Unclaimed Bank Funds Are More Common Than You Think: What the RBI Says

Many people in India have money lying around in their old savings accounts, fixed deposits, or current accounts opened years ago. In many cases, families are not even aware that a relative who has passed has had any such accounts. What most people don’t realise is that even if a bank account has been inactive for several years, the money is not lost. It is protected and safe, and can also be claimed back as per the Reserve Bank of India.

When a person has forgotten about an account of theirs and the said account has been inactive for more than ten consecutive years, the balance is transferred to the Depositor Education Awareness Fund (DEA Fund) by the bank. This fund is maintained by the RBI to safeguard the unclaimed deposits of the account holder or their families. Importantly, the transfer of money to the DEA Fund does not cancel the depositor’s right to claim the amount. The money remains in the name of the account holder or their legal heirs.

RBI has launched an online facility called the UDGAM Portal to help individuals verify their banks and the amount which is forgotten. Using this portal, people can search for their unclaimed deposits across multiple banks using basic details like name, date of birth, and PAN. This is convenient and very simple for individuals who are unsure which bank the account is in or if there’s any unclaimed money at all.

RBI has launched an online facility called the UDGAM Portal to help individuals verify their banks and the amount which is forgotten. Using this portal, people can search for their unclaimed deposits across multiple banks using basic details like name, date of birth, and PAN. This is convenient and very simple for individuals who are unsure which bank the account is in or if there’s any unclaimed money at all.

The process is very simple, it usually involves a submission of a claiming form, along with any sort of KYC documentation like the Aadhar, Passport, Voter ID or a Driving licence. In case the original account holder has passed, a succession certificate or the death certificate of the person is also required.

After the verification process is complete, the bank releases the amount directly to the claimant. In several cases, interest is also added to the amount by the bank in accordance with its policies. While interest rules may be varied from bank to bank, the initial principal amount in the account holder’s name is safe and can be recovered in very few and easy steps.

In order to bring awareness to this financial mistake that people make, banks across India are organising special camps for unclaimed deposits between October and December 2025. These are designed to help customers complete documentation, clear up any discrepancies, and submit claims.

The takeaway is simple: unclaimed bank deposits are far more common than people believe they are. The money in these accounts does not disappear; it stays safe in your name. With tools like the UDGAM portal and clear RBI guidelines that help bring clarity to people, individuals can avoid taking such financial missteps.