Synopsis: Money in a bank account isn’t lost just because it hasn’t been touched in years. If a deposit goes untouched for a decade, it moves into a special RBI-managed DEA fund, but it always stays traceable with the UDGAM portal to the rightful owner.
Millions of Indians have cash lying unused in long-forgotten old bank accounts, old fixed deposits, savings accounts opened in different cities, or inherited by their relatives. Here’s precisely where that cash goes and what to do about reclaiming it.
When Does a Deposit Become “Unclaimed”?
A bank deposit is officially classified as unclaimed when there is no activity for 10 years or more. This applies across different types of accounts,
- Savings accounts
- Current accounts
- Fixed deposits
- Recurring deposits
For savings or current accounts, this means no transactions, deposits, withdrawals, or transfers, for a full decade. For fixed or recurring deposits, the time is calculated from the date of maturity.
Where Does the Money Go?
If any deposit remains unclaimed for a period beyond 10 years, the amount is transferred to the Depositor Education and Awareness Fund (DEA Fund), managed by the RBI. It is not a loss of your money, as the deposit legally belongs to you and your legal heir(s), and banks can’t use it. Besides, the amount continues earning interest in the DEA Fund which is added when the amount is claimed.
Is There a Deadline to Claim It?
No. This is one of the most reassuring parts of the system that there is no time limit for claiming money from the DEA Fund. Whether it’s been 10 years or 40 years since the account went inactive, the depositor or their legal heirs can step forward and claim it at any point.
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How to Check If You Have Unclaimed Money
The RBI has built a dedicated tool for this called the UDGAM portal (Unclaimed Deposits Gateway to Access Information), accessible at udgam.rbi.org.in. And here’s how to do it,
- Register on the portal using the name and mobile number, and set a password.
- Log in with the registered mobile number and complete the OTP verification.
- Search by entering the account holder’s name, selecting the bank(s) that is to be checked, and providing an identifier such as PAN, voter ID, driving licence, or passport number.
- Review the results. If a match is found, the portal shows which bank holds the unclaimed deposit, without revealing sensitive account details.
It’s worth knowing that UDGAM is a search tool, not a claims processor. It only tells where unclaimed money might exist, the actual claim still has to be filed directly with the concerned bank.
How to Actually Claim the Money
Once you’ve identified which bank is holding the deposit, the next steps are usually,
- Visit the bank branch or check if they offer an online claim option and fill out a claim form.
- Submit supporting documents typically proof of identity and address, such as Aadhaar, PAN, or a passport, along with any old passbooks or deposit receipts.
- For legal heirs claiming on behalf of a deceased account holder, additional documents are usually needed, such as a death certificate and proof establishing the relationship to the account holder, for larger amounts, banks may also ask for a legal heir certificate or succession certificate.
- Wait for verification. Once the bank confirms the claim, the amount, along with accrued interest, is credited to the claimer.
Why This Matters at a Larger Scale
Indian banks are estimated to be holding around ₹78,000 crore in unclaimed deposits. To address this problem, “Your Money, Your Right” was launched by the government in collaboration with the Department of Financial Services and regulators including RBI, SEBI, IRDAI, IEPFA, and PFRDA, in October 2025.
A Few Simple Habits That Help
To avoid your own money ending up unclaimed one day, a few basic practices go a long way,
- Keep the KYC details and contact information updated with the bank.
- Add or update nominees on all the accounts and deposits.
- Share information of the accounts and investments with close family members.
- Consider closing or merging old, unused accounts
All in all
An unclaimed bank deposit is never truly lost. It simply moves into a protected fund managed by the RBI, continues earning interest, and remains fully claimable by the rightful owner or their legal heirs with no deadlines. Tools like the UDGAM portal have made it far easier than before to check whether you or your family have money sitting untouched somewhere, so it’s worth taking a few minutes to look.
