The Reserve Bank of India (RBI) has disclosed a massive and growing pile of forgotten wealth within the country's banking system. According to its latest data, the total value of unclaimed deposits across all Indian banks has reached an astonishing ₹62,314 crore by the close of the 2024 financial year. These funds are languishing in accounts that have seen no customer activity for a decade or more.
Public Sector Banks Hold the Lion's Share
A deep dive into the RBI's year-ender report reveals a stark concentration of these idle funds. Public sector banks (PSBs) are sitting on the vast majority of this money, holding a combined ₹50,907.91 crore in unclaimed deposits. Leading this list is the nation's largest lender, the State Bank of India (SBI), which alone accounts for ₹16,968.41 crore of the total unclaimed amount.
The scale of the issue has expanded at an alarming rate in recent years. The data shows that the total unclaimed deposits have more than doubled in just a three-year period. Back in 2021, the figure stood at ₹31,077.88 crore. It climbed to ₹39,900 crore in 2022 and ₹46,221.92 crore in 2023, before hitting the current peak of over ₹62,314 crore.
Government's Push to Reunite Depositors with Their Money
Recognizing the severity of the situation, the Union Finance Minister, Nirmala Sitharaman, initiated a dedicated awareness campaign in October 2025. Titled 'Your Money, Your Right', this drive aims to inform the public about these dormant accounts and simplify the process for claimants to recover their funds.
It is crucial for depositors to understand the lifecycle of an inactive account. As per regulations, the outstanding balance from any bank account that remains unoperated for over ten years, or any deposit unclaimed for the same period, is transferred to the Depositor Education and Awareness (DEA) Fund maintained by the RBI. This transfer happens on the last working day of the month following the completion of the ten-year inactivity period.
Step-by-Step Guide to Reclaim Your Deposits
The process to reclaim money from these dormant accounts is straightforward. A claim can be lodged by the original customer, a survivor, a legal heir, or an authorised signatory, depending on the situation.
The first step is to visit the branch of the bank where the account was held. The claimant must carry all necessary Know Your Customer (KYC) documents for verification.
If the intention is to reactivate the account and continue using it, the bank will accept a formal request and reactivate it upon receiving the proper documents. For those wishing to simply close the account and withdraw the final amount, the branch will process a specific request for closure and settlement.
This staggering figure highlights a critical need for greater financial awareness and record-keeping among the public. With a clear process in place, thousands of crores await rightful owners, underscoring the importance of the RBI and government's efforts to bridge this gap.
