Unclaimed Money In Telangana Reaches Rs 2,095.10 Crore
- Over 78 lakh dormant bank accounts identified across state
- RBI launches awareness campaign; families can check on Udgam portal
A total of Rs 2,095.10 crore remains unclaimed in Telangana, lying across 78,53,607 dormant bank accounts where no transactions have been made for the past ten years. According to data shared by the Reserve Bank of India (RBI), these inactive accounts have accumulated across 30 banks in the state, with significant deposits concentrated in Hyderabad and Rangareddy districts. The central bank has launched a special campaign to trace such deposits and enable rightful claimants to recover their money.
Under RBI regulations, funds from bank accounts that remain inoperative for more than ten years are transferred to the Depositors Education and Awareness Fund (DEAF). However, banks have been directed to run a state-level outreach initiative from October 13 to December 31 to help customers or their heirs recover unclaimed deposits before the funds are permanently transferred.
The RBI revealed that the State Bank of India (SBI) tops the list with Rs 586.98 crore unclaimed across 21,61,529 accounts. Union Bank of India follows with Rs 467.76 crore locked in 20,70,208 dormant accounts. The remaining amount is spread among 28 other banks operating across Telangana. Officials said the lack of awareness, reluctance to share financial details, and forgotten accounts have led to this accumulation of idle funds.
To help customers identify unclaimed deposits, the RBI launched the Udgam portal where users can check details of dormant accounts. Family members of deceased account holders can log in to the Udgam portal, provide personal and account-related information, and verify if any funds are available. If deposits are found, claimants can approach the respective bank with the account holder’s death certificate and necessary KYC documents to retrieve the balance.
The RBI has asked banks to ensure that the process of claiming funds remains simple and transparent. If no claims are made by December 31, the unclaimed money will be transferred to the DEAF. Authorities have appealed to the public to check their accounts and those of deceased family members to prevent permanent forfeiture of funds.
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