Understanding Unclaimed Money in India

Unclaimed money refers to funds held by financial institutions that rightfully belong to individuals but have not been accessed or claimed. In India, unclaimed money exists across multiple sectors: bank deposits, insurance policies, mutual funds, and shares. According to the Prime Minister’s Office announcement on December 9, 2025, India has ₹1.84 lakh crore in unclaimed money across all sectors: ₹78,000 crore in banks, ₹14,000 crore in insurance companies, ₹9,000 crore in unclaimed dividends and shares, and ₹3,000 crore in mutual funds.

Key Definitions

Unclaimed Bank Deposits: Balances in savings or current accounts that have not been operated for 10 years or more, or term deposits not claimed within 10 years from the date of maturity, are classified as unclaimed deposits by the Reserve Bank of India (RBI).

Dormant and Inoperative Accounts: Before deposits become officially “unclaimed,” they pass through intermediate stages. A dormant account is one with no customer-initiated transactions for 24 months. An inoperative account has no transactions for 2 years. It is important to note that dormant accounts are not yet unclaimed—they remain with banks and can be reactivated immediately without penalty. Unclaimed status applies only after 10 years of inactivity.

Unclaimed Insurance Amounts: According to the Insurance Regulatory and Development Authority of India (IRDAI), unclaimed insurance money refers to funds an insurance company owes to a consumer (including accrued interest) but has not paid because of inability to contact the person. Insurance amounts are classified as unclaimed after remaining unpaid for over 12 months from the date they were due.

Unclaimed Dividends and Shares: Dividends not claimed or encashed for 7 consecutive years or more, and shares on which dividends have not been claimed for 7 consecutive years or more, are classified as unclaimed under IEPF rules.

Step-by-Step Guide For Unclaimed Money In India

Step 1: Search for Unclaimed Bank Deposits

The most efficient way to check for unclaimed bank deposits is through the RBI’s centralized UDGAM portal, which allows you to search across multiple banks from a single platform.

About the UDGAM Portal

The UDGAM portal is a centralized search and information tool designed to help you locate unclaimed deposits across participating banks. It does not process claims directly; claims must be filed with your respective bank (covered in subsequent steps).

Portal Coverage: The UDGAM portal currently covers 30 major banks, accounting for approximately 90% of unclaimed deposits in the DEA Fund. Major banks on the platform include State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, IDBI Bank, Kotak Mahindra Bank, and other major public and private sector banks. Additional banks are being integrated in phases.

Accessing the UDGAM Portal

Visit the official portal: Navigate to https://udgam.rbi.org.in/unclaimed-deposits
Register (first-time users only):
- Click the “Register” button
- Enter your mobile number
- Create a password
- Enter the CAPTCHA code displayed
- Tick the disclaimer checkbox and click “Next” (critical step)
- Verify the OTP sent to your mobile number
- Complete registration
Log in:
- Once registration is complete, you can immediately log in using your registered mobile number, password, and OTP to begin searching
Enter search details:
- Account holder’s name (mandatory field)
- Select one additional identity proof:
  - PAN number, OR
  - Voter ID number, OR
  - Passport number, OR
  - Driving License number, OR
  - Date of birth
Initiate search:
- You can select one or more specific banks from the dropdown list, or choose to search across all 30 participating banks simultaneously
- Click the search button
Review results:
- The portal will display any matching unclaimed deposits
- You will receive an Unclaimed Deposit Reference Number (UDRN) along with the bank name. The UDRN is a unique, anonymized reference number generated by the bank’s core system; it protects your privacy while enabling seamless claim settlement

Important Notes on Portal Coverage and Limitations

What UDGAM Shows:
The UDGAM portal displays only deposits that have been transferred to the RBI’s DEA Fund after the 10-year inactivity period.

What UDGAM Does NOT Show:

Dormant or inoperative accounts (inactive for 2–10 years) that are still held by banks and not yet transferred
Deposits from banks not yet on-boarded to the UDGAM platform
Amounts below certain minimum reporting thresholds

If You Don’t Find Your Unclaimed Deposit:
If you do not find your unclaimed deposit on UDGAM, this does not necessarily mean no unclaimed amount exists. Reasons may include:

Recent inactivity: Your account was recently marked unclaimed and has not yet been transferred to the DEA Fund. Banks transfer unclaimed deposits within 3 months of the 10-year mark.
Bank not yet on-boarded: While 30 major banks participate, covering ~90% of deposits, your bank may not yet be integrated with UDGAM.
Older accounts not digitized: Accounts predating the 2000s may not be digitized in your bank’s system.

