Wednesday, October 5, 2022
HomelatestRs. 8864 Crores Have No Address Or Nominee!

Rs. 8864 Crores Have No Address Or Nominee!

Rs. 8864 Crores Have No Address Or Nominee!

Posted [relativedate] at [relativetime time_format=”H:i”] 

You might be having possessions worth 45 lakhs, or 50 lakhs or utmost 1 crore. If you have inherited property and other valuables from your father, and his ancestors, you might end up having 5 crores – 10 crores. But what if we told you Rs. 8000 crores are left unclaimed? Yes, command man has left Rs. 8000 crores, with no contact details, no address, and not even a nominee, with the PSBs – Public Sector Banks. And you know what, there are over 2.63-crore unclaimed accounts.

The number of unclaimed accounts doubled in four years. In 2012, there was 1.32 crore unclaimed accounts, while that number reached 2.63 cores in 2016. Similarly, the deposits lying in those accounts rose from Rs. 3,589 crores to Rs. 8,864.6 crores.

Out of these 2.63-crore unclaimed accounts, 47,00,000 accounts are with State Bank of India, with deposits of Rs. 1,036 crores. Punjab National Bank has over 23,00,000 unclaimed accounts with deposits worth Rs. 829 crores.

This situation usually occurs, when account holder stops transacting with the bank, or the bank has limited details about the account holder. For the record, only 50 out of 233 countries in the world has more than 2.63-crore population.

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