Is There Money Waiting For You? Here's How To Check For Unclaimed Deposits

The data show that there are over Rs 70,000 crore in unclaimed deposits, according to the RBI. Public sector banks have a higher proportion of such unclaimed deposits (over 80%), followed by private sector banks and foreign banks. This is the money that has been saved and invested over the years, waiting to be claimed. The RBI classifies unclaimed deposits as balances in savings accounts, current accounts, fixed deposits and recurring deposits that have not been operated for 10 years or more. 

• The money goes unclaimed due to a variety of reasons:
• The depositor has lost track of the accounts or deposits with the bank
• In the case of a term deposit, the deposit receipt was misplaced
• Change in address and KYC not updated
• The death of the account holder, and no nomination was made (gaps in estate planning)
• In case there was a nomination, the nominee is unaware of it and/or has not been able to claim it
• Family members or legal heirs are totally unaware of the accounts and deposits
• Legal issue within the family, posing a challenge to claim the money

For households, unclaimed deposits restrict or defer access to funds that may otherwise be utilised for financial goals, such as education, or even for healthcare needs and emergencies.

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Where Do The Unclaimed Deposits Go?

The unclaimed money is safe; it does not vanish or get misused. Once 10 years pass, banks are mandated to transfer the credit balance to the Deposit Education and Awareness (DEA) Fund maintained with the RBI. The money is no longer handled by the bank, but ownership remains with the depositor. As per the regulatory guidelines, banks are required to account for the total amount of unclaimed deposits due to depositors that have been transferred to the DEA Fund, as a part of Contingent Liability (as an off-balance sheet item). 

Note, the money transferred to the DEA Fund earns simple interest at 3% per annum, and there is no time limit for claiming it from the DEA Fund—it can be claimed at any time. 

But earlier you claim, the better it is, considering that the interest rate is lower than term deposits and inflation eroding the value of the money. The legal right to claim unclaimed deposits lies with the depositor or, in the event of his/her demise, the nominee and/or legal heir. If you approach the bank with the required documents, the money can be claimed.

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What Is The Government Doing To Increase Awareness?

To make individuals and households aware, the Government of India has launched Apki Poonji, Apka Adhikar (Your Money, Your Right) campaign to ensure the timely identification of rightful claimants.

The RBI has also issued comprehensive directions on settlement of claims in respect of deceased customers of banks, now consolidated under the RBI Responsible Business Conduct Directions, 2025, and an incentive scheme effective from 1 October 2025.

Banks have also been advised to undertake periodic drives to trace depositors, nominees, or legal heirs, publish lists of unclaimed deposits, and conduct awareness campaigns. This is gradually reducing both the existing stock of unclaimed financial assets and the fresh accretion to it, and simplifying and expediting the claim process for citizens.

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Checking Unclaimed Deposits and Claiming Them

To make it easier for depositors or their nominees/legal heirs, the RBI has launched a centralised web portal, called UDGAM (Unclaimed Deposits Gateway to Access inforMation) -- https://udgam.rbi.org.in/unclaimed-deposits/#/login -- where unclaimed deposits/accounts across multiple banks can be searched at one place.

There are over 30 banks (including public, private, and foreign banks) on the UDGAM portal, which cover around 90% of unclaimed deposits (by value) in the DEA Fund of the RBI. 

Here are the steps to check the unclaimed deposits:

1. Visit and log in to https://udgam.rbi.org.in/unclaimed-deposits/#/login
2. Enter your mobile number, password, captcha code, and the OTP received.
3. On the following page, enter the name of the account holder (which is a mandatory field) and select the bank from the list.
4. Enter PAN, Voter ID, Driving License, Passport (any one), and Date of Birth
5. Click on the search button, and it will display the Unclaimed Deposits (if any).

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Note, the UDGAM portal allows only to:

• Search or check for the unclaimed deposits/accounts across multiple banks, and
• Provide information on the claim/settlement process of each bank

To claim the unclaimed deposits, you, as depositor, nominee, or legal heir, as the case may be, need to approach the respective banks. The Indian Banks' Association (IBA) has introduced a common application form and a standard operating procedure (SOP) for the settlement of unclaimed deposits. 

The Unclaimed Deposit Reference Number (UDRN) assigned to each Unclaimed account/deposit transferred to the DEA fund shall enable bank branches to seamlessly settle claims received from you, the depositor, nominee, or legal heir, as the case may be, who has successfully searched on the UDGAM portal. After verification and on submission of the required documents to the bank, as a depositor, nominee, or legal heir, you will be able to receive the money.

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To conclude…

It is important to maintain complete control over your finances and regularly track your savings account, deposits, and other investments. Maintain records and keep your family in the loop. When your term deposit matures, make it a point to claim the money and/or renew the term deposit so that you don't lose out on a higher rate of interest, and update the records.

If your contact details have changed, make sure you update them with the bank and comply with KYC norms, ensuring the documentation is complete and up to date.

Keep your family members and close confidants in the loop about your deposits and other investments. Wisely utilise the nomination facility and apprise the appointed nominee(s) about it. While the nominee(s) do not necessarily become the absolute owner, it ensures that the bank transfers the deposit amount to the designated nominee.

Engaging in prudent estate planning by making a will and listing all your assets and who you wish to pass them to and in what proportion, would also be sensible. Being judicious shall save you and your family members from hassle later.

Happy investing!

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