Action: Contact your bank directly with your account details to verify if you have unclaimed funds. As of July 2025, the UDGAM platform had registered 8.5 lakh users.

Step 2: Gather Required Documents

Before visiting your bank to claim unclaimed deposits, prepare the following documents. Note that specific bank requirements may vary; confirm with your bank before preparing all documents.

Core Documents:

Duly filled Unclaimed Deposits Claim Form (provided by the bank)
Passbook OR a copy of your account statement
Term deposit receipt or advice (if applicable)
Recent passport-size photograph
Unclaimed Deposit Reference Number (UDRN) from the UDGAM portal

Identity and Address Proofs (Original + photocopy each):

Valid identity proof: PAN card, Aadhaar card, Voter ID, Passport, or Driving License
Valid address proof (examples: utility bill, rent agreement, property tax receipt)

Step 3: Submit Your Claim at the Bank

With effect from June 2025, RBI issued revised instructions to improve accessibility:

Choose your branch: As per current RBI guidelines, you can visit any branch of the bank for submitting your claim—not just your home branch. This enables customers in remote areas and those who have relocated to claim their deposits more easily. However, confirm current branch eligibility with your bank.
Submit documents:
- Visit the identified bank branch
- Submit your completed claim form along with all supporting documents
- Hand these to the bank official handling unclaimed deposits claims
Receive acknowledgement:
- The bank will issue an acknowledgement slip
- Keep this for your records and future reference

Account Reactivation Options (At Your Bank After UDGAM Search)

If your account has been inactive and needs reactivation, the following options are available when submitting your claim to the bank for account reactivation:

KYC updation at any branch: RBI’s June 2025 circular permits KYC updation at any branch, subject to branch-level operational capability
Video-Customer Identification Process (V-CIP): The RBI now permits video-based KYC verification for account reactivation. However, V-CIP availability depends on branch-level technology infrastructure and may not be available at all branches, particularly in rural areas. If your branch does not offer V-CIP, you can: (a) visit another branch with V-CIP capability, (b) use in-person KYC updation, or (c) utilize authorized Business Correspondent services in your area
Business Correspondents (BC): Authorized BCs can assist with KYC updation, extending services to rural and underserved areas
No charges: Banks are prohibited from imposing any fees for account reactivation

Step 4: Bank Verification and Processing

Once you submit your claim, the bank’s verification process begins:

Verification Steps:

The bank verifies the authenticity of your claim
KYC compliance is checked to ensure you meet current regulatory standards
Your signature on the claim form is matched against bank records
Account details are cross-verified against the bank’s records

If Deficiencies Are Found:
If there are inconsistencies such as signature mismatches or incomplete information—the bank will issue a deficiency notice requesting additional documents or clarification. You must respond within the timeframe specified by the bank. Note: There is no standardized appeals process for rejected claims across all banks. If your claim is rejected, grievance resolution procedures vary by bank; consult your bank’s grievance redressal mechanism or escalate to RBI’s Ombudsman if disputes arise.

Typical Processing Timeline:

Simple claims (straightforward individual claims): Typically 2–4 weeks, though this is not a guaranteed timeline
Complex claims (involving legal heirs, succession documentation, or additional verification rounds): May extend to several months

It is important to note that RBI does not mandate specific processing timeframes. Processing timelines vary by bank and depend on documentation completeness and individual bank procedures.

Step 5: Settlement and Payment

Upon successful verification:

The bank processes your claim and releases funds to your designated bank account
Any applicable interest is calculated and included in the payment (currently at 3% simple per annum)
Payment is made after due diligence is completed

The funds are credited to your account once all verification is complete.

Claiming Unclaimed Money as a Legal Heir or Nominee

If the account holder has passed away, authorized representatives, nominees, legal heirs, or successors—can claim the unclaimed deposits.

Required Documents for Legal Heirs

Unclaimed Deposits Claim Form (duly filled by the claimant)
Passbook or Term Deposit receipts of the deceased
Valid identity proof of claimant(s): Original + photocopy (PAN, Aadhaar, Voter ID, Passport, or Driving License)
Death certificate of the account holder: Copy
Proof of legal relationship: The documentation required depends on the claim amount and bank policy. Most banks follow these thresholds, though requirements may vary:For claims up to ₹50,000:
- Self-declaration by claimants (notarized or on non-judicial stamp paper)
- Declaration by 2 sureties (typically persons of good standing, such as neighbors, community leaders, or professionals, who can vouch for the claimant’s relationship to the deceased). Note: Requirements for surety documentation vary by bank; contact your bank for specific surety eligibility criteria before identifying sureties.
For claims exceeding ₹50,000:
- Succession certificate (from revenue or district court), OR
- Probated will, OR
- Letter of administration, OR
- Legal heir certificate from revenue authority

