Unclaimed Deposits As Much As Rs. 3,652 crores Lying With Banks Friday Dec 13,2013

Banks have as much as Rs. 3,652 crore of unclaimed deposits lying with them, with the State Bank of India (SBI) alone accounting for about 15%  of the amount, the Govt informed Parliament on Friday Dec 13,2013

“The total amount of unclaimed deposits (more than 10 years old) lying with all scheduled commercial banks at the end of December 2012 is over Rs 3,652.64 crore,” Finance Minister P. Chidambaram said in a written reply in the Lok Sabha

Total unclaimed deposits in public sector banks stood at Rs. 3,237 crore, while for private sector and foreign lenders they were Rs. 340 crore and Rs. 75 crore, respectively

SBI, the country’s largest bank, had Rs. 539 crore of total unclaimed deposits. The SBI group, which includes five associate banks, had unclaimed deposits of Rs. 714 crore.

Among private sector players, ICICI Bank had unclaimed deposits of Rs. 101 crore while HDFC Bank had Rs 13 crore.



Note
Banks are required to submit a return to the Reserve Bank within 30 days of the close of the calendar year for all accounts that have not been operated for 10 years