Unclaimed money lying idle in Indian banks has reached a massive ₹62,314 crore, according to the latest data shared by the Reserve Bank of India (RBI). These funds belong to bank accounts that have remained inactive for years, often forgotten by account holders or their families.
The RBI has now stepped up efforts to help people trace and reclaim their unclaimed deposits, urging citizens to check whether any money is lying unused in their name.
What Are Unclaimed Bank Deposits?
Unclaimed bank deposits are balances in savings, current, or fixed deposit accounts that have seen no customer-initiated transactions for 10 years or more.
Common reasons why money becomes unclaimed include:
- Forgotten savings or salary accounts
- Old fixed deposits not renewed
- Accounts of deceased family members
- Migration or change of address
- Lack of nominee details
After 10 years of inactivity, banks are required to transfer these funds to the RBI’s Depositor Education and Awareness (DEA) Fund.
RBI’s ₹62,314 Crore Figure: Why It Matters
The growing size of unclaimed deposits highlights:
- Low public awareness about dormant accounts
- Poor nomination practices
- Families struggling to access funds after a depositor’s death
To address this, the RBI has launched digital initiatives to simplify the reclaim process and improve transparency.
How to Check and Reclaim Your Unclaimed Bank Money
Step 1: Use RBI’s UDGAM Portal
The RBI has introduced the UDGAM portal, a centralised platform that allows users to:
- Search unclaimed deposits across multiple banks
- Enter basic details like name, date of birth, and PAN
- Identify the bank where the deposit is held
The portal links to participating banks and eliminates the need to visit multiple branches.
Step 2: Contact the Concerned Bank
Once you identify the bank:
- Visit the branch or bank’s official website
- Submit a claim application
- Provide KYC documents (PAN, Aadhaar, address proof)
For deceased account holders, legal heirs may need:
- Death certificate
- Proof of relationship
- Succession certificate or legal heir certificate (if required)
Step 3: Bank Verification & Settlement
- The bank verifies documents
- If details match, the deposit is released to the claimant
- Interest is usually paid as per applicable rules
The process timeline varies by bank but has been streamlined under RBI guidelines.
RBI’s Advice to Depositors
The RBI has urged citizens to:
- Periodically review old bank accounts
- Update KYC and contact details
- Add or update nominee information
- Inform family members about bank accounts and deposits
These steps can prevent money from becoming unclaimed in the future.
Why Nomination Is Crucial
A proper nominee:
- Simplifies fund transfer after death
- Reduces legal disputes
- Speeds up claim settlement
Banks now actively encourage customers to register nominees at account opening.
It remains safe and can be claimed anytime through the bank.
Yes, legal heirs can claim the money with proper documents.
No, there is no time limit for claiming your money.
Generally, no. Reclaiming unclaimed deposits is free.
No, claims are processed through the respective banks.
Why This Is Important for Every Bank Customer
With over ₹62,000 crore lying unclaimed, the RBI’s message is clear:
Check, claim, and stay informed.
A simple online search could help you recover money that rightfully belongs to you or your family.
Disclaimer
This article is for informational purposes only. Rules and procedures may vary across banks. Readers are advised to verify details directly with their bank or refer to official RBI notifications.
