir/Death Certificate (if the account holder is deceased):

    • Death certificate of the account holder.
    • Legal heir certificate or succession certificate.
    • Proof of identity and address for the claimant.

  6. Nominee/Heir Declaration: If you are claiming the funds as a nominee or heir, you must provide the bank with a written declaration and proof of your relationship to the deceased account holder.

Steps to Withdraw Unclaimed Deposits

Follow these steps to claim your unclaimed deposit from Mahendragarh Central Cooperative Bank Ltd.:

  1. Step 1: Check Name & visit the Nearest Branch

    • Check account details on the portal CLICK HERE
    • Go to the nearest Mahendragarh Central Cooperative Bank branch with all the required documents. 
    • Our staff will assist you in filling out the Claim Form and guide you through the process.

  2. Step 2: Submit the Claim Form and Documents

    • Submit the completed Claim Form along with the necessary identity proof, address proof, and any other supporting documents.
    • If applicable, provide the Death Certificate, Legal Heir Certificate, or Nominee Declaration.

  3. Step 3: Verification of Documents

    • The bank will initiate the verification process to confirm your identity, ownership of the unclaimed deposit, and any necessary documentation.
    • The bank may contact you for additional information if required.

  4. Step 4: Review and Approval

    • Upon successful verification, the bank will approve your claim and process the withdrawal of the unclaimed deposit.
    • Depending on the nature of the deposit (Fixed Deposit, Savings Account, etc.), the withdrawal process may vary.
      • For Fixed Deposits: If the account holder has not renewed or closed the Fixed Deposit, the bank will either disburse the amount to you or roll it over as per your instructions.
      • For Savings Accounts: Any remaining balance in the account will be transferred to your new account or paid directly, depending on your preference.

  5. Step 5: Fund Transfer or Cash Withdrawal

    • After approval, the unclaimed deposit will be disbursed to you. You may choose to:
      • Withdraw the funds as cash at the bank counter.
      • Transfer the funds to your active account with the bank.
    • If the amount is transferred to your account, you can access it as usual through your ATM card or other banking channels.

Important Points to Note

  • Interest on Unclaimed Deposits: For fixed deposits, the bank may pay interest at the applicable rate for the period up to the date the account was classified as unclaimed. If the deposit is transferred to the RBI’s DEAF, interest will be payable only up to the date of transfer.
  • Bank’s Right to Reject Claims: The bank reserves the right to reject any claim that does not meet the requirements set by the RBI or the bank’s internal procedures.
  • Claim Period: There is no time limit for claiming unclaimed deposits, but it is advisable to act promptly to avoid complications.
  • Penalties for False Claims: Any false claim or fraudulent attempt to withdraw funds will result in legal action being taken, as per the applicable laws.

Contact Us

If you have any questions or need further assistance with the withdrawal process for unclaimed deposits, please don’t hesitate to contact us:

  • Customer Support: 01285-220101
  • Email: banking@cbmgarh.com
  • Visit Us: Branch Location

Our friendly staff is ready to assist you and guide you through the process.

Mahendragarh Central Cooperative Bank Ltd.
“Banking with Integrity, Service with Care”

Please note: The bank reserves the right to amend its terms and conditions for the withdrawal of unclaimed deposits. For the latest information, please refer to the bank’s official guidelines or contact the nearest branch.

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