How to Claim Unclaimed Bank Deposits in India: ₹45,000 Crore Transferred to RBI’s DEA Fund
Introduction
Did you know that over ₹45,000 crore in unclaimed bank deposits has been quietly lying dormant, recently transferred to the Depositor Education and Awareness (DEA) Fund managed by the Reserve Bank of India (RBI)?
This staggering figure, reported by the Ministry of Finance, highlights a growing issue in India’s banking ecosystem—inactive accounts and forgotten deposits. Whether it’s a long-lost savings account, an unclaimed term deposit, or the funds of a deceased relative, there’s a chance you or someone you know may be entitled to a portion of this idle money.
Thanks to new initiatives like the UDGAM Portal, reclaiming these funds is now easier than ever.
This article is your go-to guide to understand:
- What counts as an unclaimed deposit
- How the DEA Fund operates
- How to track and claim your money
- What the RBI and government are doing to help
“Infographic explaining the scope of unclaimed deposits in India, eligibility, and the role of the DEA Fund under RBI supervision.”
Table of Contents
- What Are Unclaimed Bank Deposits?
- Why Are These Deposits Transferred to the DEA Fund?
- Step-by-Step: How to Reclaim Your Unclaimed Deposits
- UDGAM Portal Explained: Track Unclaimed Funds Online
- Government & RBI Efforts to Reduce Unclaimed Deposits
- Why Unclaimed Deposits Are a Growing Concern
- FAQs on Unclaimed Deposits in India
- Conclusion: Reclaim What’s Rightfully Yours
What Are Unclaimed Bank Deposits?
Unclaimed deposits are funds left inactive in bank accounts for an extended period, where no customer-initiated transactions have taken place. They typically fall into two categories:
Savings and Current Accounts
- Marked as unclaimed if no transactions occur for 10 consecutive years.
Fixed or Term Deposits
- Considered unclaimed if not withdrawn within 10 years from their maturity date.
These deposits accumulate when account holders forget about them, pass away without informing heirs, or simply stop using the account without formally closing it.
Why Are These Deposits Transferred to the DEA Fund?
To ensure accountability and utilization of idle funds, banks are mandated to transfer unclaimed deposits to the DEA Fund, created under the Depositor Education and Awareness Scheme, 2014, and overseen by the RBI.
How the Transfer Works:
- Identification of Dormant Accounts: Banks regularly review their ledgers to detect inactivity beyond the 10-year threshold.
- Notification Attempts: They attempt to contact account holders through SMS, email, or post.
- Final Transfer: If unclaimed, the funds are moved to the DEA Fund for safe custody and public education purposes.
Step-by-Step: How to Reclaim Your Unclaimed Deposits
Follow these steps to reclaim your unclaimed deposits:
- Locate Your Deposit: Use the UDGAM portal to search across multiple banks.
- Gather Documents: Collect necessary documents such as ID proof, KYC details, and if applicable, legal heir certificates or a death certificate.
- Submit Your Claim: Fill out the required forms and submit them either online or at your bank branch.
- Verification and Approval: Your claim will be verified by the bank, and if approved, the funds will be released with any applicable interest.
UDGAM Portal Explained: Track Unclaimed Funds Online
To make tracking unclaimed deposits easier for the public, the Reserve Bank of India (RBI) launched the UDGAM portal in 2023. UDGAM stands for Unclaimed Deposits – Gateway to Access Information, and it acts as a centralized platform for depositors to search across multiple banks in one place.
Key Features of the UDGAM Portal:
- Multi-bank Search: Currently covers 30 major banks, representing 90% of all unclaimed deposits.
- Simple User Registration: Anyone can sign up using basic personal info and start searching.
- Time-Saving: Eliminates the need to approach multiple banks individually.
- Future Expansion: The RBI is working to include all banks in the portal soon.
Government & RBI Efforts to Reduce Unclaimed Deposits
With ₹45,000+ crore already lying idle, both the RBI and Indian Government have introduced proactive measures to limit unclaimed deposits and speed up rightful claims.
Customer Awareness Campaigns
Banks and the RBI regularly send:
- SMS and email alerts about account inactivity
- Public advisories encouraging people to update KYC and nominate heirs
Streamlined Claim Process
- Standardized forms and simplified documentation
- Digital verification where possible
- Uniform procedures across banks
Expansion of the UDGAM Portal
- Increasing the number of participating banks
- Enhancing multilingual accessibility
- Promoting its use via media campaigns
Bank Outreach Initiatives
- Banks are now required to:
- Notify account holders of impending dormancy
- Encourage transaction activity or account closure before funds are transferred
These efforts are designed to reduce dormancy, improve transparency, and empower individuals to reclaim their funds.
Why Unclaimed Deposits Are a Growing Concern
Unclaimed deposits are more than just inactive accounts—they highlight gaps in financial literacy and estate planning.
Key Issues:
- Forgotten funds in old or unused accounts
- Legal heirs unaware of the deceased’s banking details
- Lack of nomination or KYC updates
- Failure to close dormant fixed deposits
With such a massive ₹45,000 crore now sitting in the DEA Fund, it’s critical for individuals and families to stay informed about all financial assets and ensure their legacy planning is in place.
“Visual guide to reclaiming bank deposits using the UDGAM portal, with required documents and simplified claim process steps.”
FAQs on Unclaimed Deposits in India
What is considered an unclaimed deposit?
A deposit is considered unclaimed if there have been no transactions or contact with the bank for 10 years, for savings/current accounts or term deposits post-maturity.
Can legal heirs claim money from a deceased person’s account?
Yes. Legal heirs can claim the funds by submitting proper documentation such as:
- Legal heir/survivorship certificate
- ID/address proof
- Death certificate
Is there a deadline to reclaim money from the DEA Fund?
No. Funds can be reclaimed at any time by the rightful owner or heir.
Is interest paid on unclaimed deposits?
Yes, if the account was interest-bearing, the bank may pay applicable interest based on RBI guidelines when releasing the funds.
Do I have to use the UDGAM portal?
While optional, UDGAM is highly recommended for a quick and centralized search across multiple banks.
Conclusion: Reclaim What’s Rightfully Yours
Unclaimed bank deposits are not just numbers in dormant accounts—they represent forgotten savings, lost investments, or even the legacy of loved ones that never reached the right hands. With over ₹45,000 crore now lying untouched in the Depositor Education and Awareness (DEA) Fund managed by the RBI, this issue is no longer niche—it’s national.
Whether it’s your own old fixed deposit, a savings account left behind by a family member, or an overlooked joint account, these funds belong to someone—and that someone could be you.
The good news? The Reserve Bank of India (RBI), in collaboration with public and private sector banks, has made the process of reclaiming easier and more transparent than ever before.
Key Takeaways Table
| Aspect | Details |
| Total Unclaimed Deposits | Over ₹45,000 crore transferred to RBI’s DEA Fund |
| Definition of Unclaimed Deposits | Inactive for 10 years (savings/current) or not withdrawn after maturity |
| DEA Fund Purpose | Secure idle funds and promote depositor awareness |
| UDGAM Portal | Online platform launched by RBI for multi-bank search of unclaimed deposits |
| Reclaim Process | Submit ID, death certificate, legal documents; no time limit |
| Government Initiatives | SMS alerts, awareness drives, simplified forms, multilingual portals |
| Growing Concern | Lack of nomination, forgotten accounts, weak estate planning |
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