Mumbai: Many people may have money lying in old bank accounts that they no longer use or may have completely forgotten.
The Reserve Bank of India (RBI) says such inactive or unclaimed deposits can still be recovered, even if they have remained untouched for many years.
This is especially useful for families who may not know about old savings accounts, fixed deposits or deposits belonging to deceased family members.
What Happens To Inactive Accounts?
A bank account becomes inoperative if there is no transaction for more than two years.
If the money remains unclaimed for more than 10 years, banks transfer these deposits to the Depositor Education and Awareness (DEA) Fund, managed by RBI.
However, the money does not become unavailable forever.
RBI has clarified that depositors or their legal heirs can claim these funds at any time, even after the transfer to the DEA Fund.
How To Check Unclaimed Deposits?
RBI has made the process easier through the UDGAM portal, which allows users to search for unclaimed deposits across multiple banks.
You can search using your bank details and check whether any forgotten deposit is linked to your name or family.
The portal currently covers around 30 banks, making it easier for users to track old accounts.
You can visit the portal here: UDGAM Portal
Three Easy Steps To Claim Money
Recovering unclaimed money is simple.
Step 1: Visit any branch of your bank, even if it is not your regular branch.
Step 2: Submit a claim form along with KYC documents such as Aadhaar, Passport, Voter ID or Driving Licence.
Step 3: After verification, the bank will process the claim and release the amount, along with interest if applicable.
Stay Alert
RBI continues to spread awareness through its “RBI Kehta Hai – Jankaar Baniye, Satark Rahiye” campaign.
The message is simple: stay informed, keep records updated, and regularly check old accounts so your money does not remain forgotten.
