RBI's major update: Rs 62,000 crore is lying unclaimed in banks; here's how you can claim it..

The Reserve Bank of India (RBI) recently reported that the amount of unclaimed deposits in the country's banks had surged to ₹62,314 crore by the end of 2024. This money is lying in bank accounts that have seen no transactions for the past 10 years or more – meaning no withdrawals, deposits, or any other account activity.

Shockingly, the largest share of this amount is held by government-owned banks. Approximately ₹50,900 crore of the total unclaimed amount is deposited in public sector banks alone.

SBI holds the most unclaimed money
According to the RBI's annual report, the State Bank of India (SBI) tops this list. SBI alone holds approximately ₹16,968 crore in unclaimed funds. Other large government banks follow suit.

Looking at the figures from the past few years, this amount has increased rapidly. In 2021, unclaimed deposits were approximately ₹31,000 crore, which has more than doubled in just three years. This indicates that many people have forgotten about their old bank accounts.

How to reclaim unclaimed money?
If you or a family member has an old bank account, reclaiming the money is not difficult. The account holder, joint account holder, nominee, or legal heir can all make a claim. The first step is to visit the relevant bank branch. You will need to provide necessary KYC documents such as an Aadhaar card, PAN card, and proof of identity and address. If the account holder wishes to keep the account active, the bank will reactivate it after completing the formalities. If the account holder wishes to close the account and withdraw the money, the bank will process the claim accordingly and return the funds.

Government's awareness campaign
To inform people about their money, the government has also launched an awareness campaign called 'Your Money, Your Right'. The aim is to encourage people to check their old or forgotten bank accounts and reclaim their rightful money.

According to RBI rules, if a bank account remains inactive for 10 years and the money remains unclaimed, the amount is transferred to the RBI's Depositor Education and Awareness (DEA) Fund. However, even after the money is transferred to the DEA Fund, the account holder or their heir retains full ownership of the funds.

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