A massive pool of unclaimed money continues to sit idle in India’s banking system as deposits that have not been operated for a decade or more climbed to Rs 62,314 crore by the end of 2024, according to the Reserve Bank of India (RBI) report. These funds belong to savings, current, and other deposit accounts that have remained untouched for at least ten years, raising concerns about awareness and access among depositors and their families.
The RBI’s year-end report highlights that public sector banks account for the overwhelming bulk of these dormant funds, with deposits totalling Rs 50,907.91 crore. Leading the list is the State Bank of India (SBI), which alone holds Rs 16,968.41 crore in unclaimed deposits. The data underscores the scale of the issue, especially within large, legacy banking institutions that serve millions of customers across the country.
Unclaimed Deposits Have More Than Doubled Since 2021
What makes the trend more concerning is the pace at which unclaimed deposits are rising. In 2021, the total stood at Rs 31,077.88 crore. This figure climbed to Rs 39,900 crore in 2022, increased further to Rs 46,221.92 crore in 2023, and finally surged to Rs 62,314 crore in 2024. In just three years, the amount has more than doubled, pointing to a growing gap between account holders and their financial assets.
To address this issue, Union Finance Minister Nirmala Sitharaman launched an awareness initiative titled ‘Your Money, Your Right’ in October 2025, aimed at helping citizens reclaim funds that may have been forgotten or left behind, as previously reported by Livemint.
What Happens To Long-Unclaimed Accounts
Under RBI rules, any deposit or outstanding credit in an account that has not been operated for more than ten years is transferred to the Depositor Education and Awareness (DEA) Fund. This transfer takes place on the last working day of the month following the completion of ten years of inactivity. While the money moves to the DEA Fund, the rightful claim of the depositor or their heirs remains intact.
How Depositors Can Reclaim Their Money
Reclaiming unclaimed deposits is a structured but straightforward process. A claim can be submitted by the original account holder, a survivor, a legal heir, or an authorised signatory, depending on the situation. To do so, the claimant must visit the relevant bank branch, such as SBI, with the required Know Your Customer (KYC) documents.
If the intention is to revive and continue using the account, the bank will reactivate it after verifying the documents. For final settlement, a specific request for closure can be made, following which the bank will process the claim accordingly.
