Claim Unclaimed Bank Deposits in India: A Guide for Heirs

Unclaimed deposits held within India’s Depositor Education and Awareness (DEA) Fund have seen a notable increase. These funds grew from ₹90,545 crore on June 30, 2025, to a substantial ₹98,073 crore by January 31, 2026. If you’re an heir, this guide will help you understand how to trace and claim these forgotten financial assets.

Key Numbers on Unclaimed Deposits

• Unclaimed deposits on June 30, 2025: ₹90,545 crore
• Unclaimed deposits on January 31, 2026: ₹98,073 crore
• Simple interest earned on transferred deposits (from May 11, 2021): 3% per annum

Understanding Unclaimed Deposits

Your bank account becomes inoperative or dormant if no customer-initiated transactions occur for over 24 months. During this period, your money remains with the bank and continues to accrue interest, and you can reactivate it with a fresh KYC update.

However, an account’s credit balance is classified as unclaimed after 10 years of continuous inactivity. For savings or current accounts, this 10-year clock starts from the last customer-initiated transaction date, while for term deposits, it begins from the maturity date, not the booking date.

Bank-generated entries, like interest credits, do not reset this 10-year inactivity period. Once 10 years pass without customer activity, the bank transfers these funds to the Reserve Bank of India’s (RBI) DEA Fund.

Your Path to Tracing Funds: The UDGAM Portal

Even after funds are transferred to the DEA Fund, your right to claim the money remains intact. The RBI acts as a custodian for depositor awareness, with the original bank still holding your records and serving as the primary contact for claims.

To simplify your search, the RBI provides the UDGAM portal, a centralized online platform. This portal allows heirs and beneficiaries to search for dormant or unclaimed accounts across various financial institutions.

How to Use the UDGAM Portal

• Register and Log In: Create an account and log in to the UDGAM portal.
• Search Criteria: Use the account holder’s name, bank name, address, and state to conduct your search.
• Try Variations: It’s a good idea to try different spellings of the account holder’s name to ensure comprehensive results.
• Bank Coverage: Currently, about 30 banks, representing 90% of the DEA Fund’s value, are available on UDGAM. If your bank isn’t listed, you’ll need to trace deposits directly with them.

Upon a successful search, you should download the PDF result and directly approach the identified bank. Remember, the RBI does not directly settle individual claims; your bank will confirm the exact balance and handle the entire claim process offline.

Claiming Funds for Deceased Loved Ones

Interest-bearing deposits transferred to the DEA Fund continue to earn a simple interest of 3% per annum from May 11, 2021. If the original depositor is alive, a simple KYC update is usually sufficient to reactivate the account.

When a Nominee is Registered

If the deceased depositor had a registered nominee, the process is significantly simpler. You will typically only need to provide the death certificate and the nominee’s KYC documents. A succession certificate or probate is usually not required in this scenario, though the nominee acts as a trustee for the legal heirs, distributing funds according to the will or succession laws.

Without a Nominee or Will

In cases where there is no registered nominee, no survivorship clause, and no will, a simplified procedure may apply for claims up to a certain threshold. This often involves a claim form, the death certificate, and an indemnity bond. For smaller claims, an affidavit or a family letter might suffice.

However, for higher-value claims or if disputes arise among heirs, more formal proof will be needed. This could include a succession certificate from a civil court or a legal-heir certificate from revenue authorities. If the estate has a will, banks might require a probate to process the claim.

Tracing and claiming these forgotten funds is a practical step you can take to ensure your loved one’s financial legacy is properly managed.