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Informist, Tuesday, Aug. 4, 2026

 

NEW DELHI – Public sector banks held over INR 626.83 billion worth of unclaimed deposits as of Jun. 30, Minister of State for Finance Pankaj Chaudhary said Tuesday. These deposits are held with the Depositor Education and Awareness Fund, as per the information provided by the Reserve Bank of India, Chaudhary said in a written response to a question in the Rajya Sabha. Balances in savings and current accounts that remain inoperative for 10 years, or term deposits not claimed within 10 years from the date of maturity, are classified as unclaimed deposits.

 

The government, along with the RBI, held a three-month nationwide campaign to trace and claim unclaimed financial assets of the people. "As on 30.6.2026 (Jun. 30), unclaimed financial assets amounting to 7,320 crore (INR 73.20 billion) have been successfully restituted to their rightful owners by various fund regulators, significantly strengthening financial inclusion and citizen empowerment," Chaudhary said.

 

The banks subsequently transfer the unclaimed deposits to the fund under the Depositor Education and Awareness scheme maintained by the Reserve Bank of India. The fund is used for the promotion of depositors' interest and for other purposes that may be necessary to promote depositors' interest.  End

 

Reported by Shweta

Edited by Akul Nishant Akhoury

 

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