A huge amount of money belonging to ordinary bank customers is lying unused in India’s banking system simply because it hasn’t been claimed. According to a recent report by the Reserve Bank of India (RBI), deposits that have remained untouched for 10 years or more have swelled to Rs 62,314 crore by the end of 2024. These unclaimed funds include savings, current and other bank accounts, highlighting how lack of awareness, forgotten accounts or missing documentation can leave people and their families unaware of money that rightfully belongs to them.
Public Sector Banks Hold the Largest Share of Unclaimed Deposits
The RBI’s year-end report shows that most of this unclaimed money is parked with public sector banks, which together hold deposits worth Rs 50,907.91 crore. Topping the list is the State Bank of India (SBI), where unclaimed funds alone stand at Rs 16,968.41 crore. The figures highlight how widespread the issue is, particularly in large, long-established banks that cater to millions of customers across India.
Unclaimed Bank Money Is Growing at an Alarming Rate
The speed at which unclaimed deposits are increasing is particularly alarming. In 2021, the total amount was Rs 31,077.88 crore. It went up to Rs 39,900 crore in 2022, rose further to Rs 46,221.92 crore in 2023, and then jumped sharply to Rs 62,314 crore in 2024. In just three years, the unclaimed amount has more than doubled, highlighting a widening gap between people and the money they own but are unable to access.
To tackle this growing problem, Union Finance Minister Nirmala Sitharaman launched an awareness campaign called ‘Your Money, Your Right’ in October 2025. The initiative aims to help people trace and reclaim money that may have been forgotten or left unclaimed in bank accounts, as earlier reported by Livemint.
Where Does Your Money Go If An Account Remains Inactive For Years?
As per RBI rules, if a bank account is not operated for more than 10 years, the balance or any outstanding credit is transferred to the Depositor Education and Awareness (DEA) Fund. This transfer happens on the last working day of the month after the account completes 10 years of inactivity. However, it’s important to know that the money is not lost — the depositor or their legal heirs can still claim it at any time.
How Can You Claim Money From a Long-Inactive Bank Account?
Reclaiming unclaimed deposits from a bank is a fairly simple process if you follow the right steps. A claim can be submitted by the account holder, a surviving joint holder, a legal heir, or an authorised signatory, depending on the case.
To start the process, the claimant needs to visit the concerned bank branch — such as SBI — along with the required KYC (Know Your Customer) documents. If the account holder wants to reactivate the account and continue using it, the bank will process the request and revive the account once all documents are verified.
If the intention is to close the account and withdraw the money, the bank will accept a separate request for final settlement and process the claim accordingly. The key point to remember is that the money remains claimable, no matter how long the account has been inactive.
