The RBI’s UDGAM portal can help locate dormant accounts and unpaid fixed deposits, but claimants must verify their identity and apply directly to the bank holding the money.
Forgotten bank accounts and unpaid fixed deposits in India do not necessarily disappear once they go quiet. According to the Reserve Bank of India, savings and current accounts are treated as inoperative after more than two years without customer-initiated transactions, while balances can later be moved into the central bank’s Depositor Education and Awareness Fund after a ten-year unclaimed period. Even then, the money remains the property of the depositor, and in some cases their legal heirs can still recover it through the bank.
The RBI’s UDGAM portal is meant to make that search easier. Its frequently asked questions say registered users can look for unclaimed deposits across participating banks by entering the account holder’s name, the bank and other identifying details, such as a PAN, passport number, voter ID, driving licence number or date of birth. The portal is a search tool, not a claims platform, and any money found there still has to be reclaimed through the bank that holds the deposit.
That distinction matters because a match on UDGAM is only the first step. The RBI says the portal issues an Unclaimed Deposit Reference Number, or UDRN, which helps the bank process a claim without revealing sensitive account information to third parties. Once a likely match is identified, the claimant must approach the relevant branch and complete the bank’s own verification process before any payment is released.
Banks also spell out the sort of paperwork that may be required. Indian Bank, for example, says account holders may need to provide identity and address proof, KYC documents, photographs and records linked to the account or fixed deposit, while nominees or legal heirs may need a death certificate and evidence of their right to claim. The RBI says there is no specific deadline for filing a claim, even after the funds have been transferred to the DEA Fund, and interest-bearing deposits may still be repaid with applicable interest.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
