Forgotten bank accounts and deposits have left a sizeable pool of money unclaimed, with nearly Rs 1 lakh crore transferred to the Reserve Bank of India's Depositor Education and Awareness (DEA) Fund.
For people who may have old accounts or deposits belonging to deceased family members, the RBI's UDGAM portal offers a way to check whether such money is lying unclaimed with participating banks.
Importantly, money transferred to the DEA Fund is not lost. Eligible claimants can still approach the bank concerned and seek repayment after completing its claim process.
How Much Money Is Lying Unclaimed?
Finance Ministry data presented in the Parliament showed that Rs 98,073 crore had been transferred to the DEA Fund as of January 31, 2026. The corresponding figure was Rs 90,545 crore as of June 30, 2025.
Separately, another set of data cited in Parliament showed Rs 86,917.08 crore transferred to the fund as of June 30, 2026.
The figures have different reporting dates and, therefore, should not be interpreted as a continuous month-on-month series.
The government has attributed unclaimed deposits to several factors, including outdated contact details, forgotten accounts and the death of account holders. Nominees and legal heirs may sometimes be unaware of an account or may not have the documents required to make a claim.
When Does A Bank Deposit Become Unclaimed?
A savings or current account is generally classified as inoperative when there has been no customer-induced transaction for more than two years.
If the deposit remains unclaimed for 10 years, the eligible balance is transferred by the bank to the RBI's DEA Fund.
The transfer does not extinguish the claimant's right to the money. Customers, nominees and legal heirs can approach the concerned bank to claim eligible deposits.
Once the claim is settled, the bank is reimbursed by the RBI from the DEA Fund.
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RBI UDGAM Portal: How To Find Forgotten Deposits
The RBI's UDGAM portal allows users to search for unclaimed deposits held with multiple participating banks through a single platform.
The portal, however, is only a search facility. It does not process or settle claims.
If a deposit is found, the claimant must contact the bank concerned and complete its procedures for submitting and settling the claim.
This can be particularly useful for people trying to trace accounts held by deceased relatives, where family members may not have complete information about the person's banking relationships.
What Banks Are Being Asked To Do
The RBI has directed banks to conduct special drives to trace account holders, nominees and legal heirs associated with unclaimed deposits.
Banks are also required to periodically publish details of unclaimed deposits on their websites.
Where contact information is available, banks must communicate with customers through letters, email or SMS. Email and SMS communications are required to be undertaken quarterly.
The RBI introduced an incentive scheme for banks in October 2025 to encourage greater efforts to locate rightful claimants. Under the scheme, banks can receive 5 per cent to 7.5 per cent of the unclaimed deposit amount for each successfully settled claim, subject to a cap.
Govt's Wider Drive To Return Forgotten Financial Assets
The effort to recover unclaimed bank deposits forms part of a wider government push covering different types of financial assets.
Between October and December 2025, the government conducted the nationwide 'Your Money, Your Right' campaign. Special camps were held across 748 districts to help people identify and claim forgotten financial assets.
Government data showed that by February 28, 2026, financial assets worth Rs 5,777 crore associated with 22.95 lakh claims had been returned to rightful owners.
The exercise covered bank deposits as well as insurance proceeds, mutual funds, shares and dividends.
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How To Reduce The Risk Of Money Becoming Unclaimed
Families can check old bank accounts and deposits, particularly those belonging to relatives who have died. This can help identify accounts that nominees or legal heirs may not know about.
Keeping contact information and nomination details updated with banks can also help prevent accounts from becoming difficult to trace. Maintaining relevant bank records and succession documents can make the claim process easier for family members when required.