₹230 cr lying idle in dormant bank accounts in Bhopal:Over 5.63 lakh IDs report no transactions in 10 years, reveals RBI report

According to the RBI, over 5.63 lakh account holders in Bhopal have not made a single transaction in their accounts for nearly 10 years. As a result, these inactive accounts are holding around Rs 230 crore. Of this, Rs 20 crore is in government banks, while over Rs 210 crore is in private banks. Recently, more than 100 people have received their money back through RBI and bank initiatives. Across Madhya Pradesh, inactive accounts hold nearly Rs 2,518 crore. Many account holders or their legal heirs have not claimed these funds for years.
To ensure the money reaches its rightful owners, RBI is running awareness camps. These camps guide people on how to reclaim money from old, forgotten, or inactive accounts. Why money gets blocked Bank officials say any account – savings, current, recurring, or insurance – becomes inactive if there is no transaction for 10 years. The funds are then transferred to the RBI’s Depositor Education and Awareness (DEA) Fund. The interest earned from this fund is used for RBI awareness and education programs. How to reclaim money from inactive accounts 1. Account inactive for two years: If any account has no transaction for two years, it becomes inactive. Customers can reactivate it by submitting documents and updating their KYC. The full balance becomes available once the account is active. 2. Claiming money of deceased account holders: If an account has been inactive for 10 years, the balance and interest are transferred to the DEA Fund. Legal heirs can claim this money at any time. The UDGAM portal provides information on deceased accounts. PAN or Aadhaar numbers are required for the search. A death certificate is mandatory. 3. No time limit to claim: There is no deadline to claim money from the DEA Fund. 4. Filing complaints: Customers should first contact the respective bank. If the bank does not resolve the issue within 30 days, complaints can be lodged under the RBI’s Integrated Ombudsman Scheme 2021. RBI awareness camps To ensure funds reach rightful owners, the RBI conducts awareness camps. These teach people how to claim money from old, forgotten, or inactive accounts.