Thousands of Crores in Unclaimed Deposits

The other day, I received an email from ICICI Bank informing me that a Demand Draft (DD) for ?10, issued in 2007 from my savings account in favour of the Public Information Officer (PIO), Ministry of Health, had remained unpaid for over 10 years. Consequently, the amount was transferred to the Depositor Education & Awareness (DEA) Fund of the Reserve Bank of India (RBI).

I can’t recall the specific RTI request this DD was linked to, as I’ve filed thousands of such requests over the years. Back then, the process was entirely manual, as there were no online mechanisms available.

While this email was a small reminder, it underscores a much larger issue: Thousands of crores are lying unclaimed in various funds. Fortunately, banks are now proactively notifying customers about such unclaimed deposits. Here's a closer look at the key funds where these amounts end up:

1. RBI's Depositor Education & Awareness (DEA) Fund

• What it is: Unclaimed deposits from banks are transferred to this fund.
• Scale of the issue: As of 31 March 2023, over ?36,000 crores from public sector banks and more than ?6,000 crores from private banks have been transferred.
• How to reclaim: The RBI recently launched the UDGAM Portal as a one-stop gateway for individuals to search and claim unclaimed deposits. ?? Visit the UDGAM Portal

2. Senior Citizens’ Welfare Fund

• What it is: Unclaimed amounts from insurance policies, small savings schemes (like PPF), and provident funds are transferred here.
• Scale of the issue: As of 31 March 2023, over ?1,000 crores from life insurers and ?90 crores from non-life insurers have been transferred to this fund.

3. Investor Education and Protection Fund (IEPF)

• What it is: Shares and dividends unclaimed for seven consecutive years or more are transferred to this fund.
• Scale of the issue: As of 31 March 2023, 16.16 crore shares worth ?5,605 crore were transferred.

Explore Relevant Datasets on Dataful

Find detailed datasets on unclaimed deposits and related statistics, explore Dataful today.

• Depositor Education & Awareness Fund
• Senior Citizens’ Welfare Fund
• Investor Education and Protection Fund

Unclaimed funds are not just numbers—they represent forgotten savings and investments that can still be reclaimed.