Unclaimed Deposits with Banks

Reserve Bank of India (RBI) has informed that as on 31st December, 2011, a total amount of around Rs. 2481.39 crores in 11249844 accounts is lying as unclsimed deposits with the Scheduled Commercial Bank  (SCBs).  The bank group-wise details are as under:-


Bank Group Total No. of Accounts Total Unclaimed


(Rs.In Crores)

SBI Group



Public Sector Banks



Private Sector Banks



Foreign Banks



Total (SCBs)




RBI vide its circular dated August 22, 2008 and July 01, 2011 directed the banks to play a more proactive role in finding the whereabouts of the account holders, whose accounts have remained inoperative and has provided detailed guidelines to the banks dealing with inoperative accounts.  These circulars are available on the RBI website www.rbi.org.in.  Banks have been advised to make an annual review of accounts in which there are no operations for more than one year.  Banks have been advised to consider launching a special drive for finding the whereabouts of the customers/legal heirs in respect of existing account which have already transferred to the separate ledger of “Inoperative Accounts”.  These instructions, inter-alia, include operations in such accounts to be allowed after due-diligence and no charge to be levied for activation of  inoperative accounts.

RBI has, vide their circular dated 7th February, 2012 adivsed the banks to display the list of unclaimed deposits/inoperative accounts which are inactive/inoperative for ten years or more on their respective website.  The list so displayed on the websites must contain only the names of account holder(s) and his/her address in respect of unclaimed deposit/inoperative accounts.  Banks   have been advised to give on the same website, the information on the process of claiming the unclaimed deposit/activating the inoperative account and the necessary forms and documents for claiming the same.  The hanks have been advised to complete this process by June 30, 2012 and keep their websites updated at regular intervals.  Banks have been advised to have adequate operational safe-guards to ensure that the claimants are genuine.

This information was given by the Minister of State for Finance, Shri   Namo Narain     Meena in written reply to a question in Lok  Sabha today.

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