Govt says banks held INR 670 bln worth unclaimed deposits as on Jun 30
This story was originally published at 16:44 IST on 28 July 2025
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NEW DELHI - Banks held INR 670 billion worth of unclaimed deposits as on Jun. 30, Minister of State for Finance Pankaj Chaudhary said. Balances in savings and current accounts that remain inoperative for 10 years, or term deposits not claimed within 10 years from the date of maturity, are classified as unclaimed deposits.
Out of INR 670 billion, public sector banks held INR 583.30 billion unclaimed deposits, Chaudhary said in a written reply to a qustion in the Lok Sabha. The private banks had INR 86.74 billion, Chaudhary added.
The banks subsequently transfer the unclaimed deposits to the fund under Depositor Education and Awareness scheme maintained by the Reserve Bank of India. The fund is utilised for promotion of depositors' interest and for other purposes which may be necessary for promotion of depositors' interest. End
Reported by Krity Ambey
Edited by Vandana Hingorani
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