New Delhi: The government on Tuesday disclosed that unclaimed deposits with public sector banks (PSBs) and private sector banks (PVBs) rose to over ₹52,174 crore during the three financial years from 2022 to 2024, up from ₹42,271 crore in FY23.

Minister of State for Finance, Pankaj Chaudhary, informed the Rajya Sabha in a written reply that PSBs accounted for ₹45,140.78 crore of the total in FY24, while PVBs contributed ₹7,033.82 crore. These sums were transferred to the Depositor Education and Awareness (DEA) Fund maintained by the Reserve Bank of India (RBI).

In addition, unclaimed funds lying with insurance companies over the same three-year period amounted to ₹21,718 crore, he added.

According to the RBI’s Annual Report, the total value of unclaimed deposits as of March31, 2024 stood at ₹78,212.53 crore.

To help the public reclaim these funds, the RBI has launched a centralised web portal, UDGAM (Unclaimed Deposits – Gateway to Access Information). The platform enables registered users to search for unclaimed deposits or amounts across multiple banks in one location.

The Depositor Education and Awareness Fund Scheme, 2014, issued by the RBI, governs the rules surrounding unclaimed deposits and stipulates how the fund may be utilised. This includes, among other things, the promotion of depositors’ interests and other purposes as specified by the RBI.

Balances in savings and current accounts that remain inactive for 10 years, or term deposits not claimed within 10 years of maturity, are classified as unclaimed and subsequently transferred by banks to the DEA Fund overseen by the central bank.

In terms of insurance policies, the Insurance Regulatory and Development Authority of India (IRDAI) mandates that all insurers must transfer unclaimed amounts held for over 10 years, along with accrued interest, to the Senior Citizens’ Welfare Fund (SCWF) annually.

However, even after such transfers to the SCWF, policyholders or claimants remain eligible to recover their dues under the respective policies for up to 25 years.

The SCWF is used to support schemes aligned with the National Policy on Older Persons and the National Policy on Senior Citizens, aimed at the welfare of senior citizens, the minister noted.

 

 

 

 

IANS inputs