Thousands of crores of rupees are lying unclaimed in bank accounts across India. These funds often belong to individuals who may have passed away, migrated, or forgotten about these accounts. If you suspect that your family’s wealth could be among these unclaimed deposits, this comprehensive guide will help you understand how to locate and claim these funds using the Reserve Bank of India’s UDGAM portal.
Understanding Unclaimed Funds in Banks
Unclaimed funds refer to money in savings accounts, fixed deposits, or recurring deposits that have not been operated for over 10 years. Banks transfer such dormant funds to the Depositor Education and Awareness (DEA) Fund, managed by the Reserve Bank of India (RBI). Despite this transfer, claimants can still retrieve their rightful funds.
Why Do Funds Go Unclaimed?
- Lack of awareness among legal heirs about the existence of these accounts.
- Migration of account holders without updating contact details.
- Death of account holders without informing nominees or legal heirs.
- Misplacement of bank documents by families.
How to Check for Unclaimed Funds on the UDGAM Portal
The RBI launched the UDGAM (Unclaimed Deposits Gateway to Access Information) portal to simplify the process of locating unclaimed funds. Here’s how to use the portal:
Step 1: Access the UDGAM Portal
- Visit the official UDGAM portal: https://udgam.rbi.org.in.
- Create a user account by registering with your name, email address, and mobile number.
Step 2: Log In to Your Account
- Use the credentials sent to your email or mobile number to log in.
Step 3: Search for Unclaimed Funds
- Enter the name of the account holder or a partial match.
- Select the bank(s) where the funds might be held.
- Initiate the search. The portal will display matching records if they exist.
Step 4: Verify and Claim
- Once you identify the unclaimed deposit, follow the bank-specific process to verify and claim the funds. Typically, this involves:
- Submitting identification and proof of relation.
- Filling out claim forms.
- Providing the original account documents, if available.
Key Documents Required for Claiming Funds
To claim unclaimed funds, you’ll need to provide the following:
- Proof of Identity: Aadhaar card, PAN card, or passport of the claimant.
- Proof of Relationship: Documents establishing a relationship with the original account holder (e.g., succession certificates, wills).
- Account Details: Passbook, account number, or any other evidence linking the claimant to the dormant account.
- Claim Forms: Bank-specific forms for fund recovery.
- Death Certificate: For claims involving deceased account holders.
How to Ensure Your Funds Don’t Go Unclaimed
Preventing funds from becoming unclaimed requires proactive management. Here are some tips:
- Update Nominee Details: Ensure that all bank accounts have a registered nominee.
- Consolidate Accounts: Close unnecessary accounts to minimize confusion.
- Maintain Records: Keep a list of all bank accounts and share it with trusted family members.
- Regularly Operate Accounts: Avoid inactivity for extended periods.
- Notify Family Members: Inform them about existing accounts and investments.
Common Challenges in Claiming Unclaimed Funds
- Lack of Documentation: Missing account details or proof of relationship can delay claims.
- Verification Delays: Banks may take time to verify documents and process claims.
- Legal Disputes: Conflicts among family members can complicate fund recovery.
Solutions to Overcome Challenges
- Engage a legal expert to resolve disputes.
- Use RTI (Right to Information) for tracking claim progress.
- Regularly communicate with bank officials for updates.
Conclusion
Unclaimed funds in banks represent a significant opportunity for individuals to recover their family’s financial legacy. By using the RBI’s UDGAM portal, maintaining thorough records, and proactively managing accounts, you can ensure that no wealth is left unclaimed. Start your search today and take the necessary steps to secure what is rightfully yours.
For more information, visit the official UDGAM portal or contact your bank directly.
Hello Readers! I am RAHUL KUMAR MAHTO RKM With 3 Year of Experience in Writing Content About Scholarship. With Masters in IT, I love to to write digital content about Government Scholarship Schemes, Private Scholarship Schemes.
