Bank unclaimed deposit: By June 30, 2025, the ‘uncured deposit’ in the country’s banks has gone beyond 67,000 crores. No contenders for these money are being found. The Finance Ministry informed in Parliament on Monday that these money has been transferred to the Reserve Bank of India (RBI) Depositors Education and Awareness (DEA) funds.

SBI has the highest ‘uncured deposits’

SBI tops the list. It was 29 percent stake in the ‘uncured deposit’. SBI transferred Rs 19,329.92 crore. After this, Punjab National Bank is at number two with Rs 6,910.67 crore, Canara Bank is at number three with Rs 6,278.14 crore and ICICI Bank with Rs 2,063.45 crore. Minister of State for Finance Pankaj Chaudhary told in the Lok Sabha that 87 percent of the total deposits without claims (Rs 58,330.26 crore) were with the government banks.

What is ‘Unclaved Deposit’?

‘Unclamed deposit’ means the amount deposited in the bank or current account in which nothing has been done for 10 years. That is, when no account is operated for 10 years, it is called ‘uncured’ and the amount deposited in it is transferred to DEA fund. The money deposited in the DEA fund also includes interest on it. In addition to the money deposited in savings or current account, fixed deposits, RD, bank drafts, pay orders, money lying in bankers check are also transferred to Dea Fund.

Can you claim money in DEA fund?

If you want, you can stake your claim on the ‘uncured deposit’ transferred to Dea Fund. For this, first you have to contact your bank. The bank will check all your documents and will return the money to you if found right. It will be compensated with DEA fund only. There is no time limit to claimless money. You can claim it whenever you want. However, for such a situation, there is a need to keep transactions from time to time in the bank account and keep bank details updates.

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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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