These major changes in the banking sector this year have made withdrawals from nominees to unclaimed funds easier.

Many people had forgotten about the money deposited in their old accounts or whose accounts hadn't seen any transactions for a long time. Furthermore, the rules related to nominees have now become simpler and more beneficial than ever before.

The banking sector is constantly changing, and this year has seen some significant changes for customers. Especially for those who had forgotten about the money deposited in their old accounts or whose accounts hadn't seen any transactions for a long time. Furthermore, the rules related to nominees have now become simpler and more beneficial than ever before. So let's explore the major changes in the banking sector this year and how withdrawing unclaimed funds from nominees has become easier.

How withdrawing unclaimed funds from nominees has become easier

Many bank accounts in India have been untransacted for years, and the account holder's information is not available. These accounts are called unclaimed deposits. These inactive funds remain in the banking system for a long time, but now, proactive initiatives by the government and the Reserve Bank of India (RBI) have accelerated the process of returning these funds to their rightful owners.

According to information provided in Parliament, between April 2022 and November 2025, Indian banks returned unclaimed funds worth more than ₹10,000 crore to their rightful owners. This move not only brings transparency to the banking system but also provides an opportunity for ordinary people to recover their forgotten money. Union Minister of State for Finance Pankaj Chaudhary stated that both public and private banks identified and resolved millions of inactive accounts, many of which had remained unclaimed for years. Banks verified documents, verified heirs, and contacted customers to return these funds to their rightful owners.

DEA Fund Scheme

The RBI has implemented the Depositor Education and Awareness Fund (DEA Fund Scheme). Under this, if there is no activity in any savings, current, or fixed deposit account for 10 years, the bank transfers the amount to the RBI's central fund. This keeps the money safe and can be returned when the owner comes forward. As of June 30, 2025, public sector banks transferred ₹58,000 crore to the DEA fund. SBI alone led the way with a deposit of ₹19,330 crore. Private banks are not far behind, transferring a total of ₹9,000 crore to the fund. Under RBI regulations, banks are required to publish a list of unclaimed accounts on their websites and are instructed to actively search for the heirs of deceased account holders.

What major changes happened in the banking sector this year?

Effective November 1, 2025, the banking sector's nominee rules have changed. You can now designate four nominees for your bank account, locker, or any other safe deposit box, instead of one. Previously, most banks allowed only one nominee. Under the new rules, having four nominees allows different family members to access funds more quickly after the account holder's death. Customers can specify the nominee's share as per their wishes. Lockers can also be designated with four nominees and their order. This means that if the first nominee is not present, the second-ranking nominee can make a claim. This change has reduced legal complications, reduced property disputes within the family, and made it possible to access funds more quickly.