In a startling revelation, the Reserve Bank of India (RBI) recently reported that ₹67,000 crore lies unclaimed in Indian banks. That’s right — money deposited and forgotten in savings accounts, fixed deposits, or left behind by deceased family members.
And 29% of it is sitting in the State Bank of India (SBI) alone.
Let’s break down what this means — and how to check if any of it is yours.
Why Is This Happening?
Most of this money is:
From dormant savings accounts
Unclaimed fixed deposits (FDs)
Deceased account holders’ funds with no nominee
Forgotten after job changes or relocations
Sometimes people just lose track. Other times, families don’t know an account even existed.
How to Check If You’re Eligible
RBI launched the UDGAM Portal (Unclaimed Deposits – Gateway to Access Information) to help people check online.
✅ Here’s how to use it:
Go to https://udgam.rbi.org.in
Enter details like:
Full Name
PAN or Voter ID (optional but helpful)
Any known bank names
The portal searches across multiple banks and shows matches.
📌 Banks currently onboarded include SBI, PNB, HDFC, ICICI, BOI, and others.
What If You Find Unclaimed Funds?
You’ll need to:
Visit the respective bank
Submit identity and relationship proofs
Fill a claim form
For deceased persons’ accounts, a legal heir certificate or nominee ID is required
🔁 Processing time: 7–30 days (depending on the bank and amount)
Pro Tip: Search for Parents’ or Grandparents’ Names Too
Many families miss out on old accounts because:
Elder relatives never disclosed them
Nominees were not updated
Fixed deposit certificates were lost
If your family moved post-marriage or after retirement, it’s worth checking.
Vizzve’s Advice: Stay Informed, Stay Alert
At Vizzve, we strongly recommend:
Reviewing your bank accounts annually
Adding/updating nominees
Sharing account details with trusted family
Keeping a digital + paper record of investments
It’s your money — don’t let it get lost.
📢 FAQs
Q1: Is this only for large amounts?
No! Many unclaimed balances are under ₹10,000 — but they add up.
Q2: Is it safe to use the RBI UDGAM portal?
Yes. It’s a secure government initiative with encrypted verification.
Q3: What if the person has passed away?
You can still claim as a legal heir or nominee, provided you submit valid documentation.
Q4: Can NRIs check too?
Yes. NRIs can use the portal to check Indian accounts but must claim via bank branches or representatives.
Published on : 30th July
Published by : SMITA
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