Claim Settlement Priority and Complexities

Payment generally follows this order:

If a valid nomination exists: Payment to the nominee
If no nomination exists: Payment to legal heirs upon court order or legal representation
If no legal representation is available: Payment based on personal law, with all heirs jointly authorizing the claim

Important Considerations:

If the nominated person is also deceased, succession rights become unclear and require additional legal documentation
If multiple legal heirs exist, all must agree on distribution, which can create delays
In contested inheritance cases, funds may remain held pending court determination
Legal heir certificates from revenue authorities are frequently unavailable or delayed

Recommendation: For claims involving multiple heirs or complex family situations, consult a legal professional to navigate inheritance complexities.

Checking and Claiming Insurance Unclaimed Amounts

Insurance unclaimed amounts—such as matured policy payouts, settlement amounts, or surrendered policy values—can be checked and claimed through the IRDAI’s centralized portal.

Step 1: Search on Bima Bharosa Portal

Visit the official portal: https://bimabharosa.irdai.gov.in
Enter search details: You can search using any ONE of the following:
- Policy number
- PAN number
- Policyholder name
- Date of birth
Review results: The portal will display unclaimed amount status for your policies

Toll-Free Helpline: You can also contact IRDAI’s toll-free helpline at 155255 or 1800-4254-732 for assistance.

Alternative: You can contact your insurance company directly or check the company’s website for unclaimed amounts.

Step 2: Gather Claim Documents

Standard documents required:

Policy documents
Duly filled claim form (provided by the insurer)
Valid KYC identity proof
Valid address proof

For death claims, you will additionally need:

Death certificate of the policyholder
Hospital records or medical reports (if health-related)
Police reports or FIR (if accident-related)
Succession certificate or legal heir proof

Step 3: Submit Claim to Insurance Company

Complete the claim form provided by the insurance company
Attach all supporting documents
Submit to the insurance company’s branch or through their online portal

Step 4: Verification and Settlement

The insurance company verifies your documents and, upon confirmation, releases funds to your bank account.

For NRI Claimants: NRIs are eligible to check and claim through the Bima Bharosa portal from any location. You may be required to provide self-attested KYC (passport, overseas address proof) and details of your NRE/NRO account. An increasing number of insurers offer digital submission and remote verification, though the extent varies by insurer. Confirm with your specific insurance company whether remote verification is available before initiating a claim.

Claiming Unclaimed Mutual Fund Amounts

Unclaimed mutual fund amounts include dividends that have not been encashed and units that remain unclaimed.

Step 1: Search for Unclaimed Funds

Option A: MF Central

Visit www.mfcentral.com
Log in with your user ID, password, or OTP
Search by folio number or account number
The portal displays unclaimed amounts and dividends

Option B: SEBI MITRA Portal

Access the SEBI MITRA portal
Search for unclaimed mutual fund units and dividends
As of April 1, 2025, DigiLocker integration allows easier access to your holding statements

Step 2: Contact the Asset Management Company (AMC) or Registrar & Transfer Agent (RTA)

Identify the AMC or RTA handling your investment
Download the claim form from their website
Contact their office for submission instructions

Step 3: Submit Claim with Documents

Complete the claim form and attach:

PAN card copy
Valid identity proof
Bank account proof
Any correspondence regarding dividends or redemptions

Submit to the RTA or AMC through their specified channel (online, by post, or in person).

Step 4: Verification and Settlement

The RTA verifies your signature and details. If any information is missing, you will be notified and asked to rectify. Upon approval, funds from the Unclaimed Dividend/Redemption Scheme are paid to your account, including applicable appreciation.

Claiming Unclaimed Shares and Dividends via IEPF

The Investor Education and Protection Fund (IEPF) Authority manages dividends and shares that have remained unclaimed for 7 consecutive years.

Step 1: Search for Unclaimed Assets

Visit www.iepf.gov.in
Navigate to the “Unclaimed Amounts” section
Search by shareholder name or company name
The portal displays any unclaimed dividends or shares

Step 2: Download Claim Form

Download Form IEPF-5, which is the official claim form for IEPF unclaimed amounts.

Step 3: Submit Claim with Documents

Complete Form IEPF-5 with accurate details and attach:

PAN card copy
Original share certificates (if available)
Valid identity proof
Bank account proof
Any company correspondence regarding shares or dividends

Submit online through the IEPF portal or by post to the IEPF Authority.

