What are Unclaimed Bank Fixed Deposit Accounts and How to Address Them?

Unclaimed bank fixed deposits refer to fixed deposit (FD) accounts held with banks that have become inactive or dormant due to various reasons. When an FD account remains untouched by the account holder for a specified period, it is considered unclaimed. The reasons for FDs becoming unclaimed can vary and may include:

Unclaimed bank fixed deposits

1. Forgotten Accounts: Sometimes, account holders forget about their fixed deposit accounts, especially if they have multiple accounts or if they have not kept proper records.

2. Change of Address: If an account holder changes their address and fails to update it with the bank, as a result, communication regarding the FD may not reach them, leading to inactivity.

3. Deceased Account Holders: In the unfortunate event of the account holder’s death, if the family or beneficiaries are unaware of the FD or unable to claim it, consequently, the account may remain unclaimed.

4. Inactivity: Some banks may declare an FD account as unclaimed if there has been no activity (deposits, withdrawals, or communication) for a specified period. This period typically ranges from 1 to 10 years, depending on the bank’s policy.

5. Lost Documents: If the account holder loses the FD certificate or document and fails to report it to the bank, as a result, they may be unable to claim the deposit

6. Legal Issues: Legal disputes or unresolved issues related to the FD account can also result in the funds becoming unclaimed.

A Step-by-Step Guide to Claiming Unclaimed Bank Fixed Deposits

1. Contacting the Bank: The first step is to get in touch with the bank where the FD is held. Subsequently, the account holder or their representative should visit the bank branch and inquire about the unclaimed FD.

2. Verification: The bank will verify the identity and ownership of the FD account (Top Bank for Fixed Deposits Account). This may involve providing relevant documents such as the FD certificate, ID proof, address proof, and a copy of the account holder’s will (in case of deceased account holders).

3. Submission of Required Documents:  Depending on the circumstances, the bank may require additional documentation. Furthermore, these documents are necessary to establish the claim successfully.

4. Settlement: Once the verification process is complete, the bank will settle the unclaimed FD by transferring the funds to the account holder or their legal heirs, as applicable.


Unclaimed bank fixed deposits stand as a testament to the complexities and challenges of managing one’s financial assets. Dormant accounts can stem from various causes, like forgetfulness, personal changes, or unfortunate events like the account holder’s passing. However, it is essential to recognize that a proactive approach can help prevent the loss of these valuable assets.

By staying vigilant, keeping accurate records, and staying in communication with their banks, individuals can ensure that their fixed deposits remain accessible and do not contribute to the growing pool of unclaimed financial assets. Moreover, understanding the specific procedures for claiming such deposits is crucial to reacquiring these funds when the need arises.

In the broader context, the issue of unclaimed bank fixed deposits underscores the importance of financial literacy. Moreover, responsible financial management is crucial in safeguarding one’s financial well-being.