RBI launches special drive to Return ₹67,270 Crore in Unclaimed Bank Deposits with No activity for over 10 years
RBI launches special drive to Return ₹67,270 Crore in Unclaimed Bank Deposits with No activity for over 10 years
Special three-month campaign to trace account holders and clear dormant balances
The Reserve Bank of India (RBI) has directed banks to intensify efforts to return unclaimed deposits worth an estimated ₹67,270 crore to their rightful owners, nominees, or heirs. The central bank has set a focused three-month window, from October to December 2025, for banks to identify dormant accounts and settle pending claims.
Unclaimed deposits include savings and current accounts with no activity for over 10 years, as well as term deposits unclaimed 10 years beyond maturity. These funds are transferred to the Depositor Education and Awareness (DEA) Fund managed by the RBI but can still be reclaimed through the depositor’s bank. As of March 2024, total unclaimed balances had risen to about ₹78,213 crore, reflecting a nearly 26% increase from the previous year.
To support the initiative, banks will run awareness campaigns through print, electronic, and local language media, especially targeting rural and semi-urban areas with lower literacy levels. State Level Bank Committees (SLBCs) will also review data to provide localized insights on unclaimed deposits.
The RBI is promoting its UDGAM (Unclaimed Deposits – Gateway to Access Information) portal, launched in 2023, which allows individuals to search across multiple banks for dormant accounts. Thirty banks are already part of the portal, covering nearly 90% of the value of unclaimed deposits. Since launch, more than 8.5 lakh people have accessed the platform.
The RBI has also revised rules on inoperative accounts to make the claims process simpler. Customers can now update KYC documents at any branch, through video-based verification, or with the help of business correspondents. While this will speed up reactivation, experts caution that relaxed verification norms could expose the system to fraud risks.
Banking experts note that the RBI’s move will put significant operational pressure on banks in the short term but is expected to strengthen transparency, protect depositors, and improve public trust. More importantly, it will bring long-forgotten funds back into circulation, benefiting both account holders and the wider financial system.
