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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Unclaimed Amount: Banks have an abandoned of Rs 78,213 crore. That is, there is no one among those claiming this amount. In such a situation, Finance Minister Nirmala Sitharaman has appealed to the banking regulators on Tuesday to return the uncured deposit to their real owners.

Unclamed amount is increasing in banks

While presiding over the 29th meeting of the Financial Stability and Development Council (FSDC), he also talked about making KYC process easier for all Indian citizens including NRIs so that transparency in the banking sector comes, it will be easy to access everyone and digitty is much better than before.

According to the new RBI data, by March 2024, the unclaimed amount in banks has increased by 26 percent over the previous year. Now this number is Rs 78,213 crore. By the end of March 2023, an amount of Rs 62,225 crore has been deposited under the Depositor Education and Awareness Fund alone. The non -claimed funds include the amount deposited in the banks as well as the share and dividends and non -claimed insurance and pension funds.

Money will be distributed by setting up camps

In view of the growing uncured amount, Finance Minister Nirmala Boundarman directed financial regulators like RBI, SEBI, MCA, PFRDA, and IRDA to set up special camps at the district level. Through this, the work of spreading unclaimed money to their right owners will be done rapidly. The meeting was attended by former Reserve Bank Governor Shaktikanta Das, SEBI President Tuhin Kanta Pandey and IFSCA President K Rajaraman, including IRDAI, PFRDA, IBBI and senior representatives of various departments of the Central Government.

How to find out the uncured amount-

• For this, first you have to go to RBI’s Udgam portal udgam.rbi.org.in.
• Click on Register here.
• Enter all the information sought here properly.
• Then set a password and fill the captcha code.
• Now enter the OTP on the phone.
• Once the registration is done, go to the Udgam portal again and login.
• Enter the name of the account holder and choose one of the banks given in the list.
• Now enter the account holder’s PAN card number, voter ID, passport or license number.
• After this, click on the search button.
• If there is an unknown deposit in your name, then your information will be given to you on the screen.

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RBI Unclaimed Deposits: The amount of more than Rs 78,213 crore in India’s banks is lying in the form of Unclaimed Deposits, ie who has no owner yet. In easy language, it belongs to those people who deposited money in the bank, but forgot to withdraw it or for some other reason he or his family could not reach their reach to this account.

However, now this uncured deposit is going to reach its correct owners. Actually, RBI has implemented a new system from 1 April 2025 to get this money back. Under this, banks will have to put full details of uncomfortable deposits on their website, which will also include the name of the account holder and public search feature.

What is a new process?

1. Standard Format: Now all banks will ask for the same application form and documents.
2. Online facility: Online claim system will start completely by FY2026.
3. Easy Verification: After filling the form, the bank’s branch will contact the customer itself and transfer money.

How to check your passive account?

Till now, customers had to go to the UDGAM portal of RBI and check uncured deposits, then claim to go to the bank branch. This process will become easier in the new system.

What is the uncured deposit?

According to the data till March 2024, RBI’s Depositor Education Fund (DEA) has a deposit of Rs 78,213 crore. This amount is 26 percent more than the previous year. Let us tell you, Finance Minister Nirmala Sitharaman has instructed banks, mutual funds and insurance companies to run special campaigns to give back the passive amount.

New nominee rules also apply

Under the Banking Law (Amendment) Bill, 2024, you can now place 4 nominees in an account (earlier there was only 1). This will make it easier to get back the amount of inactive accounts.

How to know your Unclaimed Deposit?

1. Check the “Unclaimed Deposits” section on the bank’s website.
2. Fill the form with name, mobile number and address.
3. The bank will verify the money and transfer it to your account.

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