Money lying forgotten in old bank accounts is far more common than most people realise. Across India, balances from savings accounts and fixed deposits that have not been touched for years quietly slip into the category of “unclaimed deposits”.
The scale of this issue is striking: banks have transferred more than Rs 67,000 crore in unclaimed deposits to the Reserve Bank of India (RBI) as of June 30, 2025, a detail shared with Parliament on July 28, 2025.
To help people locate and reclaim such funds, the RBI has put in place a centralised digital solution called UDGAM.
What Exactly Counts as an Unclaimed Deposit?
In simple terms, a bank deposit becomes “unclaimed” when there has been no customer-initiated activity for at least ten years. This applies to both savings accounts and fixed deposits where there have been no withdrawals, deposits, renewals or instructions during this period.
Once this ten-year threshold is crossed, banks are required to move the balance to the RBI’s Depositor Education and Awareness (DEA) Fund. Importantly, this transfer does not mean the money is lost or forfeited. The funds remain fully claimable by the account holder or, in the case of death, by their legal heirs, provided the correct process is followed.
UDGAM: One Portal to Search Them All
UDGAM, short for Unclaimed Deposits Gateway to Access Information, is a digital, centralised platform developed by the RBI to make the search for unclaimed deposits simpler and faster. The portal was launched in August 2023 with a clear objective: to eliminate the need for individuals to run from bank to bank in search of old or forgotten accounts.
Earlier, tracking unclaimed deposits was often a frustrating exercise. People had to approach banks individually, sometimes without even knowing where an account might have been held. UDGAM changes that by offering a single search interface. As of July 2025, the platform carries data from 30 major banks, giving it wide coverage across India’s banking system.
How to Search for Unclaimed Deposits on UDGAM
The process of using the UDGAM portal is designed to be quick and user-friendly:
- Visit udgam.rbi.org.in
- Register using your mobile number
- Log in by entering the one-time password (OTP)
- Enter your name along with one identification detail such as PAN, passport, voter ID or driving licence
- Select the bank you want to search, or choose the option to search across all participating banks
- If a match is found, the portal will display key details such as the bank’s name, the branch and the type of account. For security and privacy reasons, the amount lying in the account is not shown on the portal.
Found a Match? Here’s What You Need to Do Next
Finding a match on UDGAM is only the first step. The actual claim process is handled by the bank where the deposit is held. UDGAM serves as a discovery tool, pointing you in the right direction.
Typically, banks will ask claimants to visit the branch in person, submit valid identity proof and address proof, and provide documents that establish ownership of the account
If the original account holder has passed away, legal heirs will be required to submit the death certificate along with documents that prove succession or their relationship with the deceased.
Once the bank completes its verification process, the unclaimed amount is released to the claimant. While some banks have begun offering online claim options, physical verification remains common, particularly for older accounts.
Why So Much Money Still Goes Unclaimed
One reason unclaimed deposits continue to pile up is a lack of awareness. Many people forget about accounts opened long ago, especially after moving cities or switching jobs. In other cases, families may be unaware of all the financial relationships a deceased relative had with banks.
Senior citizens are especially vulnerable to this issue, as accounts opened decades earlier may not feature in current financial records shared with family members. As a result, money that rightfully belongs to households remains untouched for years.
With more than Rs 67,000 crore still lying unclaimed, the RBI has repeatedly encouraged people to use the UDGAM portal to check for forgotten deposits. The process takes only a few minutes and could potentially help recover money that belongs to you or your loved ones.
