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Unclaimed Cash: Shocking! No claimant for Rs 78,213 crore deposited in banks, know the reason

Unclaimed Cash: No claimant for Rs 78,213 crore deposited in banks, Unclaimed amount: Increased by Rs 15,988 crore in one yearNo claimant for Rs 78,213 crore deposited in banks

 
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The unclaimed deposit amount in banks increased by 26 percent in one year to Rs 78,213 crore by the end of March 31. This is Rs 15,988 crore more than last year. This information was given in the annual report released by the Reserve Bank of India (RBI) on Thursday. The report said that this amount was Rs 62,225 crore at the end of March last year.

When no transaction is done on the amount deposited in an account for 10 or more years, all banks including cooperatives consider the account to be inactive. The amount lying in these accounts is transferred to the Bank Education and Awareness (DEA) Fund.

RBI had issued comprehensive guidelines to banks earlier this year with the aim of rationalizing the instructions on dormant accounts. The revised instructions came into effect from April 1, 2024 in all commercial banks and cooperative banks.

If you have an old bank account which you are not using, then it is important to keep an eye on the deposits in it. If you do not do this, your amount may be transferred to the DEA fund. Check all your bank accounts regularly. Close the account which you are not using.

Complex rules of banks are also a big reason

One reason for the increase in unclaimed deposits is that many accounts belong to people who have passed away. Due to no nominee being made in most of such accounts, the relatives of the deceased account holders have to face a lot of difficulties during the claim.

The rules of banks for claiming the amount of accounts without a nominee are very complex. After filling the claim form, objections are repeatedly raised by the bank at some point or the other. If the issue is not resolved even after making several rounds to the bank, the heirs give up their claim on the amount.