Step 4: Verification and Settlement

The IEPF Authority verifies your documents. You can track the status through the online portal. Upon approval:

Shares are credited to your Demat account
Processing typically takes a few weeks to months

An important distinction: Unlike bank deposits and insurance claims, claims against IEPF have no time limit. You can file a claim indefinitely after the 7-year transfer period.

Special Note: Post Office Deposits (PPF, NSC)

Post office deposits (Public Provident Fund, National Savings Certificate) follow different rules from bank deposits. They are subject to a 7-year inactivity rule (not 10 years) and are transferred to the Senior Citizens Welfare Fund on or before March 1 annually. Search for unclaimed post office amounts separately through your post office or contact the Department of Posts directly for guidance.

Understanding Timelines and Validity Periods

Understanding when deposits become unclaimed and how long you have to claim them is essential:

Stage	Timeline
Inactivity marking (dormant account)	2 years of no customer-initiated transactions
Dormant to inoperative classification	2–10 years (varies by bank)
Inoperative to unclaimed (bank deposits)	10 years from last customer-initiated transaction
Transfer to DEA Fund (after 10-year mark)	Within 3 months of the 10-year expiry
Transfer to SCWF (insurance)	On or before March 1 annually
Validity to claim bank deposits	Indefinite; can be claimed after transfer to DEA Fund with no formal time bar
Validity to claim insurance amounts	25 years (after 25 years, amounts escheat to central government)
Validity to claim dividends/IEPF amounts	Indefinite / No time limit
Typical processing (simple claim)	2–4 weeks (not guaranteed)
Typical processing (complex claim)	Few months (variable by bank)
Interest accrual rate (current)	3% simple per annum

Update: Recent Regulatory Changes (June 2025)

The RBI issued significant amendments to unclaimed deposit procedures in June 2025, designed to improve accessibility and reduce friction in the claiming process. These changes became effective immediately:

Key Changes:

KYC Updation at All Branches: You can now update your Know Your Customer (KYC) information at any branch, subject to branch operational capability, not just at your home branch. This is particularly beneficial for individuals who have relocated or live far from their original branch.
Video-Customer Identification Process (V-CIP) Permitted: Remote video-based identity verification is now permitted, enabling claims without physical branch visits. However, availability varies by branch based on technology infrastructure.
Business Correspondent (BC) Assistance: Authorized BCs can assist with KYC updation, extending services to rural and underserved areas where branch infrastructure is limited.
No Charges for Reactivation: Banks are prohibited from imposing any charges for account reactivation, removing a potential barrier to claiming funds.

These changes are aimed at enabling financial inclusion while maintaining adequate fraud controls.

Government Initiative: “Your Money, Your Right” Campaign

From October 4 to December 31, 2025, the Government of India launched a nationwide “Your Money, Your Right” (Aapki Punji, Aapka Adhikar) campaign to increase awareness and accessibility of unclaimed money.

Campaign Framework: The initiative is built on the 3A Framework. Awareness, Accessibility, Action—and involves coordination across multiple government departments: Department of Financial Services (DFS), RBI, IRDAI, SEBI, Ministry of Corporate Affairs, and Ministry of Finance.

Early Results: According to the Prime Minister’s Office announcement on December 9, 2025, ₹2,000 crore was returned to citizens within the first two months of the campaign. These figures represent claims processed through various government channels during the campaign period.

Coverage: The campaign spans 477 districts across India, making information and processes more accessible to citizens nationwide.

Known Limitations and Clarifications

While the processes described above provide clear pathways to claim unclaimed money, several operational and legal uncertainties exist:

Portal and Data Gaps:

The UDGAM portal coverage is still expanding; not all historical bank data has been fully uploaded
Older accounts, particularly from before the 2000s, often remain undigitized; bank records may be lost or incomplete
If you do not find your deposit on UDGAM, contacting your bank directly is advisable

KYC Compliance Barrier:
If you are not compliant with current KYC requirements (for example, if you have not updated your KYC information), banks cannot release funds. Your amounts will remain in the unclaimed pool until KYC is updated.

Signature Verification Variations:
Banks maintain different standards for signature verification. Some banks are strict, while others are lenient. There is no unified verification protocol across all banks. If your signature does not match bank records, your claim may be rejected. If this occurs, consult your bank’s grievance redressal process or escalate to RBI’s Ombudsman.

