Wednesday, July 23, 2025
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RBI to return ₹78,213 Cr unclaimed deposits!

RBI Unclaimed Deposits: Previously, clients had to check for unclaimed deposits on RBI’s UDGAM portal before visiting the bank branch to pick them up. The new system will make this process simpler.

RBI Unclaimed Deposits: Unclaimed deposits, or deposits that do not yet have an owner, total more than Rs 78,213 crore and are held in Indian banks. Simply put, this money is the property of persons who made deposits at the bank but neglected to take them out or who were unable to access their account for any other reason, including family members.

These unclaimed deposits will now, however, be returned to their legitimate owners. Actually, to recover this money, the RBI introduced a new mechanism on April 1, 2025. This requires banks to post all unclaimed deposit information on their website, including the account holder’s name and a search function for the general public.

RBI Unclaimed Deposits

What is the new procedure?

  • Standard Format: As of right now, every bank will want the same kind of application and supporting documentation.
  • Online facility: By FY2026, a fully online claim system will be operational.
  • Simple Verification: The bank branch will get in touch with the customer and transfer the funds when they have completed the form.

How can I see if my account is inactive?


Customers had to look for unclaimed deposits on RBI’s UDGAM portal up to this point and then visit the bank branch to claim them. The new system will make this process simpler.

RBI's UDGAM portal

What is the amount of the unclaimed deposit?

Data shows that Rs 78,213 crore has been placed into the RBI’s Depositor Education Fund (DEA) as of March 2024. This represents a 26% increase over the previous year. To refund the idle capital, banks, mutual funds, and insurance companies have been instructed by Finance Minister Nirmala Sitharaman to launch a special campaign.

The new nominee rule is also applicable.

Before the Banking Law (Amendment) Bill, 2024, an account could only have one nominee; today, four can be added. This will facilitate the process of recovering funds from dormant accounts.

How can I find out whether my deposit has been unclaimed?

  • Examine the bank’s website’s “Unclaimed Deposits” section.
  • Enter your name, address, and mobile number in the form.
  • After verification, the bank will deposit the funds into your account.

Read More: Govt removes import tax on EV batteries, mobile parts

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