Government to Launch Three Month Nationwide Campaign on Unclaimed Financial Deposits in Banks

The government will launch a three-month nationwide campaign on October 4 to help citizens trace and claim unclaimed financial deposits in Banks.

Balances in savings and current accounts that remain inactive for ten years, or term deposits not claimed within ten years from maturity, are considered unclaimed deposits. Banks transfer such deposits to the DEA fund maintained by the central bank.

Sometimes, it happens that people deposit their money in Banks but their children don’t know about it and the money remains unclaimed. The amount of this unclaimed deposit has increased a lot and thus, the Government plans to increase awareness about it.

The campaign is organised by the Department of Financial Services (DFS), Ministry of Finance, in coordination with the Reserve Bank of India (RBI), Insurance Regulatory and Development Authority of India (IRDAI), Securities and Exchange Board of India (SEBI), and the Investor Education and Protection Fund Authority.

Titled “Your Money, Your Right,” the campaign will be inaugurated by Union Finance and Corporate Affairs Minister Nirmala Sitharaman on October 4 in Gandhinagar, Gujarat. The programme will run until December 2025.

During the campaign, citizens will get on-the-spot guidance on how to search for their unclaimed assets, update records, and complete claim procedures.

Digital tools will be introduced, and step-by-step demonstrations will be provided during the campaign.

Unclaimed financial assets, such as insurance policy claims, bank deposits, dividends, shares, and mutual fund proceeds, often remain unclaimed due to lack of awareness or outdated account details.

The campaign aims to encourage people to participate, spread awareness, and strengthen financial inclusion in every household.

It will empower citizens by giving clear information on how to trace and claim their money. Standard Operating Procedures (SOPs) and Frequently Asked Questions (FAQs) prepared by fund regulators will make the process simple and transparent.

A special financial inclusion exhibition will also be held, featuring stalls from banks, insurance companies, mutual funds, and pension institutions.