Millions of Indians have forgotten money in bank accounts, totaling ₹86,917 crore as of June 30, 2026. This substantial sum of unclaimed deposits now sits with the Reserve Bank of India's (RBI) Depositor Education and Awareness (DEA) Fund. To help people find and reclaim this money, the RBI launched a new centralized online platform called UDGAM (Unclaimed Deposits – Gateway to Access inforMation) on August 17, 2023. The portal allows individuals to search for their forgotten funds across multiple banks in one place, making the recovery process simpler.[righttoinformation+3]
Why Money Becomes Unclaimed
Bank accounts become "unclaimed" when they show no customer activity for 10 years or more. This includes money in savings accounts, current accounts, and even fixed or recurring deposits that were not renewed or withdrawn after maturity. Once an account is classified as unclaimed, banks are required to transfer the balance, along with any accrued interest, to the RBI's DEA Fund.[righttoinformation+8]
Several factors contribute to this growing pile of forgotten money. Account holders might forget about old accounts, especially those opened for specific purposes or from previous jobs. Sometimes, a person passes away without informing their family or nominees about all their bank accounts. Outdated contact details, like an old address or phone number, also prevent banks from reaching account holders. The transfer of funds to the DEA Fund does not mean the money is lost; the rightful owner or their legal heirs can still claim it from the original bank.[righttoinformation+9]
RBI's UDGAM Portal Simplifies Search
The UDGAM portal, launched by the RBI, acts as a central hub for searching unclaimed deposits. It was developed in collaboration with Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks. The portal began with seven banks and quickly expanded its coverage. By September 28, 2023, 30 banks were integrated, covering approximately 90% of the total value of unclaimed deposits in the DEA Fund. Theseinclude major public sector banks like State Bank of India, Punjab National Bank, and Canara Bank, along with leading private and foreign banks.[righttoinformation+7]
The UDGAM portal helps improve access to and availability of information about unclaimed bank deposits. However, it is important to remember that UDGAM is strictly a search facility. It does not process or settle claims. Its purpose is to help individuals identify where their forgotten money might be. As of April 1, 2026, over 20 lakh users have registered on the portal, and more than 44 lakh searches have been conducted.[righttoinformation+11]
How to Find and Claim Your Forgotten Money
Finding your unclaimed money through the UDGAM portal is a straightforward process. First, visit the official UDGAM portal at udgam.rbi.org.in. You will need to register on the portal using your name and mobile number.[righttoinformation+2]
Onceregistered, you can log in and begin your search. To find individual deposits, you must enter the account holder's name and select the bank where the account might be. The portal also requires you to provide at least one identification detail, such as a Permanent Account Number (PAN), Driving License Number, Voter ID Number, Passport Number, or Date of Birth. If these details are unavailable, the portal may also allow searches using the account holder's address.[righttoinformation+11]
If the search yields a match, the portal will display the bank and branch details where the unclaimed deposit is held. The next crucial step is to directly contact the concerned bank. The bank will guide you through its specific claim process. You will need to provide valid Know Your Customer (KYC) documents, such as Aadhaar, PAN, or a voter ID, to verify your identity.[fortuneindia+9]
If you are claiming funds on behalf of a deceased family member, you must also provide legal heir documents. These typically include a death certificate, a succession certificate, or a will. The bank verifies the claim and, once satisfied, releases the amount to the rightful depositor or legal heir. Banksare expected to respond to claims within three months, transferring funds if verified.[timesofindia+6]
RBI's Push for Restitution
The RBI and the government are actively working to reunite people with their forgotten funds. In October 2025, the RBI introduced an incentive scheme for banks. Under this scheme, banks can receive 5% to 7.5% of the unclaimed deposit amount, subject to a cap, for every successfully settled claim. This initiative aims to encourage banks to actively trace rightful claimants and speed up the settlement process.[understandupsc+2]
Banks have also been directed to conduct special drives to trace account holders, nominees, and legal heirs. They must periodically publish details of unclaimed deposits on their websites and reach out to customers through letters, email, or SMS, especially where contact information is available. Emailand SMS communications are to be sent quarterly.[livemint+4]
These coordinated efforts have shown positive results. As of June 30, 2026, unclaimed financial assets worth ₹7,320 crore had been successfully returned to their rightful owners. Additionally, a significant amount of ₹17,415 crore had been reimbursed from the DEA Fund to banks for claims they had already settled. These figures highlight the ongoing progress in returning forgotten money to its owners.[livemint+3]
Keeping financial records updated, maintaining current contact information with banks, and ensuring nomination details are in place are crucial steps to prevent deposits from becoming unclaimed. The UDGAM portal serves as a vital tool for individuals and families to reclaim their rightful money and ensure their financial assets are secure.
