Unclaimed deposits with banks rise by 28%

There has been a 28 per cent annual increase in unclaimed deposits with the banks to Rs 42,270 crore as on March 2023, Parliament was informed.

As compared to Rs 32,934 crore unclaimed deposits with public and private sector banks in FY22, the amount increased to Rs 42,272 crore at the end of March 2023, an increase of 28 per cent.

As much as Rs 36,185 crore unclaimed deposits were with public sector banks while Rs 6,087 crore were with private sector banks at the end of March 2023.

Banks send unclaimed deposits of account holders lying in their accounts for 10 or more years to RBI’s Depositor Education and Awareness (DEA) Fund.