Lok Sabha Question No. 3806 (UNSTARRED), answered on 2026-03-16
Subject: Unclaimed Bank Deposits
Ministry: FINANCE
Asked by: Shri M K Raghavan

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

## LOK SABHA UNSTARRED QUESTION NO. 3806

ANSWERED ON MONDAY, MARCH 16, 2026/ PHALGUNA 25, 1947 (SAKA)

## Unclaimed Bank Deposits

## 3806.   SHRI M K RAGHAVAN:

Will the Minister of FINANCE be pleased to state:

- (a) whether it is a fact that unclaimed bank deposits in the country have reached over 62,000 crore, with public sector banks holding the majority of these funds and that these amounts have grown significantly over recent years;
- (b) if so, the details thereof;
- (c) the concrete steps taken by the Government and the RBI to proactively notify the heirs of depositors about dormant accounts and unclaimed funds, especially in rural and low- income areas where awareness may be limited;
- (d) whether there are any targets or timelines set to ensure that these unclaimed deposits are returned to rightful owners, if so, the details thereof; and
- (e) the mechanism that are in place to simplify and expedite the claim process for citizens?

## ANSWER

## THE MINISTER OF STATE FOR FINANCE (SHRI PANKAJ CHAUDHARY)

- (a) to (e): The balances in savings and current accounts that remain inoperative for ten years, or term deposits not claimed within ten years from the date of maturity, are classified as Unclaimed Deposits and  subsequently  transferred  by  banks  to  the  Depositor  Education  and  Awareness  (DEA)  Fund maintained by the Reserve Bank of India (RBI).

As informed by the RBI, the outstanding unclaimed deposits held with DEA Fund as on 31.3.2024 and 31.3.2025, stood at ₹ 60,610.10 Crore and ₹ 74,580.45 Crore, respectively. The Deposits with the Public Sector Banks (PSBs) constitutes about 60% of the Total Deposits of Scheduled Commercial Banks (SCBs). Accordingly,  the  share  of  PSBs  in  unclaimed  deposits  held  with  DEA  Fund,  as  on 31.3.2024 and 31.3.2025 was 74.47% and 74.18%, respectively.

In order to ensure timely identification of rightful claimants, reducing both the existing stock of unclaimed deposits as well as the fresh accretion to the DEA Fund and to simplify and expedite the claim process for citizens, the Government of India and RBI have undertaken several steps, including, inter alia , the following:

- (i) RBI on 26.9.2025 has issued comprehensive directions on Settlement of Claims in respect of Deceased  Customer  of  Banks  (now  consolidated  in  RBI  Responsible  Business  Conduct Directions, 2025) to standardize and streamline procedures for settling death claims including for deposit accounts.
- (ii) RBI has introduced an incentive scheme on 30.9.2025, effective from 1.10.2025, offering banks a payout of 5%-7.5% of the unclaimed deposit amount (subject to a cap) for every successfully settled claim.
- (iii) RBI vide it's Responsible Business Conduct - Directions, dated 28.11.2025 have advised the banks to undertake the following initiatives in order to identify unclaimed accounts:
- To undertake special drives periodically to find out the whereabouts of the customers, their nominees or legal heirs in respect of inoperative accounts / unclaimed deposits.
- To display and update the list of unclaimed deposits on their website, which shall be updated regularly, at least on a monthly basis.
- To  conduct  public  awareness  and  financial  literacy  campaigns  regularly  to  educate  the members of public about the activation of inoperative accounts / unclaimed deposits and the prescribed procedure to claim amounts lying therein by a depositor or his/ her nominee/ legal heir in case of deceased depositor.
- The bank shall contact the holder(s) of the inoperative account / unclaimed deposit through letters, email or SMS (if the email and mobile number are registered with the bank). The email/ SMS shall be sent on a quarterly basis.
- (iv) With the objective of empowering citizens to trace and claim their unclaimed financial assets in the financial sector, a three-month (October - December 2025) nationwide campaign - ' आपकी प ूँजी , आपका अधिकार - Your Money, Your Right' was organised by the Department of Financial Services, in co-ordination with the Reserve Bank of India and other Financial Sector Regulators. During  the  campaign,  special  camps  were  organised  in  748  districts  across  the  country  for generating  awareness  and  enabling  the  public  to  trace  and  claim  their  unclaimed  financial assets. As on 28.2.2026, unclaimed financial assets amounting to ₹ 5,777 Crore have been successfully restituted to their rightful  owners  by  various  fund regulators, significantly strengthening financial inclusion and citizen empowerment.
- (v) RBI  has  launched  the  Centralised  Web  Portal  UDGAM  (Unclaimed  Deposits  -  Gateway  to Access InforMation) for public use to facilitate and make it easier to search unclaimed deposits across multiple banks at one place.
- (vi) The  Banking  Laws  (Amendment)  Act,  2025  has  introduced  provisions  allowing  multiple nominations (up to four successive or simultaneous nominations) for bank customers.
- (vii) Based on the direction of RBI, Indian Banks' Association (IBA) has put in place a Common Application Form for Unclaimed deposits and Standard Operating Procedure (SOP) for claim of unclaimed deposits, through Unclaimed deposits Portal of Banks (self- claim by individuals).

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