Data | Unclaimed wealth with Indian banks rose to a three-year high in 2020
The Hindu
Over the years, the unclaimed life insurance amount has increased 1.5 times
About ₹1,50,000 crore is lying as unclaimed deposits/amounts with various Indian banks and as of December 2020. This is a significant increase from about ₹1,30,000 crore two years ago. A deposit is classified as 'unclaimed' if the customer doesn't make any transaction using that account for at least 10 years. Most such unclaimed money exists with public banks/ insurance providers. The has 15% of the total unclaimed deposits, the highest among all the banks. The graph shows the amount of unclaimed money (₹ crore) In Indian banks and the number of such accounts. Both the unclaimed amount and the accounts increased by 1.7 times between 2018 and 2020. As of December 2020, ₹1,24,356 crore of unclaimed money existed in 8.13 crore accounts.
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