Unclaimed Bank Deposits / Inoperative Accounts

Rs 48000 crore available for claim

In India, the Reserve Bank of India (RBI) has issued policies and procedures regarding claims on inoperative accounts and unclaimed deposits in dormant bank accounts, in accordance with The Banking Regulation Act of 1949.

Reserve Bank of India (RBI) guidelines for unclaimed deposits and inoperative accounts include requiring banks to make an effort at owner reunification by notifying owners or rightful beneficiaries of dormant status, and ultimately transferring money to RBI if funds remain unclaimed after a 10 year dormancy period.

  1. Dormant Accounts: A bank account is considered dormant if there have been no transactions for a specified period. The period varies depending on the bank’s policy, but it typically ranges from 12 to 24 months.
  2. Notification: The bank is required to notify the account holder when the account becomes dormant. The notification can be sent through various channels like SMS, email, or post.
  3. Claiming a Dormant Account: To claim a dormant account, the account holder needs to submit an application to the bank along with Know Your Customer (KYC) documents such as Aadhaar card, PAN card, and passport.
  4. Verification: The bank verifies the claimant’s identity and the authenticity of the claim. If the claim is found to be valid, the bank will reactivate the account and credit any balance amount.
  5. Unclaimed Accounts: If the account holder fails to claim the account for a specified period, typically 10 years, the account becomes an unclaimed account. The bank is required to transfer the balance amount in the account to the Depositor Education and Awareness Fund (DEAF) maintained by the RBI.
  6. Claims on Unclaimed Accounts: To claim an unclaimed account, the claimant needs to submit an application to the RBI along with KYC documents. The RBI verifies the claimant’s identity and the authenticity of the claim. If the claim is found to be valid, the RBI will credit the balance amount to the claimant.

It is important, therefore, for bank account holders in India to keep their accounts active and ensure that their contact details and beneficiary information is updated regularly.

Reserve Bank of India Unclaimed Deposit Accounts Claims Process:
https://www.centralbankofindia.co.in/sites/default/files/CBI%20DEAF%20CLAIM_PROCESS.pdf

Unclaimed Deposits Transferred To DEAF – Depositor Education and Awareness Fund: https://centralbankofindia.co.in/en/node/742

UDGAM – Unclaimed Deposits Gateway to Access Information In August 2023 Reserve Bank of India launched a centralised web portal enabling depositors to search for unclaimed deposits older than 10 years. The portal allows depositors to identify their unclaimed deposits and inoperative accounts, and provides claim and reinstatement procedures. Note initially only seven banks – State Bank of India; Punjab National Bank; Central Bank of India, Dhanlaxmi Bank Ltd; South Indian Bank Ltd; South Indian Bank Ltd; DBS Bank India Ltd & Citibank N.A data are included.

For details go to: https://vikaspedia.in/social-welfare/financial-inclusion/udgam-portal-(unclaimed-deposits-gateway-to-access-information)

To search UDGAM: https://udgam.rbi.org.in/unclaimed-deposits/#/login

Search Unclaimed Deposits & Inoperative Accounts


SBI – State Bank of India: Inoperative Account Search / SBI Unclaimed Deposits Claims Form

HDFC Bank: Unclaimed Deposit Search

ICICI Bank: Unclaimed Deposits Search

Punjab National Bank: Inoperative Accounts Search

Bank of Baroda: Inoperative Account Search

Canara Bank: Unclaimed Deposit Search

Axis Bank: Dormant Account Search / PPF Public Provident Fund Re-activation

Union Bank of India: Unclaimed Deposits – Inoperative Accounts Search Claims Form

Indian Bank: Unclaimed Deposits Search / Claims Form

Central Bank of India: Unclaimed Deposits Search

Jammu and Kashmir Bank – J&K Bank Unclaimed Deposits Claim Form

IDBI Bank: Unclaimed Deposits Claims Form

BOI Bank of India Inoperative Account Search

Indian Overseas Bank – IOB Unclaimed Deposits Search Facility

Kotak Mahindra Bank Unclaimed Deposits / Inoperative Accounts Search

IndusInd Bank: Unclaimed Deposits / Inoperative Accounts Search

Yes Bank: Unclaimed Deposit Search

United Commercial Bank: [now UCO Bank] Unclaimed Deposits / Inoperative Accounts Search

UCO Bank: Unclaimed Deposits / Inoperative Accounts Search

Syndicate Bank: [now Canara Bank] Unclaimed Deposit Search

Andhra Bank: [now Union Bank of India] Unclaimed Deposits & Inoperative Accounts Search Claims

State Bank of Hyderabad: [now State Bank of India] Inoperative Account Search

Dena Bank: [now Bank of Baroda] Dena Inoperative Account Search

Vijaya Bank: [now Bank of Baroda] Vijaya Inoperative Account Search

Bank of Maharashtra: Unclaimed Deposits Search

Development Credit Bank DCB: Unclaimed Deposits & Inoperative Accounts Search

Allahabad Bank: [now Indian Bank] Unclaimed Deposits Search / Claims Form

South Indian Bank: Unclaimed Deposits & Accounts Search

DBS Bank India: List of Unclaimed Accounts

DCB Development Credit Bank: Unclaimed Deposits and Inoperative Accounts

Dhanlaxmi Bank: Unclaimed Deposits Search

Citibank N.A. Unclaimed Deposits and Accounts Search / U.S. Unclaimed Accounts

Oriental Bank of Commerce: [now Punjab National Bank] Lost, Dormant & Inoperative Accounts

United Bank of India: [now Punjab National Bank] Lost, Dormant & Inoperative Accounts

Unclaimed Bank Accounts Search Assistance