🔥 Trending Unclaimed Money in Indian Bank Accounts: Rules and How to Claim

Unclaimed money in Indian bank accounts refers to funds that have remained inactive for an extended period, typically due to various reasons such as forgotten accounts, changes in address, or the passing of account holders. The Reserve Bank of India (RBI) has established clear guidelines to manage these funds and facilitate their recovery by rightful owners or their legal heirs ¹²⁸.

What Constitutes Unclaimed Money?

According to RBI rules, bank accounts are classified as having "unclaimed deposits" under specific conditions ⁴:

• Savings or Current Accounts: Balances in these accounts that have remained inactive for 10 years or more ³⁴.
• Matured Deposits: Fixed deposits or other term deposits that have matured and have not been claimed within 10 years from their maturity date ³.

When an account remains untouched for 10 years or more, the funds are transferred by the banks to the RBI's Depositor Education and Awareness (DEA) Fund ³⁴. As of 2026, over INR 67,000 crore lies unclaimed in Indian banks ⁷.

RBI's Role and the DEA Fund

The RBI plays a crucial role in regulating and safeguarding unclaimed funds. The Depositor Education and Awareness (DEA) Fund was established by the RBI to manage these transferred funds ¹³. The primary objectives of the DEA Fund are:

• Protection of Funds: Ensuring the security of unclaimed deposits ¹.
• Promoting Awareness: Educating the public about financial literacy and the importance of active account management.
• Facilitating Claims: Providing a mechanism for rightful owners to reclaim their money ¹.

Even after funds are transferred to the DEA Fund, they remain payable to the legitimate claimants, along with any eligible interest ²⁸.

How to Trace and Claim Unclaimed Funds

The RBI has introduced the UDGAM (Unclaimed Deposits – Gateway to Access inforMation) portal to simplify the process of tracing and claiming unclaimed deposits ¹⁵. This centralized portal allows individuals to search for unclaimed funds across multiple banks.

Steps to Claim Unclaimed Deposits:

1. Search on UDGAM Portal:

• Visit the UDGAM portal (udgam.rbi.org.in) ⁵.
• Register on the portal using your mobile number ⁵.
• Provide details such as the name of the account holder, the bank's name, or other identifying information ⁵.
• The portal will display a list of potential unclaimed deposits matching your search criteria ⁵.

1. Contact the Respective Bank:

• Once you identify a potential unclaimed deposit, you must contact the specific bank where the account was held ⁵⁹. The UDGAM portal only provides information; the actual claim process is handled by the banks ⁹.
• Banks are required to provide information about unclaimed deposits on their websites ⁶.

1. Gather Required Documents:

• To claim the funds, you will need to provide necessary Know Your Customer (KYC) documents and proof of ownership or legal heirship ¹⁵.
• Commonly required documents include:
• Identity proof (Aadhaar card, PAN card, Passport, etc.)
• Address proof
• Bank passbook or statement (if available)
• Death certificate of the account holder (if claiming as a legal heir)
• Succession certificate or legal heirship certificate (for legal heirs)
• Letter of indemnity (may be required by the bank)

1. Submit Claim Form:

• Fill out the bank's specific claim form for unclaimed deposits.
• Submit all required documents to the bank.

1. Verification and Fund Transfer:

• The bank will verify the submitted documents and the legitimacy of the claim.
• Upon successful verification, the funds, along with any accrued interest, will be transferred to the claimant's active bank account ².

Important Considerations

• Interest on Unclaimed Deposits: Funds in inactive accounts can still accrue eligible interest, which will be paid to the claimant upon successful recovery ².
• Unclaimed Deposit Reference Number (UDRN): Each unclaimed account transferred to the DEA Fund is assigned a unique UDRN by the banks through their Core Banking Solution (CBS). This number helps in tracking specific deposits ⁹.
• Protection Against Fraud: Be cautious of phishing attempts or fraudulent schemes promising to help recover unclaimed funds for a fee. Always use official channels like the UDGAM portal and directly contact the banks.
• Regular Account Activity: To prevent accounts from becoming inactive, it is advisable to perform at least one transaction (deposit, withdrawal, online transfer, etc.) within a specified period, typically every few years, depending on the bank's policy.