₹62,000 Crore unclaimed in Indian banks, SBI leads with largest share
New Delhi (The Uttam Hindu): The Reserve Bank of India (RBI) recently shared shocking information about the country's banking sector. According to the central bank, the amount of unclaimed deposits in various banks across the country is projected to exceed ₹62,314 crore by the end of 2024. This is the amount of money lying in bank accounts that have neither been withdrawn nor deposited for the past 10 years or more. This means these accounts have been completely inactive for a decade.
Government banks and SBI have the most money
If we look at the data of RBI's annual report, the largest part of this 'unclaimed' money is in the vaults of public sector banks. Out of the total unclaimed amount, around Rs 50,900 crore is deposited in public sector banks only. In this too, the country's largest bank, State Bank of India (SBI), tops the list. SBI alone has around Rs 16,968 crore of such money which has not been claimed till now. This problem has increased rapidly in the last three years, as in the year 2021 this figure was around Rs 31,000 crore, which has now more than doubled.
The process of getting the money back is very easy
If you or a family member has an old bank account, getting the money back isn't difficult. The account holder, joint account holder, nominee, or legal heir will need to visit the relevant bank branch and submit the required KYC documents, such as your Aadhaar card, PAN card, and proof of address. After verification, the bank will either reactivate the account so you can use it, or close the account as requested and refund the entire amount.
Government is running awareness campaign
The government has also launched an awareness campaign called "Your Money, Your Rights" to inform the general public about their lost or forgotten money. Its purpose is to encourage people to check their old accounts. According to RBI rules, if there is no activity in a bank account for 10 years, that money is transferred to the RBI's Depositor Education and Awareness (DEA) Fund. However, the good news is that even after the money is transferred to the fund, the account holder or his/her heirs retain full rights over it and can withdraw their money by completing the process.