Millions of Indians may be sitting on unclaimed savings without realising it. From forgotten fixed deposits to old shares and pending insurance claims, crores of rupees remain untouched in banks and financial institutions, according to reports. Many families are unaware that money owed to them still exists in their name. In response, the government has launched a renewed effort to help citizens trace and reclaim these funds through unified digital platforms and nationwide awareness campaigns.

In October 2025, Finance Minister Nirmala Sitharaman introduced the 'Your Money, Your Right' campaign to help citizens recover unclaimed financial assets. The national campaign, running from October to December, offers support for individuals trying to trace money from dormant bank accounts, matured insurance claims and outdated shareholdings. Alongside this, the Reserve Bank of India (RBI) has rolled out a one-year scheme to fast-track the settlement of unclaimed bank deposits. The initiative aims to make the claims process simple and transparent, ensuring every rupee saved is eventually returned to its rightful owner.

According to fresh estimates, around ₹67,270 crore remains unclaimed in the banking system. Of this, public sector banks hold approximately ₹58,400 crore while private sector lenders account for nearly ₹8,600 crore. It is possible that a portion of this forgotten wealth belongs to individuals or families who are not aware that deposits or investments made long ago are still recoverable.

Money is categorised as “unclaimed” when a bank account or deposit remains untouched for 10 years. This applies to savings and current accounts, fixed and recurring deposits and matured deposits that were never encashed. Once an account becomes inactive for a decade, banks are required to transfer the balance to the RBI’s Depositor Education and Awareness (DEA) Fund.

However, the good news is that claimants can recover the full amount even after the transfer. An original account holder or legal heir can request repayment from the bank at any time, without deadlines or expiry limits. After verifying the claim and paying the customer, the bank is reimbursed by the RBI. The system is designed to ensure that no one loses access to their savings simply because too much time has passed.

The methods

To begin the search, citizens can use the RBI’s UDGAM portal, which allows individuals to check for unclaimed deposits across more than 30 banks using their name, mobile number and date of birth. If a match is found, the portal reveals which bank holds the forgotten account. Beyond banking, several other financial assets should also be checked, including mutual funds, shares and unpaid dividends, pending insurance claims and state-level unclaimed property. Each sector maintains its own platform or search facility for locating dormant holdings.

Once a match is identified, a claim can be filed with the required documentation. For bank deposits, this usually involves a claim form, KYC documents and, if available, the original deposit receipt. Claims for mutual funds require a redemption or dividend claim form together with bank details. Legal heirs may need to provide a death certificate and relevant legal documents to access inherited assets. After verification, the funds are transferred directly to the claimant’s bank account.

Financial advisers recommend a few simple steps to prevent accounts from becoming dormant again. Logging in periodically, completing at least one transaction each year, keeping personal contact details up to date and setting up small recurring transfers can keep accounts active and traceable. These precautions ensure that savings remain accessible, and never slip into the category of forgotten wealth.