Did Banks Return Over Rs 10,000 Crore in Unclaimed Deposits to Families in the Last 3 Years?
Click to start listening
Synopsis
Indian banks have successfully refunded over Rs 10,000 crore in unclaimed deposits to families in the past three years. This effort, driven by the Reserve Bank of India's initiatives, has helped numerous individuals reclaim their forgotten savings. The government’s awareness campaign further supports these remarkable recovery efforts.
Key Takeaways
- Over ₹10,000 crore returned to rightful claimants in 3 years.
- Public and Private Sector Banks involved in recovery efforts.
- Government awareness campaign launched to educate the public.
- Over 22 lakh accounts settled by Public Sector Banks.
- ICICI Bank leads in settling private accounts.
New Delhi, Dec 2 (NationPress) In a significant development, Indian banks have refunded more than Rs 10,000 crore in unclaimed deposits over the past three years, as reported to Parliament on Tuesday.
During a written response to the Rajya Sabha, Pankaj Chaudhary, the Minister of State for Finance, revealed that both Public Sector Banks (PSBs) and Private Sector Banks have successfully returned numerous dormant or forgotten accounts to their rightful owners from April 2022 until November 2025.
According to the Reserve Bank of India’s Depositor Education and Awareness (DEA) Fund Scheme, banks are mandated to transfer funds from savings, current, and term deposit accounts that remain unclaimed for a decade to a central fund managed by the RBI.
As of June 30, 2025, Public Sector Banks had contributed over Rs 58,000 crore to this fund, with the State Bank of India contributing Rs 19,330 crore.
Private Sector Banks have contributed an additional Rs 9,000 crore to the DEA Fund, with ICICI Bank, HDFC Bank, and Axis Bank leading the way.
To ensure these funds reach the rightful owners, the RBI has issued explicit directives for banks to trace account holders, publish lists of unclaimed accounts on their websites, maintain effective grievance redressal systems, and actively seek out heirs of deceased customers.
The Government has bolstered these initiatives with a nationwide awareness campaign titled Aapki Poonji, Aapka Adhikar -- Your Money, Your Right, launched in October 2025.
Since 2022, Public Sector Banks have resolved over 22 lakh accounts, returning approximately Rs 8,460 crore to customers or their legal heirs.
The State Bank of India is at the forefront, having settled more than 16 lakh accounts valued at Rs 3,868 crore.
The Central Bank of India has also returned more than Rs 1,262 crore, with Canara Bank and Punjab National Bank also settling significant amounts.
Private banks have resolved nearly 11 lakh accounts during this period, returning close to Rs 900 crore.
ICICI Bank has handled the majority of these cases, processing over 8.6 lakh accounts.
Axis Bank, Federal Bank, Karnataka Bank, and HDFC Bank have also returned considerable sums.
Point of View
This initiative showcases the commitment of Indian banks towards enhancing customer trust and transparency. The significant amount returned emphasizes the importance of public awareness and the proactive measures taken by financial institutions to reunite families with their assets.
NationPress
02/12/2025
Frequently Asked Questions
What are unclaimed deposits?
Unclaimed deposits refer to funds in bank accounts that have not seen any activity or withdrawal for a prolonged period, typically over ten years.
How are unclaimed deposits handled by banks?
Under the RBI's guidelines, banks are required to transfer unclaimed balances to the Depositor Education and Awareness Fund after ten years.
How can individuals claim their unclaimed deposits?
Individuals can claim their unclaimed deposits by contacting their respective banks, which provide lists of unclaimed accounts on their websites.
