NEWS & ADVICE : SAVINGS ACCOUNTS
Govt. data shows unclaimed deposits in post offices amount to more than Rs. 750 cr
By Neelima Shankar
Aug 23, 2012
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According to government reports, there are more than Rs. 752 crore funds lying unclaimed in 2.49 crore dormant post office savings accounts. On this matter, Telecom Minister Kapil Sibal wrote to Lok Sabha saying, "Rs 752,44,57,414.03 is the amount lying in all inactive (silent) accounts as on March 31, 2011 in 2,49,59,446 accounts."

The highest numbers of unclaimed deposits are reported in West Bengal, with the state having a total number of 20.16 lakh inactive accounts with more than Rs. 107 crore stashed in them. Tamil Nadu follows next, with 62.72 lakh inactive accounts having over Rs. 105.87 crore in them. Uttar Pradesh has the third largest number of these accounts, standing at 21.74 lakh accounts with Rs. 68.61 crore.

Sibal further said, "The depositor of such account can activate the account at any time by transaction. Notices are issued every year to the account holder of such accounts who are not maintaining minimum balance. Special drives are launched to re-activate such accounts by issuing notices and giving information through electronic media."


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