Lok Sabha Question No. 5270 (UNSTARRED), answered on 2023-04-03
Subject: Unclaimed Deposits in PSBs
Ministry: FINANCE
Asked by: Kanakmal Katara

## GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF FINANCIAL SERVICES

## LOK SABHA

## UNSTARRED QUESTION NO. 5270

ANSWERED ON MONDAY, 3 rd  APRIL, 2023/ CHAITRA 13, 1945 (SAKA)

## Unclaimed Deposits in PSBs

## 5270.  SHRI KANAKMAL KATARA:

Will the Minister of FINANCE be pleased to state:

- a) the  total  unclaimed  money/deposits  lying  with  the  Public  Sector  Banks (PSBs) as on date, bank-wise;
- b) whether  it  is  a  fact  that  the  State  Bank  of  India  tops  the  list  of  banks having unclaimed money/ deposits;
- c)  if so, the details thereof and the reasons therefor;
- d) whether  it  is  a  fact  that  officials  of  the  State  Bank  of  India  do  not assist/extend  any  help  to  the  family  of  deceased  and  even  they  do  not contact the family who have submitted death certificates of deceased; and
- e) if  so,  the  details  thereof  and  the  action  taken  by  the  Government  to identify  deceased account holders whose money/deposits are lying with PSBs particularly the State Bank of India?

## ANSWER

## THE MINISTER OF STATE IN THE MINISTRY OF FINANCE

## (DR. BHAGWAT KARAD)

(a) to (c): As per information available with the Reserve Bank of India (RBI), as at the end  of February, 2023,  the total  amount  of  unclaimed  deposits transferred to RBI by Public Sector Banks (PSBs) in respect of deposits which have not been operated for 10 years or more, was Rs. 35,012 crore. The bankwise details, including in respect of the State Bank of India (SBI), are at Annex.

(d)  and  (e): SBI  has  informed  that  it  assists  the  family  of  the  deceased  in settling all cases of claims. Settlement of account (s) of deceased constituent are taken up on priority by SBI. SBI staff has been sensitised and instructions are reiterated in all forums of banks at regular frequency. For the convenience of  SBI  customers,  the  details/  process  of  settlement  of  claims  without  legal representation in respect of account(s) of deceased constituents, the specimen of  prescribed  forms,  as  well  as  updated  FAQs  for  easy  understanding  have been uploaded on SBI's website. Every application for settlement of account(s) of a deceased constituent received at the SBI branch are duly acknowledged. If the documents are incomplete/ not in order or the claim is rejected, the same is duly recorded along with reasons thereof, under advice to the Claimants.

As  per  the  instructions  issued  by  RBI  to  banks  vide  their  Master  Circular  on 'Customer Service in Banks', banks are required to make an annual review of accounts  in  which  there  are  no  operations  for  more  than  one  year,  and  may approach  the  customers  and  inform  them  in  writing  that  there  has  been  no operation in their accounts and ascertain the reasons for the same. Banks have also  been  advised  to  consider  launching  a  special  drive  for  finding  the whereabouts of the customers / legal heirs in respect of accounts which have become inoperative, i.e., where there are no transactions in the account over a period of two years. Further, banks are required to display the list of unclaimed deposits/ inoperative accounts which are inactive / inoperative for ten years or more  on  their  respective  websites,  with  the  list  containing  the  names  and addresses of the account holder(s) in respect of unclaimed deposits/ inoperative accounts. Finally, banks have been advised by RBI to play a more pro-active  role  in  finding  the  whereabouts  of  the  account  holders  whose accounts have remained inoperative .

***

## Public Sector Bank-wise details of the total amount of unclaimed deposits transferred to the Reserve Bank of India (RBI) as at the end of February 2023

| S.No   | Name of Bank                | Unclaimed Amount (In Rs. crores)   | Number of Accounts   |
|--------|-----------------------------|------------------------------------|----------------------|
| 1      | Bank of Baroda              | 3,904                              | 89,30,915            |
| 2      | Bank of India               | 2,557                              | 92,56,380            |
| 3      | Bank of Maharashtra         | 838                                | 18,63,192            |
| 4      | Canara Bank                 | 4,558                              | 1,56,22,262          |
| 5      | Central Bank of India 1,240 |                                    | 30,84,349            |
| 6      | Indian Bank                 | 2,445                              | 85,21,423            |
| 7      | Indian Overseas Bank        | 1,790                              | 46,17,573            |
| 8      | Punjab & Sind Bank          | 494                                | 12,56,602            |
| 9      | Punjab National Bank        | 5,340                              | 1,50,48,156          |
| 10     | State Bank of India         | 8,086                              | 2,17,80,757          |
| 11     | UCO Bank                    | 583                                | 14,78,743            |
| 12     | Union Bank of India         | 3,177                              | 1,09,40,247          |
|        | Total                       | 35,012                             | 10,24,00,599         |

Source: Information available with RBI about unaudited balances with RBI as at the end of February, 2023