₹138 crore lies unclaimed in banks across Kottayam

A total of ₹138 crore lying unclaimed in various banks across Kottayam district will soon be brought under a special initiative aimed at returning the funds to their owners or heirs.

As per estimates, this unclaimed money is spread across 5.07 lakh dormant accounts, many of which have remained inactive for over a decade.

As part of a national campaign on such unclaimed accounts, a district-level camp will be organised in Kottayam on November 3 to facilitate the settlement of such unclaimed deposits. The programme, led by the Lead Bank in association with all banks operating in the district, will be held at St. Joseph’s Cathedral Hall, Shastri Road.

Kottayam MLA Thiruvanchoor Radhakrishnan will inaugurate the event, while District Collector Chetan Kumar Meena will preside over the function.

According to officials, accounts are often left inactive when depositors pass away, move abroad or discontinue transactions. In several cases, their legal heirs remain unaware of the existence of such deposits. Accounts that have seen no activity for more than ten years are categorised as unclaimed accounts and come under the supervision of the Reserve Bank of India (RBI).

Across the country, the total value of such unclaimed deposits stands at a staggering ₹1.82 lakh crore.

Banks usually try to contact the account holders or their heirs through the available address records. However, when such efforts fail, camps like these are conducted to help claimants recover their funds.

Information on unclaimed deposits can be obtained at the camp. Those attending should bring valid documents proving their entitlement, said Raju Philip, district manager of the Lead Bank.

He added that guidance on the procedure for reclaiming the funds would be provided at the camp and help desks will remain functional in all banks thereafter to support claimants with follow-up formalities.