Unclaimed Money with Indian Banks Surges to ₹67,000 Crore: SBI Alone Holds 29%
In a startling revelation, the Reserve Bank of India (RBI) has disclosed that unclaimed money in Indian banks has surged to ₹67,000 crore. Out of this, the State Bank of India (SBI) alone holds nearly 29% of the total amount—amounting to more than ₹19,400 crore. This significant accumulation raises questions about consumer financial awareness and the need for proactive banking reforms.
What Are Unclaimed Bank Deposits?
Unclaimed deposits refer to funds lying dormant in savings, current accounts or fixed deposits that have seen no activity for over 10 years. These could include accounts of deceased individuals, forgotten FDs, or accounts with minimal balances never claimed by account holders or their families.
Key Highlights:
Total unclaimed funds: ₹67,000 crore across all Indian banks
SBI’s share: 29%, over ₹19,400 crore
Other major banks: PNB, Canara Bank, and BoB follow
Timeframe: Dormancy of over 10 years makes deposits ‘unclaimed’
Action by RBI: Development of UDGAM portal for claim facilitation
UDGAM Portal: RBI’s Digital Move to Help Claim Dormant Deposits
To address this issue, the RBI launched the UDGAM (Unclaimed Deposits – Gateway to Access Information) portal. This platform allows users to search for their unclaimed deposits across multiple banks using details like name, PAN, or Aadhaar. UDGAM has already seen lakhs of users since launch, helping bridge the awareness gap and making financial claims more accessible.
Why Is SBI Leading in Unclaimed Funds?
Being the largest public sector bank, SBI naturally has the highest number of customers and accounts, which explains its significant share of unclaimed funds. However, the sheer volume also suggests an urgent need for public outreach and better communication from banks about dormant accounts.
Steps to Reclaim Unclaimed Deposits:
Visit the UDGAM portal by RBI
Search using your PAN, Aadhaar, or other account identifiers
Submit claim documents (ID, account proof, death certificate if applicable)
Verification by bank and final disbursal
Vizzve Finance Insight
At Vizzve Finance, we advocate financial literacy and consumer rights. We urge individuals to regularly review their financial records and update KYC details to avoid losing track of funds. Our analysts believe this spike in unclaimed deposits reflects a deep need for financial awareness and digitized solutions, which RBI is finally addressing.
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Frequently Asked Questions (FAQs)
Q1: What qualifies as an unclaimed bank deposit?
A: A deposit becomes unclaimed when there is no customer-initiated activity for 10 years or more.
Q2: How can I check if I have unclaimed money?
A: Visit the RBI's UDGAM portal and search using your name, PAN, or Aadhaar.
Q3: What documents are needed to claim the money?
A: You’ll typically need a government-issued ID, account proof, and possibly a succession or death certificate if claiming on behalf of someone else.
Q4: Can NRIs claim unclaimed bank deposits?
A: Yes, NRIs can use UDGAM and contact their bank branches to initiate claims.
Q5: Is there any time limit to claim unclaimed deposits?
A: No, there is no deadline to claim; the funds remain with the bank until claimed.
Published on :July 29th
Published by : selvi
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