New Delhi: You may be surprised to learn that banks in India hold a significant amount of money that lies unclaimed. This means that claimants have yet to reach out. Many people have large sums of money in their accounts, but then suddenly die, leaving the money unclaimed. If you know that your grandfather, grandfather, father, or mother deposited money in the bank, don’t worry.
Now you can withdraw it easily. According to a government report, approximately ₹1.84 lakh crore lies unclaimed with Indian banks. No claimant has yet come forward for this amount. Union Finance Minister Nirmala Sitharaman shared this information. She announced that ₹1.84 lakh crore is lying unclaimed with banks and regulatory bodies. She stated that this money is completely safe. Now, this amount will be given to the claimants or their families.
Under which campaign will the money be received?
The central government will transfer the amount to claimants in Gandhinagar within three months under the “Your Capital, Your Rights” campaign. Nirmala Sitharaman stated that the government is focused on awareness, outreach, and action to help recover dormant deposits, insurance proceeds, and other funds.
The Finance Minister also promised to protect these assets. She explained that the campaign aims to reassure Indian citizens of their safety. New digital tools have been introduced to facilitate claims. Unclaimed deposits, insurance proceeds, dividends, mutual funds, and pensions are also being investigated.
How will the money be recovered?
People will be wondering how to recover the money. According to the Department of Financial Services, the unclaimed amount is ₹184,000 crore. The government has assured citizens that this amount is completely safe. If you have unclaimed funds, please bring the appropriate documents, and the money will be disbursed.
This unclaimed money will be distributed to banks, the Reserve Bank of India, and the Investor Education and Protection Fund based on the assets. Sitharaman said that the real claimants of this money will have to be identified and given it. Claimants can file a claim online. The bank will refund the amount after reviewing certain documents.