Rs 98,073 Crore in Unclaimed Bank Deposits: How to Find Forgotten Money Through RBI’s UDGAM Portal

Nearly Rs 1 lakh crore in Bank deposits has been transferred to the Reserve Bank of India’s (RBI) Depositor Education and Awareness (DEA) Fund as account holders, nominees and legal heirs have failed to claim the money.

Finance Ministry data shared in Parliament showed that Rs 98,073 crore had been transferred to the DEA Fund as of January 31, 2026, compared with Rs 90,545 crore as of June 30, 2025. Separately, another set of data showed that Rs 86,917.08 crore had been transferred to the fund as of June 30, 2026. Since these figures relate to different reporting dates, they should not be treated as a continuous month-on-month series.

Forgotten accounts, outdated contact details and the death of account holders are among the key reasons bank deposits remain unclaimed. In some cases, nominees or legal heirs may not even know that an account or fixed deposit exists, or may lack the documents required to establish their claim.

A savings or current account is generally classified as inoperative when there are no customer-induced transactions for more than two years. If the deposit remains unclaimed for 10 years, the eligible amount is transferred by the bank to the RBI’s DEA Fund.

However, the transfer does not mean the money is lost. Customers, nominees and legal heirs can still claim the amount by approaching the concerned bank. Once the claim is successfully settled, the bank receives reimbursement from the RBI’s DEA Fund.

The RBI has taken several measures to help banks trace rightful owners. Banks have been directed to conduct special drives to identify account holders, nominees and legal heirs and publish details of unclaimed deposits on their websites. Where contact information is available, banks are also required to contact customers through letters, email or SMS, with email and SMS communication to be undertaken quarterly.

In October 2025, the RBI introduced an incentive scheme under which banks can receive 5 per cent to 7.5 per cent of the unclaimed deposit amount, subject to a prescribed cap, for every successfully settled claim. The objective is to encourage banks to trace rightful claimants and speed up the settlement process.

For customers looking for forgotten bank accounts and deposits, the RBI’s UDGAM portal provides a centralised search facility across multiple participating banks. Users can enter the required details to check whether unclaimed deposits exist in their name. However, UDGAM only helps locate the deposit; it does not process or settle the claim. Once a deposit is identified, the claimant must approach the concerned bank and follow its documentation and claim process.

Families should also check the bank accounts and deposits of deceased relatives, particularly where nomination details may not have been updated. Depending on the circumstances, nominees or legal heirs may need documents such as identity proof, death certificate, nomination records and succession-related documents to establish their claim.

The government has also undertaken wider efforts to recover unclaimed financial assets. Its nationwide “Your Money, Your Right” campaign was conducted between October and December 2025, with special camps organised across 748 districts to help people trace and claim forgotten assets.

As of February 28, 2026, unclaimed financial assets worth Rs 5,777 crore relating to 22.95 lakh claims had been returned to rightful owners, according to government data. These assets included bank deposits, insurance proceeds, Mutual Funds, shares and Dividends.

The key takeaway for account holders and families is to regularly review old bank accounts, fixed deposits and records of deceased relatives. Keeping contact details, nomination information and succession documents updated can also reduce the chances of money becoming unclaimed.

Disclaimer: The article is for informational purposes only and not investment advice.