Synopsis: If your or your family’s bank account has remained inactive for over 10 years, the funds might have been transferred to the RBI’s Depositor Education and Awareness (DEA) Fund. The good news is — you can still claim it! This article explains how the RBI can help you recover your unclaimed money.
Suppose: A few years ago, your grandfather opened a small savings account. He was going to leave it to grow, a bit of a nest-egg. However, life became hectic, the passbook was lost, and later on the account was forgotten. It is a story which occurs more frequently than you imagine. Thousands of these are the so-called ghost accounts spread throughout India with ₹67,000 crore of unclaimed money. It may be an account holder who forgot, a fixed deposit which reached maturity a long time ago or an account left behind by a loved one.
Ten years the money remains unclaimed. Then, according to the RBI regulations it is transferred to a special fund known as the Depositor Education and Awareness (DEA) Fund. It is safe though it is no longer in the active records of the bank. It’s officially “unclaimed.” But what if you could find it? What would happen if a couple of clicks would resolve one of the mysteries of the family and a long lost treasure was found?
Introducing a Digital Key to a Locked Vault: Welcome to UDGAM
It has taken years to discover this money as it was a needle in a hay stack. You would need to call the banks separately, which is very annoying and fruitless sometimes. The Reserve Bank of India has given us a master key now. It is referred to as UDGAM (Unclaimed Deposits – Gateway to Access information).
It is not just any other government portal. It is an influential and centralized search engine, whose sole aim is to restore people with their lost money. It is connected to more than 30 major banks such as giants SBI, HDFC bank and ICICI bank, and offers all these under one roof. Imagine it to be a hero of our tale, the one that breaks through the red tape and takes you directly to the treasure.
A Step-by-Step Procedure
Ready to start your search? It’s simpler than you think. You do not have to be an expert in technology. All you need to do is to have a phone and some details.
Step 1: You can start your trip with the official UDGAM portal: udgam.rbi.org.in. To begin with, you will have to register with your name and mobile number. It is a speedy and safe initial step.
Step 2: Now for the main event. You will require the name of the holder of the account and the name of the bank to unlock the secrets. To focus the search, the portal will request a fragment of the puzzle–only the following of them will suffice:
- PAN Card
- Voter ID
- Driving License
- Passport Number, Date of Birth
Step 3: In case of a match, the portal will show it, the name of the account holder, and the name of the bank holding the dormant account. It’s that “aha!” moment, the first real clue. It is not to forget that UDGAM demonstrates to you the place where the treasure is, but it remains your task.
Also read: RBI Update: Silver to Be Accepted as Collateral for Loans Starting April 2026
Claiming Your Reward
- Visit the branch of your bank
- Request the “unclaimed deposit claim form”.
- Submit KYC (such as an Aadhaar, Passport, Voter ID or Driving License). In case you are asserting on behalf of a family member, you will be required to establish that you are the legal heir.
- Get your money back (with interest, if applicable)
Final Words of Wisdom
Is this real? Absolutely. This is a governmental RBI program. It is safe, secure and totally free. What if it’s been decades? It doesn’t matter. There is no time limit. This money can be claimed by you or your family any time. The story of your family may have one of those chapters that you were not aware had been written. Take a few minutes today. The gold may be in your own possession.
Written by Jayanth R Pai