RBI receives Rs 12 crore from inactive Chandigarh accounts

A total of 573 dormant bank accounts in Chandigarh, holding nearly Rs 12 crore, have been transferred to the Reserve Bank of India under statutory rules. Depositors can still claim the funds through proper procedures.

Chandigarh’s banking authorities have reported that 573 account holders lost access to nearly Rs 12 crore after their deposits remained unclaimed or accounts stayed inactive for the statutory period. SK Singhal, Lead District Manager (LDM), Chandigarh, confirmed that the funds were transferred to the Reserve Bank of India (RBI) in compliance with guidelines requiring inactive accounts to be shifted to the Depositor Education and Awareness Fund (DEAF) after 10 years of inactivity or unclaimed deposits.

According to the progress report for October–December 2025, the transferred Rs 11.95 crore spans multiple public and private banks. Punjab National Bank accounted for the largest portion, with 107 accounts totaling Rs 8.89 crore, followed by the State Bank of India, which moved Rs 2.22 crore from 258 accounts. Other banks including Central Bank of India, Indian Bank, Bank of India, HDFC Bank, Union Bank of India, Canara Bank, and Bank of Maharashtra also reported transfers ranging from a few lakh to several crores.

Awareness and claim procedures

Singhal noted that many depositors and their families remain unaware that accounts turn inactive when transactions cease, resulting in eventual transfers to the RBI. “The money is not lost forever,” he said. “It can be claimed by the account holder, nominee, or legal heir, though incomplete KYC or missing nomination details can delay the process.”

The Chandigarh data follows a larger statewide trend in Punjab, where over 83 lakh dormant accounts, amounting to Rs 3,197 crore, were transferred to the RBI. Both regions are part of the Government of India’s “Your Money – Your Right” campaign, aimed at helping depositors reclaim unclaimed bank, mutual fund, and insurance proceeds.

Residents are encouraged to check for dormant accounts via the RBI’s Udgam Portal or their bank branches. Special camps are being held to facilitate re-KYC, nomination updates, and claim filings, helping prevent funds from falling into long-term dormancy.