Here are some notes on inoperative accounts and unclaimed deposits in banks:
Inoperative Accounts
An inoperative account is a bank account that has not been used for a certain period of time. In India, an account is considered inoperative if there have been no transactions in the account for over two years.
There are a number of reasons why an account might become inoperative. For example, the account holder might have moved away and forgotten about the account, or the account holder might have died.
If an account becomes inoperative, the bank will typically send a letter to the account holder to notify them that the account is inoperative. If the account holder does not respond to the letter, the bank may eventually close the account.
Unclaimed Deposits
An unclaimed deposit is a deposit that is held by a bank but has not been claimed by the account holder. In India, unclaimed deposits are transferred to the Depositor Education and Awareness (DEA) Fund after 10 years.
The DEA Fund is a government-run fund that is used to educate the public about the importance of maintaining active bank accounts. The fund also provides financial assistance to people who are unable to claim their unclaimed deposits.
If you believe that you may have an unclaimed deposit, you can search for your name on the DEA Fund website. You can also contact the bank where you believe you had the account to inquire about your unclaimed deposit.
Here are some additional notes on inoperative accounts and unclaimed deposits:
- FDIC insurance: The Federal Deposit Insurance Corporation (FDIC) insures deposit accounts up to $250,000. This means that if a bank fails, your money is protected.
- Minimum balance requirements: Some deposit accounts have minimum balance requirements. This means that you must keep a certain amount of money in your account at all times. If you fall below the minimum balance, you may be charged a fee.