Lost fortune: Unlocking unclaimed deposits

Imagine a treasure chest full of hard-earned money, not buried on a deserted island, but lying dormant within the vaults of India’s banking system.

- Bhaskar Nath Biswal

This is the reality of unclaimed deposits, a staggering sum that belongs to ordinary citizens but remains untouched, often forgotten. For an economy striving for financial inclusion and stability, this growing mountain of idle wealth, money that could otherwise fuel consumption, investment, or provide a safety net for families, presents a paradoxical challenge.

Unclaimed deposits are generally defined as the balance in savings or current accounts that have not been operated for 10 years or more or term deposits that have not been claimed within 10 years of maturity. As of June 30, 2025 the total value of unclaimed deposits transferred to the RBI’s Depositor Education and Awareness (DEA) Fund stood at an overwhelming %67,003 crore. A look at the data over the last few years reveals a rapid accumulation: the amount nearly trebled from around %4,500 crore annually to 12,254.29 crore in 2022-23. In 2023-24, the figure was %11,794.17 crore, illustrating a persistent, severe issue that demands urgent attention. Public sector banks account for the lion’s share of this total.