Unclaimed deposits, which are 10 years or more, in the public sector banks have grown by over 70 per cent between December 2020 and February 2023 and more than doubled when compared with end December 2019 data, reported LiveMint.
Unclaimed deposits of about ₹35,000 crore as of February 2023 were transferred to the Reserve Bank by public sector banks (PSBs), the Parliament was informed on Monday.
“As per information available with the Reserve Bank of India (RBI), as at the end of February 2023, the total amount of unclaimed deposits transferred to RBI by Public Sector Banks (PSBs) in respect of deposits which have not been operated for 10 years or more, was ₹35,012 crore,” Minister of State in the Finance Ministry Bhagwat Karad said in a written response.
State Bank of India (SBI) tops the list with ₹8,086 crore of unclaimed deposits, followed by Punjab National Bank with unclaimed deposits of ₹5,340 crore.
This is followed by Canara Bank with ₹4,558 crore and Bank of Baroda with unclaimed deposits worth ₹3,904 crore.
To a question that if SBI officials do not assist/extend any help to the family of deceased and even they do not contact the family who have submitted death certificates of deceased, the minister said, the bank provides help to family of the deceased in settling all cases of claims.
“Settlement of account (s) of deceased constituent are taken up on priority by SBI. SBI staff has been sensitised and instructions are reiterated in all forums of banks at regular frequency,” he said.
The number of unclaimed amounts tends to rise due to factors such as demise of account holders, and their legal heirs lacking knowledge about the account.
