Millions of rupees lie dormant in bank accounts across India, often forgotten by depositors or their legal heirs. These are classified as unclaimed deposits when savings or current accounts remain inoperative for a decade, or fixed deposits go unclaimed ten years after maturity. While many assume such funds are lost, the Reserve Bank of India (RBI) ensures that these amounts, even after being transferred to its Depositor Education and Awareness (DEA) Fund, remain recoverable.
What Happens to Unclaimed Funds?
Under RBI regulations, bank balances that have been inactive or unclaimed for 10 years are classified as unclaimed deposits. These funds are then transferred to the RBI's DEA Fund, which has been operational since May 2014. Importantly, this transfer does not extinguish the depositor's ownership rights. The original account holder or their legal heirs retain the right to claim these funds at any time, along with applicable interest, through the bank where the account was initially held.
Introducing the UDGAM Portal
To simplify the process of tracing these forgotten funds, the RBI launched the UDGAM (Unclaimed Deposits-Gateway to Access Information) portal. This centralized platform allows individuals to search for unclaimed deposits across 30 participating banks. Users need to register with their name and mobile number, then provide the account holder's name and one or more identifiers such as PAN, passport number, voter ID, driving license, or date of birth. For non-individual entities, searches can be conducted using the entity name along with PAN, Corporate Identification Number (CIN), or date of incorporation. Even without specific identity details, an address search is possible.
You can access the portal at: https://udgam.rbi.org.in
Types of Accounts Covered by DEA Fund
The DEA Fund encompasses a wide range of unclaimed balances, not just dormant savings accounts. This includes:
- Savings accounts (inoperative for 10 years)
- Current accounts (inactive for 10 years)
- Fixed deposits (unclaimed 10 years after maturity)
- Recurring deposits (unclaimed for 10 years)
- Cumulative deposits (unclaimed for 10 years)
- Outstanding demand drafts and pay orders (10 years)
- Unclaimed NEFT/ATM credits and certain other balances (10 years)
Banks transfer these balances to the DEA Fund on the last working day of the month following the completion of 10 years of continuous inactivity or unclaimed status.
Steps to Reclaim Your Money
Once an unclaimed deposit is identified through the UDGAM portal, the actual refund process must be initiated with the concerned bank:
- Search: Use the RBI UDGAM portal or your bank's website to find your unclaimed deposit.
- Visit Bank: Go to any branch of the concerned bank, not necessarily your home branch.
- Submit Documents: Provide the prescribed claim form along with valid KYC documents such as Aadhaar, Passport, Voter ID, or Driving Licence.
- Verification & Payment: The bank will verify your claim and process the payment.
- Receive Funds: You will receive your money, including eligible interest where applicable.
There is no time limit prescribed for claiming money transferred to the DEA Fund.
RBI's Awareness Initiatives
The central bank has actively promoted the recovery of forgotten deposits. In recent years, the RBI organized special camps across all districts to facilitate awareness and claim processing for customers and legal heirs. To prevent future instances of unclaimed deposits, the RBI advises customers to regularly review old bank accounts, update nominee details, and ensure their KYC records are current. With digital tools like the UDGAM portal and a streamlined claim process, recovering forgotten money has become significantly more accessible.