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RBI Unclaimed Money : Thousands of crores of rupees lying unclaimed in banks across the country for years are now with the Reserve Bank (RBI Unclaimed Money) have accumulated. State Bank of India ranks first in the country in terms of this unclaimed amount. These funds from accounts lying dormant for more than 10 years have been transferred to RBI's 'Depositor Education and Awareness' (DEA) fund. As of June 30, banks in the country had huge unclaimed funds lying around. Union Minister of State for Finance Pankaj Chaudhary informed the Rajya Sabha on Tuesday that a total of Rs 86,917 crore (approximately $860 billion) is lying unclaimed in the RBI's Depositor Education and Awareness Fund (DEA). State Bank of India has the largest share in this amount. Exactly how much is this figure”text-align: justify;”> Tata Stocks Fall : Chandrasekaran's resignation, excitement in the stock market? Shares of Tata companies tumbled, as much as 68,000 crores

According to the data, SBI has transferred Rs 20,400 million (approximately $204 billion) of unclaimed deposits to DEA funds. PNB ranks second in this fund with Rs 7,585 crore (approximately $75.85 billion). Canara Bank has ₹6,830 crore (approx. $5,848 billion), Bank of Baroda has ₹5,549 crore (approx. $55.49 billion) and Bank of India has ₹55.49 crore (approx. $55.49 billion).

ICICI Bank tops the list of private banks

Among private banks, ICICI Bank leads with unclaimed deposits of ₹2,278 crore in DEA funds. It is followed by HDFC Bank with ₹1,912 crore and Axis Bank with ₹1,734 crore.
Now the question is, what is unclaimed deposit? If there is no transaction in a savings or current account for 10 years, the account is considered closed. Similarly, if a fixed deposit remains unclaimed for 10 years after its maturity, it also falls under the category of unclaimed deposit. Banks then transfer this amount to RBI's DEA fund.

Are refunds made?

This fund is used to promote the benefits of the depositors and for their purposes. However, if the rightful heirs or their legal heirs later claim the money, the bank returns it. Till June 30, Rs 17,415 crore had been returned to banks from DEA funds to meet such claims.

The RBI and the government are taking steps to reduce the amount of unclaimed deposits. Banks have been directed to conduct regular special drives to trace customers, nominees and legal heirs and update information on unclaimed deposits on their websites every month. In addition, financial awareness campaign is also being implemented.

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