Have you ever wondered what happens to those forgotten bank deposits? Or maybe you know someone who left an account dormant for years, unaware that it was accumulating value in the background. It’s surprising, but in India alone, unclaimed bank deposits have surged to a staggering ₹42,272 crore! This isn’t just a statistic; it’s a reminder of the significant, often unnoticed wealth that belongs to individuals who may not even realize they’re entitled to it. The good news? You can claim these funds back, and today, we’ll walk you through the exact steps to do so.

Unclaimed deposits are transferred to a specialized fund managed by the Reserve Bank of India (RBI), called the Depositor Education and Awareness (DEA) Fund, after they remain untouched for over ten years. Even though they’re moved to this fund, they don’t disappear. Depositors—and even their heirs—retain the right to claim them back, with interest in many cases. So, how can you ensure these funds come back to you? Here’s a step-by-step guide to reclaiming your dormant deposits.

What Exactly Are Unclaimed Deposits?

Let’s start by understanding what qualifies as an "unclaimed deposit." This term covers a wide range of accounts, including savings, current, and term deposits, that have been inactive for a minimum of 10 years. Reasons for this inactivity vary—some accounts are simply forgotten, while others become dormant due to the death of the account holder, with heirs unaware of the funds. Once dormant, these deposits are moved to the RBI's DEA Fund for centralized management. This is where the UDGAM portal comes in—a tool developed by the RBI to help you track down and reclaim these deposits.

How to Retrieve Your Funds via the UDGAM Portal

The UDGAM portal is designed to simplify the process, making it accessible to everyone. Here’s how you can use it:

  • Register on the UDGAM Portal
    Start by visiting the UDGAM portal at https://udgam.rbi.org.in/unclaimed-deposits. Complete the registration by entering your name, mobile number, and a secure password. Don’t forget to agree to the portal’s privacy policy and disclaimer before proceeding.

  • Verify and Log In
    After registration, log in to the portal. You’ll receive an OTP on your registered mobile number, which you’ll need to enter to verify your identity. This step ensures security for users reclaiming their deposits.

  • Search for Unclaimed Deposits
    Enter the depositor’s name and choose the relevant bank from the dropdown menu. Narrow down your search by entering additional details like PAN number, voter ID, or date of birth. The portal will display any matching unclaimed deposits associated with your information.

Claiming Your Unclaimed Deposits at the Bank

Once you’ve located your unclaimed deposit, it’s time to initiate the claim process. Here are the main steps involved:

  • Visit the Nearest Bank Branch
    Take a trip to the branch where the deposit is held, bringing along your identification and any required documents. This is especially important if you’re a legal heir, as you’ll need proof of relationship to the original account holder.

  • Complete the Claim Form
    Fill out the bank’s claim form carefully, providing accurate KYC information. Legal heirs should attach the death certificate of the original account holder and any other required documents.

  • Submit Your Documents
    Once the form is filled, submit it along with your KYC documents. If you’re a legal heir, be sure to include any legal documentation that establishes your right to the funds.

  • Verification and Final Settlement
    After submission, the bank will verify your documents. Once confirmed, your claim will be processed, and the funds will be released to you, often with any accrued interest. The bank will notify you when the process is complete.

Why Reclaiming Unclaimed Deposits Matters

Reclaiming unclaimed deposits is more than a matter of personal finance—it’s a step toward ensuring your rightful assets are back in your control. Thanks to initiatives like the UDGAM portal, retrieving these funds has become a simpler, more transparent process, empowering individuals to reclaim what’s rightfully theirs.

By following this guide, you can secure dormant funds and even provide a financial safety net for loved ones. The process may seem tedious, but with the right information and preparation, you can navigate it easily. So, take a few minutes, check your old accounts, and start the journey to reclaiming any lost deposits that could be waiting for you!