Srinagar, Oct 9: Unclaimed deposits held by banks operating in Jammu and Kashmir have crossed Rs 810 crore, with Jammu and Kashmir Bank accounting for the overwhelming share, according to bank-wise data furnished by the Union Ministry of Finance.
The figures, as on June 30, 2026, show that Rs 780.25 crore belonging to depositors of Jammu and Kashmir Bank had been transferred to the Reserve Bank of India’s Depositor Education and Awareness (DEA) Fund. Jammu and Kashmir Grameen Bank had Rs 26.29 crore, while the Jammu and Kashmir State Cooperative Bank had Rs 2.85 crore. The Citizens’ Cooperative Bank Limited, Jammu, had Rs 5.15 crore in unclaimed deposits.
Together, these four institutions account for Rs 814.54 crore in unclaimed deposits held with the DEA Fund. The figure is based on the amounts reported separately against the banks in the government’s annexure and does not represent all dormant accounts or every category of unclaimed money in the Union Territory.
The figures highlight the scale of money that has remained unclaimed for years, often because account holders have died, families are unaware of old deposits, or accounts have been left untouched following migration, relocation or changes in personal circumstances.
At the national level, the total amount of unclaimed deposits held with the DEA Fund stood at Rs 86,917.08 crore as on June 30, 2026, according to the Ministry of Finance.
The State Bank of India topped the list with Rs 20,040.44 crore, followed by Punjab National Bank with Rs 7,585.32 crore and Canara Bank with Rs 6,830.09 crore.
Bank of Baroda had Rs 5,848.34 crore, while Union Bank of India reported Rs 5,549.11 crore. Bank of India had Rs 4,473.08 crore and Indian Bank Rs 3,955.76 crore. Indian Overseas Bank reported Rs 2,582.06 crore, Uttar Pradesh Gramin Bank Rs 2,387.77 crore and Central Bank of India Rs 2,317.14 crore.
Among private-sector lenders, ICICI Bank had Rs 2,278.13 crore, HDFC Bank Rs 1,912.12 crore and Axis Bank Rs 1,733.84 crore. The Jammu and Kashmir Bank, with Rs 780.25 crore, ranked 18th in the bank-wise national list.
The figures relate to deposits already transferred to the RBI’s DEA Fund. They should not be confused with the total balances in all inoperative accounts maintained by banks, for which the RBI said it did not maintain aggregate data.
Under the RBI’s directions, a savings or current account becomes inoperative when there are no customer-induced transactions for more than two years. However, an inoperative account does not automatically become an unclaimed deposit.
A bank account’s balance is classified as an unclaimed deposit when it remains unclaimed for ten years. Term deposits that remain unclaimed for ten years after maturity are also covered. Banks are required to transfer the eligible balances to the DEA Fund maintained by the RBI.
The transfer does not mean that the depositor forfeits the money. The amount continues to be payable to the rightful account holder or eligible claimant. Banks can seek reimbursement from the DEA Fund after settling a valid claim.
The RBI has clarified that the fund is intended to promote depositor awareness and financial literacy, while the underlying money remains claimable by its rightful owner.
Unclaimed deposits can accumulate for several reasons. Account holders may have opened accounts years ago and subsequently stopped using them. In other cases, depositors may have died without informing their families about their savings or fixed deposits.
Changes in addresses and mobile numbers, incomplete nomination details, missing documents and a lack of awareness among legal heirs can also complicate the recovery process.
In Jammu and Kashmir, the reported figures make it important for families to check old bank accounts and deposits, particularly where a deceased relative may have maintained savings or term deposits.
However, the government’s data does not specify how much of the reported amount relates to deceased depositors, how many individual accounts are involved or how much belongs to residents of particular districts.
How can depositors reclaim their money?
The RBI’s UDGAM portal enables people to search for unclaimed deposits across participating banks through a single platform. Users must register and provide the required identifying information to search.
The portal is a search facility, not a mechanism for directly withdrawing money. Once a potential deposit is identified, the claimant must approach the concerned bank and complete its prescribed verification and claim-settlement procedure.
For J&K Bank customers, claims can be submitted at a bank branch with the required identity and address documents. Nominees and legal heirs can also apply, subject to the bank’s documentation and verification requirements.
The Department of Financial Services launched a Common Landing Portal for Unclaimed Financial Assets on May 29, 2026, at **unclaimedassetsportal.in**. The platform provides access to search facilities covering bank deposits, insurance claims, shares, dividends and mutual funds.
The RBI has directed banks to conduct periodic drives to trace depositors, nominees and legal heirs, publish and regularly update lists of unclaimed deposits, and contact account holders through letters, email or SMS where contact details are available.
An incentive scheme introduced in September 2025, effective from October 1, offers banks incentives of 5% to 7.5% of the unclaimed deposit amount, subject to a cap, for successfully settled claims.
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