Banks in Shock Over Massive Unclaimed Deposits!

The total value of unclaimed deposits lying with banks across the country has reached ₹98,073 crore, the Union Finance Ministry has said. A major reason is that nominees often remain unaware of bank accounts after the death of account holders. Incomplete or outdated details such as residential addresses, phone numbers and email IDs also make it difficult for banks to contact customers or their legal claimants.

Banks are taking special measures to identify unclaimed accounts and ensure that the money reaches eligible account holders, nominees or legal heirs. As part of these efforts, special camps have helped facilitate the payment of ₹7,320 crore in unclaimed deposits to eligible claimants so far. Banks are also working to trace dormant and unclaimed accounts, while customers are being encouraged to keep their contact details and nominee information updated to avoid such issues.