Summary of this article
The government has launched a unified online gateway to help citizens trace and reclaim their unclaimed financial assets.
The portal provides access to existing platforms to access unclaimed bank deposits, insurance, mutual funds, and other financial assets.
The aim is to make the financial system more transparent, accessible, and citizen-centric.
In an effort to return the staggering sums of unclaimed money lying idle with different financial institutions to the rightful nominees and legal heirs, the Department of Financial Services (DFS) has officially launched a unified online portal known as the Unclaimed Assets Portal. This common landing portal will work as a common platform to track and retrieve the unclaimed funds lying in forgotten bank deposits, insurance policies, shares, and mutual funds. DFS Secretary M. Nagaraju unveiled the initiative on May 29, 2026, and called the Common Landing Portal an important step in making the financial system more citizen-centric, transparent, and accessible.
According to government data, there is around Rs 1 lakh crore lying unclaimed in the Indian financial system. This frozen wealth includes approximately Rs 78,000 crore in banks, Rs 14,000 crore in insurance, Rs 9,000 crore in dividends, and Rs 3,000 crore in mutual funds.
Most of the time, these funds remain unclaimed because of incomplete personal details, outdated know-your-customer (KYC) information, or as a result of bank account having no registered nominee. This vast sum of money lies idle without serving anyone, neither the institution nor the rightful owners of the funds.
One Portal To Access All Assets
The portal has been named unclaimedassetsportal.in. It brings together all the different portals to access the unclaimed fund details on one platform. Before the launch of this platform, citizens had to navigate the fragmented landscape of different portals.
The new portal will act as a single gateway and redirect the nominees or legal heirs to the respective banking, insurance, mutual fund and share portals to access their unclaimed fund details. The common landing platform now unifies:
UDGAM Portal: to access details of funds lying with banks
Bima Bharosa Portal: to check insurance policy proceeds
MITRA Portal: to track mutual fund investment, and
IEPFA Portal: to claim shares and dividends, which have remained unpaid for seven years
When Is A Bank Account And Insurance Policy Classified As Unclaimed?
There are different rules for such funds to be classified as unclaimed. For instance, in the banking sector, an account is classified as dormant if it is not operated for two years. This includes savings bank accounts, fixed deposits, and even proceeds from foreign currency conversion. If no action is taken for 10 years, these funds are transferred to the Reserve Bank of India’s (RBI) Depositors Education and Awareness (DEA) fund. At the end of fiscal year 2023-24, over Rs 78,212 crore were lying in the DEA Fund.
Similarly, in the insurance sector, if a policy is not claimed within 12 months, it is classified as unclaimed and transferred to the Senior Citizens’ Welfare Fund (SCWF). The fund, though, remains belonging to the policyholders or their legal heirs, and they can claim the funds up to 25 years after the transfer to the SCWF.
The idea behind launching a single portal is to bring transparency and citizen-centricity to the financial system. Previously, a three-month campaign that ended in December 2025 returned around Rs 2,000 crore to the rightful owners of the funds.
FAQ
What is the total amount of unclaimed money currently in the Indian financial system?
There is approximately Rs 1 lakh crore lying unclaimed, including Rs 78,000 crore in banks and Rs 14,000 crore in insurance policies.
What are the common reasons behind the accumulation of unclaimed funds?
Citizens forget about their deposits or policies and cannot be contacted by the institutions due to outdated contact details. In many cases, the accountholder or the policyholder dies, and family members are not aware of the account, policies, or other financial assets to be able to claim them.
What happens to the funds in a bank account that has not been operated for over 10 years?
After 10 years of inactivity, the funds in dormant accounts are transferred to the Reserve Bank of India’s (RBI) Depositors Education and Awareness (DEA) fund.
