Unclaimed bank deposits near ₹1 lakh crore; government lists steps to help families recover forgotten money

The amount of unclaimed bank deposits transferred to the RBI’s Depositor Education and Awareness (DEA) Fund rose to ₹98,073 crore as of January 31, 2026, from ₹90,545 crore as of June 30, 2025, according to data cited by the Finance Ministry in the Rajya Sabha on August 11, 2026.

The figures were disclosed by Minister of State for Finance Pankaj Chaudhary in response to Rajya Sabha Unstarred Question No. 2628, raised by Rajinder Gupta.

What were the questions?

• Whether Government has taken note that unclaimed deposits transferred to the RBI’s Depositor Education and Awareness (DEA) Fund increased from around ₹ 67,270 crore in June

• Whether an assessment has been made of the factors contributing to this trend, if so, the details thereof; and

• Whether Government is examining additional measures, including proactive and time- bound outreach by banks to holders of inoperative accounts and greater integration of the UDGAM portal with Aadhar- linked death and succession records, if so, the details thereof?

What did the government reply?

Minister of State for Finance Pankaj Chaudhary said, “As informed by the Reserve Bank of India (RBI), the total amount of unclaimed deposits, transferred by banks to Depositor Education and Awareness (DEA) Fund was ₹90,545 crore as of 30.6.2025, and ₹98,073 crore as of 31.1.2026.”

These include old accounts with incomplete or outdated account-holder information, such as address, phone number or email ID. In cases where the account holder has died, legal heirs or nominees may not be aware of the account or may be unable to provide the prescribed documents required to claim the money.

The government said, “In some cases, the legal heir or nominee of a deceased account holder are unable to provide the prescribed documents for claiming the amount and hence, the account remains unclaimed.”

What steps are being taken?

The government said several measures have been taken to reduce the existing stock of unclaimed deposits and prevent fresh additions.

Banks have been advised to conduct special drives to locate customers, nominees and legal heirs of inoperative accounts and unclaimed deposits. They have also been asked to regularly update lists of unclaimed deposits on their websites and conduct public awareness and financial literacy campaigns.

Banks have further been advised to contact holders of inoperative accounts or unclaimed deposits through letters, email or SMS, where contact details are available. The government said such email/SMS communication is to be sent quarterly.

The RBI has also introduced an incentive scheme offering banks a payout of 5%-7.5% of the unclaimed deposit amount, subject to a cap, for every successfully settled claim.

UDGAM can help locate forgotten deposits

The RBI's UDGAM portal allows people to search for unclaimed deposits across multiple banks at one place. According to the government, 30 banks are currently part of UDGAM, accounting for around 90% of unclaimed deposits by value.

However, the government clarified that “UDGAM is only a centralised search portal for unclaimed deposits and not a claim settlement portal.”

The Department of Financial Services has also launched a Common Landing Portal for Unclaimed Financial Assets, which provides search facilities for unclaimed bank deposits, insurance claims, shares, dividends and mutual funds.

The government further said that as of June 30, 2026, unclaimed financial assets worth ₹7,320 crore had been successfully restituted to their rightful owners through efforts by financial-sector regulators.