By Admin 
The banking sector is constantly changing and this year there have been some big changes for customers. Especially for those people who had forgotten the money deposited in their old accounts or whose accounts have not had any transactions for a long time. Apart from this, the rules related to nominee have also become simpler and more beneficial than before. So let us know what major changes took place in the banking sector this year and how it became easier to withdraw unclaimed money from nominee.
How it became easy to withdraw unclaimed money from nominee
There are many such bank accounts in India in which no transactions have taken place for years and the information of the account holder is not available. These accounts are called unclaimed deposits. This active money remains in the banking system for a long time, but now due to the active initiative of the Government and the Reserve Bank of India (RBI), there has been a speed in delivering this money to the rightful owners.
According to the information given in Parliament, between April 2022 and November 2025, Indian banks returned unclaimed amounts of more than Rs 10,000 crore to their rightful owners. This step not only brings transparency in the banking system, but also gives an opportunity to the common people to get their forgotten money back. Union Minister of State for Finance Pankaj Chaudhary said that both government and private banks identified lakhs of inactive accounts and disposed of them. There were many accounts in which no claims were made for years. The bank returned these amounts to their rightful owners by checking the documents, verifying the heirs and contacting the customers.
DEA Fund Scheme
RBI has implemented 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, then the bank transfers that amount to the Central Fund of RBI. This keeps the money safe and can be returned when the owner comes forward. By June 30, 2025, public sector banks transferred Rs 58,000 crore to the DEA fund. In this, SBI alone is at the top by depositing Rs 19,330 crore. Private banks are also not lagging behind, and they transferred a total of Rs 9,000 crore to the fund. Under RBI rules, banks have to publish the list of unclaimed accounts on their website and have been instructed to actively search for the heirs of deceased account holders.
What major changes took place in the banking sector this year?
The rules related to nominees in the banking sector have changed from November 1, 2025. Now you can set four nominees for your bank account, locker or any safe item instead of one. Earlier most banks used to allow only one nominee. Under the new rule, by having four nominees, after the death of the account holder, different family members can get the funds quickly. Customers can decide the share of the nominee as per their wish. Four nominees and their order can also be decided for the locker. This means that if the first nominee is not present, the second nominee can claim. This change made it possible to reduce legal complications, reduce property disputes in the family and get funds quickly.
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