SBI Has ₹18,669 Crore in Unclaimed Deposits - Here’s How You Can Reclaim Your Money

Unclaimed bank deposits across India have risen sharply in recent years, highlighting a growing pool of idle funds lying dormant in bank accounts. 

As of March 31, 2025, the Reserve Bank of India held ₹74,580.25 crore in the Depositor Education and Awareness (DEA) Fund, according to data shared by the Ministry of Finance. This marks a significant 135.7% increase from ₹31,640.05 crore recorded in 2021.

What Are Unclaimed Bank Deposits?

Bank deposits are classified as unclaimed when a savings or current account remains inoperative for 10 years or more. An account is considered inoperative if there are no customer-initiated transactions over this period. 

Once the 10-year threshold is crossed, banks are mandated to transfer the outstanding balance to the RBI’s DEA Fund on the last working day of the following month.

About the RBI’s DEA Fund

The Depositor Education and Awareness Fund was established by the RBI in 2014 to manage unclaimed balances transferred from commercial banks, regional rural banks, and co-operative banks. While the funds are transferred to the RBI, the ownership of the money remains with the depositor or their legal heirs, who can claim it at any time.

SBI Accounts for the Largest Share

Among all Indian banks, State Bank of India holds the largest share of unclaimed deposits. As of March 31, 2025, SBI alone accounts for ₹18,669.91 crore, representing about 25.03% of the total amount lying in the DEA Fund. Given SBI’s extensive customer base and branch network, the high figure underscores the need for greater awareness among depositors.

Who Can Claim Unclaimed Deposits?

Claims for unclaimed deposits can be made by the original account holder, surviving joint account holders, legal heirs, nominees, or authorised signatories in the case of non-individual accounts. The claimant must approach the bank where the account was originally maintained.

Procedure to Claim SBI Unclaimed Deposits

For individual customers, the process involves visiting the SBI branch with a written request and completing KYC formalities. Upon verification, the bank can reactivate the account and allow transactions or process closure and release the funds.

Legal heirs or nominees must submit required documents as per SBI’s claim settlement process. Non-individual entities such as companies or firms need to submit a claim form on official letterhead, duly signed by authorised signatories, along with identity and address proofs.

Documents Required for Claim

To claim unclaimed deposits from SBI, the documents required are:

• Bank account statement or account details (if available)
• Valid identity proof such as Aadhaar Card, PAN Card, Voter ID, Passport, or Driving Licence
• Latest passport-size photographs of the claimant
• Valid address proof such as Passport, Driving Licence, Voter ID, Credit Card Statement, or Salary Slip
• Copy of the account holder’s death certificate (mandatory if the claim is made by a legal heir or nominee)
• Claim request letter in the prescribed format provided by the bank
• Any additional documents requested by the bank for verification, depending on the nature of the claim

Also Read: SBI, PNB, ICICI Among Top Banks with Unclaimed Deposits!

Conclusion

The sharp rise in unclaimed bank deposits reflects low awareness, outdated contact details, and forgotten accounts. While the RBI’s DEA Fund safeguards these funds, depositors and their families should proactively review old accounts and initiate claims. Regular account updates and awareness can help ensure hard-earned savings are not left unutilised for years.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a private recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.