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.

Read also Is RBI still changing old Rs 500 and Rs 1000 notes? know the important thing

Minimum balance on saving accounts: Recently, most of the public sector banks have abolished the minimum balance limit on savings accounts. Earlier it was mandatory to keep a certain amount, but the customers have been freed from this mess. However, these conditions are still applicable in many public sector banks. In such a situation, if you are planning to open an account in a bank, then this news can be of your use, because it is very important to know its minimum balance before opening an account in any bank.

What are the rules of which banks

One of the large private sector banks, ICICI Bank has changed the terms of minimum balance for savings account holders, raising this limit to branches of big cities to Rs 50,000, which was earlier Rs 10,000. Similarly, the minimum balance in semi-urban branches has been increased to Rs 25,000, which was earlier Rs 5,000, while in rural branches it has been increased to Rs 10,000, which used to be Rs 2,500 earlier. This rule has come into effect from 1 August.

Actually, every bank has fixed the minimum balance according to its own. This is the amount that you need to keep in your account, and if the balance is reduced by this limit in the month, then the bank imposes penalty on customers. Earlier, the minimum amount for urban areas in most public sectors was fixed from Rs 1,000 to Rs 4,000, but now many banks including Canara Bank, Bank of India and State Bank of India have abolished the condition of minimum balance on savings accounts.

However, this condition is still applicable in private banks. The minimum balance of savings account in HDFC and Kotak Mahindra Bank is Rs 10,000, Rs 5,000 in Bandhan Bank and Rs 12,000 in Axis Bank.

Also read: Shares bounced after SBI Q1 results, competition to buy, do Buy or SAIL? Learn the advice of the broking firm

Psu banks earning: The country’s government banks led by the State Bank of India (SBI) have earned a record profit of Rs 44,218 crore in the first quarter of 2025-26. Whereas in the June quarter of a year ago, all 12 public sector banks together made a profit of Rs 39,974 crore. That is, in total, the profit has increased by Rs 4,244 crore.

State Bank made the highest profit

SBI was at the top of the list. The bank earned a net profit of Rs 19,160 crore in the April-June quarter. This is 12 percent more than the first quarter of FY 2025. That is, in both size and profit case, the country’s largest lender still has control on public banking market. Indian Overseas Bank finished second. Its net profit was Rs 1,111 crore with an increase of 76 percent. At the same time, 48 percent increased to Punjab and Sindh Bank’s profit of Rs 269 crore.

These banks also earned profit

Indian Bank’s net profit increased by 23.7 percent to Rs 2,973 crore. At the same time, Bank of Maharashtra earned a profit of Rs 1,593 crore with a jump of 23.2 percent. The profit of Central Bank of India increased by 32.8 percent to Rs 1,169 crore.

PNB lags behind in profit race

The only Punjab National Bank is the only government bank whose performance has declined in the June quarter. PNB’s net profit in the first quarter of FY 2026 declined by Rs 3,252 crore to Rs 1,675 crore from Rs 3,252 crore for the same period last year. However, all banks’ performance in different sectors vary, but the results of the first quarter reflect the pace of flexibility and improvement of public sector lenders.

How do banks earn money?

Investment on bank loan, investment in government securities, bonds and shares, interbank loans, digital banking, treasury operation, service fee and fees make money in all these ways.

Also read:

Tata Motors Q1 Results: Tata Motors shocks, company incurred a loss of 62.2 percent in the first quarter