Archive · 24 Sep 2025
RBI Urges Banks to Return ₹67,000 Crore in Unclaimed Deposits
The RBI, the central bank of India, wants banks to find people who have forgotten about their money.
There's over ₹67,000 crore sitting in old, unused accounts!
This money includes savings, checking accounts, and term deposits.
Banks will actively search for owners, especially in smaller towns and villages.
The RBI has a website called UDGAM to help people find their lost money.
Unclaimed insurance money also goes to help senior citizens after a set time.
The RBI is using print and electronic media to spread awareness about this initiative.
This effort aims to ensure that people get back the money that belongs to them.
RBI is urging banks to return over ₹67,000 crore in unclaimed deposits.
The initiative focuses on dormant accounts and matured term deposits.
A special outreach program will run from October to December.
The RBI will use local media to raise awareness.
Unclaimed insurance amounts are transferred to the Senior Citizens’ Welfare Fund (SCWF) after a decade.
- Who
- The Reserve Bank of India (RBI)
- What
- Urging banks to identify and return unclaimed deposits.
- When
- An outreach initiative is planned from October to December.
- Where
- Focusing on rural and semi-urban regions in India.
- Why
- To return unclaimed deposits to their rightful owners.
- Total Unclaimed Deposits
- ₹67,000 crore
- Target Area for Initiative
- Rural and semi-urban regions
- Initiative Period
- October to December
- Unclaimed Deposit Definition
- Savings/current accounts inactive for 10 years; term deposits unclaimed after 10 years from maturity
- Centralized Online Platform
- UDGAM (Unclaimed Deposits - Gateway to Access Information)
- Portal Coverage
- Approximately 90% of unclaimed deposit value
- Unclaimed Insurance Funds
- Transferred to the Senior Citizens’ Welfare Fund (SCWF) after 10 years