Forgotten Bank Deposits? How To Check And Claim Your Dormant Bank Account Money

A large amount of unclaimed money of bank customers across India is lying in the RBI’s DEA fund. If a bank’s customer account remains dormant for over 2 years, then as per RBI guidelines, banks have to transfer the unclaimed asset to RBI’s DEA fund.

A lot of people think that once a bank transfers money to RBI’s DEA fund due to inoperativeness, then they won’t be allowed to take their money back. But it’s not correct.

Customer/depositor can claim a refund of their unclaimed amounts from their banks.

What Is RBI’s DEA Fund?

RBI has established the Depositor Education and Awareness Fund (Fund). The Scheme came into effect from May 24, 2014.

The amounts credited to the DEA Fund are the credit balances in any deposit account maintained with banks (Commercial Banks, Co-operative

Banks), which have not been operated upon for 10 years or more by the depositor, or any amount remaining unclaimed for 10 years or more, and includes the following:

• savings bank deposit accounts;
• fixed or term deposit accounts;
• cumulative/recurring deposit accounts;
• current deposit accounts;
• other deposit accounts in any form or with any name;
• cash credit accounts;
• loan accounts after due appropriation by the banks;
• margin money against issue of Letter of Credit/Guarantee etc., or any security deposit;
• outstanding telegraphic transfers, mail transfers, demand drafts, pay orders, bankers cheques, sundry deposit accounts, vostro accounts, inter-bank clearing adjustments, unadjusted National Electronic Funds Transfer (NEFT) credit balances and other such transitory accounts, unreconciled credit balances on account of Automated Teller Machine (ATM) transactions, etc.;
• undrawn balance amounts remaining in any prepaid card issued by banks but not amounts outstanding against travellers cheques or other similar instruments, which have no maturity period;
• rupee proceeds of foreign currency deposits held by banks after conversion of foreign currency to rupees in accordance with extant foreign exchange regulations; and
• such other amounts as may be specified by the Reserve Bank from time to time.

How To Claim Unclaimed Money:

For Unclaimed Bank Deposits

• Visit the bank’s website or the RBI’s UDGAM portal: https://udgam.rbi.org.in/unclaimed-deposits

• Log in with your PAN, Aadhaar, or name to search for unclaimed accounts.

• If you find your account, note the bank branch details.

• Visit the branch with your ID proof (PAN, Aadhaar) and supporting documents to submit a claim form.