Indian banks have returned ₹10,297 crore to rightful owners or depositors from forgotten or inactive accounts over the past three years, according to a written reply in the Rajya Sabha on Tuesday by Minister of State for Finance Pankaj Chaudhary. The refunds cover both public and private sector banks and include more than 3.3 million dormant accounts settled between April 2022 and November 2025, according to reports.

Chaudhary said the results stem from an intensified national drive to trace account holders or their legal heirs and restore unclaimed balances previously transferred to the Reserve Bank of India’s (RBI) Depositor Education and Awareness (DEA) Fund. Under RBI rules, balances in savings, current and term deposit accounts that remain inactive for 10 years must be moved to the DEA Fund, from which customers can later claim their dues.

Public sector banks (PSBs) accounted for the largest share of refunds, settling more than 2.2 million accounts and returning around ₹8,460 crore to customers or their heirs. State Bank of India (SBI) led the effort with ₹3,868 crore repaid across over 1.6 million accounts, making it the single biggest contributor. Central Bank of India followed with over ₹1,262 crore, while Canara Bank, Punjab National Bank, Union Bank of India and Bank of Baroda also returned significant amounts through verified claims.

Private sector lenders settled nearly 1.1 million dormant accounts, returning close to ₹900 crore during the same period. ICICI Bank processed more than 860,000 accounts and refunded ₹229 crore, while Axis Bank, Federal Bank, Karnataka Bank, Kotak Mahindra Bank, HDFC Bank and IDBI Bank collectively accounted for a large portion of the remaining repayments.

The minister’s reply highlighted the substantial volume of unclaimed deposits still lying with the banking system. As of June 30, 2025, PSBs had transferred over ₹58,000 crore to the DEA Fund, led by SBI with ₹19,330 crore and Canara Bank with ₹6,278 crore. Private banks added another ₹9,000 crore, with ICICI Bank (₹2,063 crore) and HDFC Bank (₹1,610 crore) topping the list among private lenders.

To ensure the money reaches its rightful beneficiaries, Chaudhary said the RBI has instructed banks to publish lists of unclaimed accounts on their websites, set up dedicated grievance redressal systems, trace dormant account holders and contact the heirs of deceased customers. Banks must also maintain detailed records and periodically review dormant accounts under a board-approved policy.

The RBI has also launched UDGAM, a centralised search portal that enables citizens to check unclaimed deposits across multiple banks through a single interface. Separately, the Union government launched a three-month nationwide awareness campaign in October 2025, 'Aapki Poonji, Aapka Adhikar' (Your Money, Your Right), featuring district-level help desks, multilingual support and digital outreach to assist people in claiming unclaimed financial assets.

While the initiative has returned billions of rupees to families who had forgotten or inherited dormant accounts, the size of unclaimed deposits suggests many more accounts remain unattended. With the DEA Fund now holding tens of thousands of crores and refunds crossing ₹10,000 crore since 2022, the government expects the combined push from UDGAM, banks and the awareness campaign to accelerate repayments in the months ahead.

Chaudhary said the RBI’s increased focus on outreach, easier search mechanisms and uniform procedures is helping reduce long-standing grievances. He added that the government remains committed to ensuring “every rightful claimant receives what is due”.

Data included in the reply shows wide variation in recovery rates across banks, with SBI and ICICI Bank leading reimbursements in their respective sectors, marking one of India’s largest financial restitution efforts in recent years.

Last week, Department of Financial Services (DFS) Secretary M Nagaraju said the ministry is working with the RBI to create a comprehensive digital platform that will consolidate all types of dormant financial holdings, including bank deposits, insurance claims, mutual fund units, shares and unpaid dividends, into one searchable system.

Recent data shows that about ₹1.08 lakh crore in unclaimed funds is currently lying across banks, mutual funds, insurance companies and dividend accounts. The fragmented nature of existing systems, where customers must check separate platforms depending on the type of asset, often discourages people from pursuing rightful claims.

According to fresh figures shared in Parliament, ₹67,004 crore remains unclaimed across banks, including ₹58,331 crore in public sector banks and ₹8,673 crore in private banks. SBI holds the highest unclaimed amount at ₹19,330 crore, followed by Punjab National Bank with ₹6,911 crore and Canara Bank with ₹6,278 crore. Among private lenders, ICICI Bank (₹2,063 crore), HDFC Bank (₹1,610 crore) and Axis Bank (₹1,360 crore) top the list.

Public sector banks have returned ₹9,456 crore of such deposits to their owners over the past three years under the “Your Money, Your Rights” campaign, in line with the RBI’s directives. Private banks have returned ₹841 crore during the same period.