Legal Heir Documentation Complexity:
For claims exceeding ₹50,000, banks require succession certificates, probated wills, or letters of administration. Obtaining these documents from revenue authorities can be time-consuming and often involves delays. If multiple legal heirs exist, all must consent to the claim, which can complicate distribution and extend timelines.

Interest Rate Uncertainties:
Different banks may calculate interest using different methodologies (simple versus compound) during the inoperative period. Additionally, historical interest rates have changed multiple times. The rate applicable to your account depends on the period of inactivity and your bank’s methodology this can sometimes be disputed, particularly for older accounts.

Income Tax Treatment:
There is no formal guidance from income tax authorities on whether refunded unclaimed deposits or accrued interest are taxable income. Before claiming large amounts, consult a CA or tax advisor to understand potential tax implications in your specific situation. This will help you plan accordingly and avoid surprises during tax filing.

Processing Timeline Variations:
While typical timelines are 2–4 weeks for simple claims and a few months for complex claims, RBI does not guarantee these timeframes. Processing depends on individual bank procedures, documentation completeness, and workload. Do not assume a fixed timeline.

Regional Variations:
Bank processes, documentation requirements, and verification standards may vary by region and branch. Confirm specific requirements with your bank before submitting claims.

Summary:

Unclaimed money in India exists across banks, insurance companies, mutual funds, and stock markets. The government has established clear regulatory frameworks and centralized portals to make searching and claiming accessible to Indian citizens.

To begin your search:

For bank deposits: Visit https://udgam.rbi.org.in/unclaimed-deposits and search using your name and one identity proof. If unsuccessful, contact your bank directly.
For insurance: Visit https://bimabharosa.irdai.gov.in and search using policy number, PAN, or name. Alternatively, contact your insurer.
For mutual funds: Check www.mfcentral.com or SEBI MITRA portal and search by folio number
For shares and dividends: Visit www.iepf.gov.in and search by shareholder name or company name
For post office deposits: Contact your nearest post office or the Department of Posts for guidance on NSC and PPF unclaimed amounts

Claiming Timelines:

Bank deposits and IEPF amounts can be claimed indefinitely after transfer, though documentary requirements become more complex with time
Insurance amounts can be claimed within 25 years before escheating to the central government
There is no time pressure, but beginning the process sooner rather than later is advisable to avoid documentation losses or disputes

Before Submitting Claims:

Gather all required documents and confirm bank-specific requirements
For claims involving legal heirs or amounts exceeding ₹50,000, consult a legal professional
For tax implications of claimed amounts, consult a CA
Keep copies of all submissions and acknowledgements for your records

The recent regulatory amendments and “Your Money, Your Right” campaign indicate that the government is actively working to improve access to unclaimed money. Following the prescribed steps and consulting professionals when needed will help ensure a smoother claiming process.

Common Misconceptions Clarified

Before proceeding with the step-by-step process, understanding what unclaimed money is not can prevent confusion:

“My Money is Lost”: Many assume that once deposits are transferred to the government’s Depositor Education and Awareness Fund (DEA Fund), the money is gone. This is incorrect. Amounts transferred to the DEA Fund remain held in trust by the RBI; claimants retain lifetime rights to claim these amounts; and the full principal plus accrued interest are preserved.

“Dormant and Unclaimed are the Same”: These terms are often used interchangeably, but they are different. Dormant accounts (inactive for 2 years) are not unclaimed. They remain with banks and can be reactivated immediately. Unclaimed status applies only after 10 years of inactivity, and funds are transferred to the DEA Fund.

“Only the Account Holder Can Claim”: Legal heirs, nominees, successors, and estates can all claim unclaimed deposits. If the account holder has passed away, authorized representatives can file claims.

“No Interest is Earned on Unclaimed Money”: Unclaimed money continues to earn interest even after transfer to the DEA Fund. The current interest rate is 3% simple per annum, credited to the claimant upon settlement.

“You Need the Original Passbook to Claim”: Bank statements or copies are acceptable. A lost passbook is not a barrier to claiming; bank records are sufficient proof.

“The Claim Process Takes Years”: Simple claims are typically settled within 2–4 weeks, though this is not a guaranteed timeframe. Complex claims involving legal heirs may take longer, but RBI does not mandate specific processing deadlines.

Disclaimer

This article is educational and informational only. It is not legal, financial, or tax advice. Regulations, bank policies, and procedural requirements vary by institution and jurisdiction. Before initiating claims, especially for amounts exceeding ₹50,000 or involving legal heirs, consult a qualified legal professional, Chartered Accountant (CA), or your bank directly. UnclaimedX and the authors assume no liability for outcomes of claims filed based on this information.