In a startling financial update, unclaimed money in Indian banks has risen to ₹67,000 crore as of 2025, according to recent government data. Public sector banks account for the bulk of these deposits, with State Bank of India (SBI) holding a massive 29% of the total.
These funds remain untouched for over 10 years, often due to account holders' deaths, forgotten balances, or lack of nominee awareness.
🏦 Top Contributors to Unclaimed Deposits
| Bank | Share of Unclaimed Deposits |
|---|---|
| 🏢 State Bank of India (SBI) | 29% |
| 💰 Punjab National Bank | ~10% |
| 🏛️ Bank of Baroda | ~9% |
| 🏤 Union Bank & Others | ~52% combined |
🔍 Why Do Deposits Go Unclaimed?
🧾 No nominee or legal heir update
⚰️ Account holder passes away without informing family
📦 People forget old savings, FDs, or recurring deposits
🏦 Migration, job changes, and closed branches
📲 Lack of digital banking access for older generation
📥 What Happens to Unclaimed Money?
As per RBI rules:
After 10 years of inactivity, the funds are transferred to the Depositor Education and Awareness (DEA) Fund.
Interest is still paid on some types of deposits, even after transfer.
Funds can still be claimed by rightful owners or legal heirs, with valid documentation.
💡 How to Check and Claim Your Unclaimed Deposits
✅ Step-by-Step Guide:
🔍 Visit RBI's UDGAM Portal: https://udgam.rbi.org.in
🧑💼 Enter your name, bank, and address details
📁 If a match is found, submit ID/address proof
📝 Fill the claim form provided by the bank
🧾 Legal heirs must also submit succession certificate or death certificate of the account holder
🔐 Why This Matters: Financial Literacy & Family Planning
This growing pool of dormant deposits reveals the urgent need for better financial awareness in Indian households. Families often lose access to money that could ease emergencies, cover education, or secure retirements — simply because bank details were never shared or updated.
🔔 Tip: Always add a nominee and inform a trusted family member about all your bank and investment accounts.
❓ FAQs
Q. What are unclaimed bank deposits?
Bank accounts that have had no transactions for 10 years or more and are classified as dormant.
Q. Can I claim money if the original account holder has passed away?
Yes, if you're a legal heir or nominee and provide valid documentation (like a death certificate, will, or succession certificate).
Q. Which bank has the highest share of unclaimed deposits?
State Bank of India (SBI) leads with 29% of the total unclaimed money.
Q. Is there a deadline to claim the money?
No, there is no expiry. You can claim anytime, as long as you provide valid proof.
Published on : 29th July
Published by : SMITA
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