₹1 Lakh Crore Lying Unclaimed? Supreme Court Pulls Up Govt, RBI Over Dead Account Money — Big Relief for Families Soon!

The Supreme Court has sought answers on how families can access details of bank accounts of deceased persons and recover unclaimed deposits worth over ₹1 lakh crore.

The Supreme Court has raised important questions about unclaimed money lying in bank accounts of deceased individuals and asked the Centre and the Reserve Bank of India (RBI) to frame a clear policy to help legal heirs access such information.

Hearing a petition on the issue, the court noted the difficulties faced by families in tracing financial assets left behind by deceased relatives, especially when details of multiple bank accounts are not easily available.

Court Questions Lack Of Access For Heirs

The bench questioned why legal heirs cannot be given details of accounts held by deceased persons. It observed that in many cases, individuals may have multiple accounts across banks, making it difficult for families to track them after their death.

The court remarked, “What we are saying is, what is wrong if we give the information to the legal heirs? You will have to come out with some policy.”

Demand For Centralised Database

The petition has sought the creation of a centralised and searchable database that would allow families to trace unclaimed deposits, insurance, shares and other financial assets of deceased individuals.

Such a system would help reduce delays and eliminate the need for lengthy legal processes when heirs try to claim funds.

Over ₹1 Lakh Crore Unclaimed

A significant amount of money is believed to be lying unclaimed in banks and financial institutions. A large portion of these funds is transferred to the Depositor Education and Awareness Fund, which is managed by the RBI.

The fund holds unclaimed deposits from commercial and cooperative banks after a certain period of inactivity.

What Happens To Unclaimed Deposits

The government informed the court that if a genuine legal heir comes forward, the amount can be claimed and refunded from the fund after due verification.

However, the lack of a unified system often makes it difficult for families to even know about such deposits.

Next Hearing Scheduled

The Supreme Court has asked the Centre and RBI to file fresh affidavits explaining their position and the possible framework for such a system. The matter is scheduled for further hearing on May 5.

Why This Matters

The case highlights a growing concern around financial transparency and accessibility. A centralised system could simplify the process for families, reduce legal disputes and ensure that unclaimed money is returned to rightful heirs instead of remaining unused.