Unclaimed money with Indian banks rises to Rs 67,000 crore, SBI with 29% of all such deposits

By | July 29, 2025
Graph showing unclaimed money with Indian banks

India is witnessing an alarming rise in unclaimed bank deposits. As of June 30, 2025, the total has crossed ₹67,003 crore. These are funds in savings, current, and fixed deposit accounts that haven’t been operated in the last 10 years. Notably, the State Bank of India (SBI) holds ₹19,330 crore, which makes up 29% of the total amount.

This growing pile of dormant money not only reflects financial oversight but also highlights the urgent need for better financial planning and public awareness.

What Are Unclaimed Deposits?

Unclaimed deposits refer to funds in accounts where there has been no activity for a decade. These include:

  • Savings or current accounts with no transactions for 10 years
  • Fixed deposits left unclaimed for 10 years after maturity

After this period, banks move these funds to the Depositor Education and Awareness (DEA) Fund, managed by the Reserve Bank of India (RBI). Fortunately, depositors or their legal heirs can still claim this money by submitting the required documents.

Which Banks Hold the Most?

Public Sector Banks (PSBs) dominate the list, holding ₹58,330 crore, or 87% of all unclaimed funds.
SBI tops the chart with ₹19,329.92 crore, followed by banks like Punjab National Bank, Bank of Baroda, and Canara Bank.

In the private sector, ICICI Bank has the highest share at ₹2,063 crore. HDFC Bank and Axis Bank follow with ₹1,609 crore and ₹1,360 crore respectively. These figures show that the problem spans both public and private sectors.

Why Do So Many Deposits Go Unclaimed?

There are several common reasons for this issue:

  • People forget about old accounts after changing jobs or relocating
  • Families are unaware of accounts held by deceased relatives
  • Nominee details are missing or outdated
  • Documentation gets lost, especially in rural areas
  • Fixed deposits remain untracked after maturity

Because of these factors, a significant amount of money remains untouched in the banking system.

UDGAM Portal: A Step Toward Resolution

To tackle this growing issue, the RBI launched the UDGAM portal (Unclaimed Deposits – Gateway to Access Information). This user-friendly platform allows individuals to search for unclaimed funds across multiple banks using basic details like name, PAN, or date of birth.

Since its launch in 2023, the portal has become popular. As of July 1, 2025, more than 8.59 lakh users have registered. Clearly, more Indians are now realizing they may have unclaimed money waiting.

🔗 Visit: https://udgam.rbi.org.in

RBI’s “100 Days 100 Pays” Campaign

Alongside UDGAM, the RBI launched the “100 Days 100 Pays” initiative. In this campaign, every bank branch was asked to identify and settle the top 100 unclaimed deposits.

Thanks to this effort, thousands of accounts were resolved quickly. Moreover, it motivated banks to actively reach out to potential claimants, rather than waiting for them to come forward.

How You Can Reclaim Unclaimed Deposits

If you suspect an account has been forgotten, follow these steps:

  1. Check the UDGAM portal using your personal information
  2. Visit the concerned bank if your name appears in the results
  3. Provide valid ID and any available account details
  4. Submit legal documents like death certificates (if you’re claiming as an heir)
  5. Track your application and follow up with the bank for updates

By taking these steps, you can recover funds that you or your family rightfully own.

How to Prevent Your Deposits from Becoming Unclaimed

To avoid your money becoming part of this forgotten pool, follow these simple practices:

  • Keep a record of all your accounts and deposits
  • Set reminders for fixed deposit maturity dates
  • Add nominees to every account and update details regularly
  • Inform your family about your financial holdings
  • Close unused accounts instead of letting them go dormant

A little attention today can protect your assets tomorrow.

Why This Issue Matters to Everyone

The ₹67,000 crore lying idle is more than just a number. It’s money that could support families, fund education, or ease healthcare expenses. Many people don’t even realize they or their family members may have funds sitting unclaimed.

Furthermore, it reveals gaps in personal finance management. If people communicated better about their bank accounts, added nominees, or created wills, much of this money wouldn’t be lost in the system.

Final Thoughts

Unclaimed deposits are rising every year, and the problem is not going away on its own. With SBI alone holding nearly a third of these funds, the scale is huge. Thankfully, tools like the UDGAM portal and campaigns like “100 Days 100 Pays” offer hope.

Now is the time to take action. Check your accounts. Talk to your parents or grandparents. Visit the portal. Your forgotten funds could be waiting for you to claim them. Don’t let your money fade into the background—recover it while you can.