Every Indian household may have money lying unnoticed in an old bank account, an unclaimed fixed deposit or an investment that has not been tracked for years. It could be a fixed deposit opened by a grandparent decades ago, a salary account from a first job or a joint account belonging to a relative who has since passed away.
In many cases, these funds remain unclaimed simply because the account holder has lost track of the account, forgotten the investment or is unaware of the process for recovering the money.
The good news is that you can trace dormant bank accounts, old investments and unclaimed deposits through official government and regulatory platforms. Here is how you can search for these funds and initiate a claim.
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1. Dormant Bank Accounts And Unclaimed Fixed Deposits
Bank accounts or fixed deposits that remain inoperative or unclaimed for 10 years or more are transferred by banks to the Reserve Bank of India's (RBI) Depositor Education and Awareness (DEA) Fund.
This includes eligible savings and current account balances, as well as unclaimed fixed deposits.
How to trace and claim the money?
Step 1: Visit the RBI UDGAM Portal to search for unclaimed balances across multiple participating banks at once.
Step 2: Register on the portal with your name and mobile number. Select the relevant bank(s), and provide the account holder's name along with one identifier (PAN, Voter ID, Driving License, Passport, or Date of Birth)
Step 3: Check the search results for any matching unclaimed deposits. Note the relevant details and the reference number provided, if available.
Step 4: Contact the concerned bank to initiate the claim process. UDGAM helps locate unclaimed deposits but does not directly release the money. The bank will verify the claim and specify the documents required, which may include identity and address proof, updated KYC documents and photographs.
If the original account holder has passed away, a nominee or legal heir can approach the bank with the required documents to claim the eligible amount. The bank may also ask for a death certificate, proof of nomination or succession-related documents, depending on the circumstances.
2. Old Mutual Fund Investments
Investors may lose track of mutual fund investments after changing their contact details, moving cities or simply forgetting about an old systematic investment plan (SIP). Investments made many years ago may remain in the investor's name even if they are no longer actively monitored.
The MFCentral platform can help investors access and manage their mutual fund holdings across participating fund houses.
How to trace the money:
Step 1: Visit MFCentral and follow the available process to identify your mutual fund investments. You may need to provide details such as your PAN, registered contact information or folio number.
Step 2: Once you identify an investment, contact the relevant Asset Management Company (AMC) or Registrar and Transfer Agent (RTA) to update your details, verify the holding and understand the process for redeeming or transferring the investment.
3. Unclaimed Dividends And Shares
Unclaimed dividends and forgotten shareholdings are another potential source of money that investors may overlook.
Under the applicable rules, shares and dividends that remain unclaimed for seven consecutive years are transferred to the Investor Education and Protection Fund Authority (IEPFA). Investors and eligible claimants can search the authority's records to identify such holdings.
Visit the IEPFA portal and use the available search facilities to look for unclaimed dividends or shares. You may be able to search using details such as the investor's name, company name, PAN or folio number.
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4. EPF (Employee Provident Fund)
Employees who have changed jobs several times may have provident fund balances linked to earlier employment. These amounts can be overlooked when employees fail to track their previous EPF accounts or do not complete the necessary transfer procedures.
The Employees' Provident Fund Organisation (EPFO) provides online services that allow eligible members to access their provident fund details.
Log in to the EPFO member portal using your Universal Account Number (UAN) and the required credentials. Check your passbook and available account details to identify balances associated with your employment history.
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