Unclaimed Deposits: How an Old Bank Account Reaches the RBI’s DEA Fund, and How to Get the Money Back on UDGAM

“A savings/ current account shall be treated as inoperative, if there are no ‘customer induced transactions’ in the account for a period of over two years.” That sentence from the RBI’s instructions of 1 January 2024 is where most unclaimed deposits begin. Interest credits and bank charges do not count as activity; only something you do, such as a deposit, a withdrawal, a transfer or a KYC update, keeps an account alive.

After ten years without operation, the balance moves out of the bank’s books into the RBI’s Depositor Education and Awareness Fund. The money is not lost at either stage. This guide explains how an account slides from inoperative to unclaimed, how to search for unclaimed deposits on the RBI’s UDGAM portal, and how you or a family member can get the money back, with interest.

From inoperative account to unclaimed deposit

The RBI rules set out a timeline with obligations for the bank at each step.

Fixed deposits follow a similar path. If an FD matures without an instruction to renew and the proceeds are not withdrawn, the bank is expected to review it. Ten years after maturity, the unclaimed amount goes to the DEA Fund. Our comparison of RD and FD covers maturity instructions in more detail.

One group of accounts is protected from the inoperative tag. Zero-balance accounts opened for scholarships and government benefit transfers must be kept separate in the bank’s system, so that they stay open for credits even if the holder does not use them for over two years.

Is anything charged while the money waits?

The January 2024 instructions are clear on money matters:

• Banks “are not permitted to levy penal charges for non-maintenance of minimum balances” in an inoperative account.
• “No charges shall be levied for activation of inoperative accounts.”
• “Interest on savings accounts shall be credited on a regular basis irrespective of the fact that the account is in operation or not.”

After the transfer to the DEA Fund, interest continues on interest-bearing deposits when they are claimed. Under the RBI’s notification of May 2021, banks pay 3% simple interest a year from 11 May 2021 until the date of payment, with older periods at the rates in force then (4% until June 2018 and 3.5% until May 2021). Non-interest-bearing balances, such as a current account, are returned without interest.

How to search unclaimed deposits on UDGAM

The RBI launched UDGAM (Unclaimed Deposits – Gateway to Access inforMation) on 17 August 2023 so that people could search across banks in one place. According to the RBI’s FAQ, 30 banks covering about 90% of the value of unclaimed deposits in the DEA Fund were on the portal as of March 2024.

1. Go to udgam.rbi.org.in and register with your name and mobile number.
2. Choose the individual category and enter the account holder’s name exactly as the bank would have it.
3. Select one or more banks.
4. Add at least one identifier: PAN, driving licence number, voter ID number, passport number or date of birth.
5. Note the bank, the UDRN and the claim process shown in the result.

UDGAM only searches. The RBI’s FAQ says the deposit “can be claimed only from the respective bank”. Banks must also publish their own lists of DEA Fund transfers (name, address without pin code and UDRN) on their websites, updated at least monthly, so a bank that is not on UDGAM can still be searched directly.

From the counter side, the searches that fail most often use a different spelling from the bank’s records. Older accounts were often opened with initials, a maiden name or the father’s name in a different order. Try the variations, and try the date of birth when no PAN was linked; accounts from the pre-PAN era are common among unclaimed deposits.

Claiming the money yourself

If the account is yours, the process is simple. Visit any branch of the bank, not necessarily the one where the account was opened, with your KYC documents and fill in the bank’s claim or reactivation form. The RBI requires banks to offer KYC updating for inoperative accounts at all branches and through video KYC where the bank provides it. You will get an SMS and email once the inoperative status is removed.

If the money is already in the DEA Fund, the bank pays you and then claims the amount back from the RBI. You do not deal with the RBI directly. Some banks may apply a cooling-off period with limits on transactions after reactivation, as they do for new accounts. Our explainer on re-KYC and account freezes covers the documents banks usually ask for.

Claiming a deceased family member’s deposit

Here is a common case. Anil’s father died in 2013, and the family later found an old passbook from a public sector bank with a balance of about ₹1.8 lakh. The account had no transactions after 2012, so it became inoperative in 2014 and was moved to the DEA Fund around 2022. A UDGAM search with his father’s name and date of birth shows the bank and UDRN.

To claim it, Anil goes to a branch of that bank with the death certificate, his own KYC, and proof of his right to the money. If his father had registered a nominee, the nominee can claim with less paperwork. If not, the bank follows its procedure for deceased depositors, which may involve a legal heir certificate or succession documents depending on the amount. Our guide to nominee vs legal heir explains who receives the money and the RBI’s settlement timelines.

Because the balance is a savings deposit, the bank pays interest for the years it sat in the DEA Fund at the RBI’s prescribed rates, along with the principal.

Questions the rules leave open

Is every bank on UDGAM now? The RBI’s FAQ said the remaining banks were being added; the latest count we found on rbi.org.in is from March 2024, so check your bank’s own list as well.

How long does a claim take? The instructions do not fix a deadline for paying a claim from the DEA Fund. Timelines vary by bank and by how complete the documents are.

What about co-operative banks? They also transfer unclaimed deposits to the DEA Fund, but not all are searchable on UDGAM. Ask the bank or check its website.

One small transaction every year keeps an account out of this process entirely.

FAQs

Is money in the DEA Fund lost forever?

No. You or your legal heirs can claim it from the bank at any time. The bank pays you and is reimbursed from the RBI’s DEA Fund.

Can I claim an unclaimed deposit through UDGAM?

No. UDGAM only shows where the deposit is and the bank’s claim process. The claim must be made with the bank.

Does an interest credit stop an account becoming inoperative?

No. Interest, charges and other bank-initiated entries are not customer-induced transactions. You need to make a transaction or update KYC yourself.

Is there a fee to reactivate an inoperative account?

No. The RBI says no charges shall be levied for activating an inoperative account, and no minimum balance penalty can be charged while it is inoperative.

Disclaimer: This guide explains RBI rules on inoperative accounts and unclaimed deposits as of 4 October 2026. Each bank’s claim procedure and documents may differ; confirm with the bank before visiting.