Forgotten money in your bank account? Here are 3 easy steps to claim your unclaimed deposits

Unclaimed bank deposits: We have all been there, switching jobs, moving cities, or simply changing our salary account, and somewhere along the way, an old bank account gets forgotten.

Although the money keeps earning a little interest, but out of sight and mind.

3 easy steps to reclaim your forgotten money

• Visit any branch of your bank, even if it’s not your original branch.

• Submit a simple form along with KYC documents such as Aadhaar, passport, voter ID, or driving licence.

• Receive your money (with any applicable interest) after verification.

To find if you have unclaimed deposits

• Go to the RBI’s UDGAM portal (https://udgam.rbi.org.in)

• Visit your bank’s official website. You can search by name, PAN, or other identifiers to check if any forgotten funds are waiting for you.

What are unclaimed bank deposits?

Unclaimed deposits are funds in bank accounts that have remained inactive for 10 years with no deposits, withdrawals.

Where does this money go?

Banks transfer these unclaimed deposits to the Depositor Education and Awareness (DEA) Fund, which is managed by the RBI.

UDGAM stands for Unclaimed Deposits – Gateway to Access Information. It is an online, centralised platform developed by the RBI to help users search for unclaimed deposits across multiple banks in one place.

As of March 4, 2024, 30 banks are part of the UDGAM portal, covering about 90% of unclaimed deposits (by value) in the Depositor Education and Awareness (DEA) Fund.

What deposits are covered?

The portal includes all deposits transferred to the Depositor Education and Awareness (DEA) Fund. These typically include:

• Savings, fixed, recurring, and current accounts

• Loan and cash credit accounts (after settlement)

• Demand drafts, pay orders, and banker’s cheques not claimed for 10+ years

• Unadjusted NEFT credits, ATM recredits, and prepaid card balances

Essentially, any account or instrument unclaimed for 10 years or more is covered.

What do you need to search for unclaimed deposits on UDGAM?

To look for unclaimed deposits, individuals must enter:

• Name of the account holder

• Bank name (one or more)

• And any one or more of the following:

• PAN

• Driving Licence Number

• Voter ID Number

• Passport Number

• Date of Birth

No. The UDGAM portal only helps you search for unclaimed deposits and provides information about each bank’s claim process.

Once you identify an unclaimed account, you must approach the respective bank with your claim documents to recover the funds.

This ensures that while deposit details can be verified, the account holder’s identity remains protected.

The Depositor Education and Awareness (DEA) Fund Scheme, 2014, was established by the RBI under Section 26A of the Banking Regulation Act, 1949.

It came into effect on May 24, 2014, allowing unclaimed or inactive deposits (over 10 years old) to be transferred to the Fund. The RBI manages this fund and uses it to promote depositor awareness and education.

If you once had a bank account, fixed deposit, or any other deposit that slipped your mind, now is the time to search. Your forgotten money could be waiting, and the RBI wants to help you get it back.