Unclaimed Deposits: 28% jump in unclaimed deposits in banks, increased from Rs 32,934 crore to Rs 42,272 crore in one year

Unclaimed Deposits In Banks: Unclaimed deposits i.e. unclaimed amount deposited in banks has increased to Rs 42,270 crore by March 2023. The Central Government has given this information to the Parliament. As of March 31, 2022, unclaimed deposits in banks were Rs 32,934 crore. But with a jump of 28 percent in one year, it has increased to Rs 42,272 crore. 

Rajya Sabha MP Dhananjay Bhimrao Mahadik asked the Finance Minister a question regarding unclaimed deposits in private and government banks. He also wanted to know what steps the government is taking to identify the people whose money is deposited in banks. Answering this question, Minister of State for Finance Bhagwat Karad said, till March 31, 2021, while there were Rs 23,683 crore unclaimed deposits in government banks, there were Rs 4141 crore such deposits in private banks. By March 31, 2022, it increased to Rs 27,921 crore in government banks and Rs 5013 crore in private banks. By March 31, 2023, it increased to Rs 36,185 crore in government banks and Rs 6,087 crore in private banks. 

The Minister of State for Finance said that RBI has taken several steps to reduce unclaimed deposits so that the right person can be identified and their money can be returned. He told that after unclaimed deposits remain in the bank account for 10 years or more, banks deposit this amount in the Depositor Education and Awareness Fund of RBI. 

< p style="text-align: justify;">Bhagwat Karad said that RBI has suggested banks to display the list of such enclaimed deposits on their websites. Also, trace such customers or their heirs who are account holders who are no longer in this world so that the money can be returned to the right person.  

To enable common people to trace unclaimed deposits, RBI has launched a centralized web portal named Udgam (UDGAM) by visiting which any person can trace unclaimed deposits in banks.  Through this web portal, it will be helpful to trace your or your loved ones' unclaimed deposits in banks, even if the amount is deposited in more than one bank. Recently, Finance Minister Nirmala Sitharaman has asked banks and other financial institutions to ensure that their customers declare the name of their nominee or successor. According to RBI, maximum unclaimed deposits are deposited in banks of Tamil Nadu, Punjab, Gujarat, Maharashtra, Bengal, Karnataka, Bihar and Telangana and Andhra Pradesh. /p>

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