India's unclaimed bank deposits near ₹1 lakh crore: how to reclaim

Where contact information is available, banks are required to reach out to customers through letters, email or SMS. Email and SMS communication is to be undertaken quarterly.

The RBI introduced an incentive scheme in October 2025 under which banks can receive 5%-7.5% of the unclaimed deposit amount, subject to a cap, for every successfully settled claim. The objective is to encourage banks to actively trace rightful claimants and speed up settlements.

The RBI's UDGAM portal allows customers to search for unclaimed deposits across multiple participating banks from a single platform. UDGAM is a search facility and does not itself process or settle claims. Once a deposit is located, the claimant has to approach the concerned bank and complete its claim process.

The government has also been working towards making recovery of unclaimed financial assets easier across different financial products. A nationwide "Your Money, Your Right" campaign was conducted between October and December 2025, with special camps organised across 748 districts to help people trace and claim forgotten assets.

As of 28 February 2026, unclaimed financial assets worth ₹5,777 crore relating to 22.95 lakh claims had been returned to rightful owners, according to government data. The financial assets covered bank deposits, insurance proceeds, mutual funds, shares and dividends.

For families, the key step is to check old bank accounts and deposits of deceased relatives, particularly where nominee details may not have been updated. Keeping bank records, nomination details and succession documents updated can also reduce the chances of money becoming unclaimed in the first place.