India’s unclaimed bank deposits have surged to ₹67,003 crore as of June 2025, largely due to dormant accounts, relocation, and lack of awareness. The RBI’s UDGAM portal now offers a centralized way for individuals to trace and recover their forgotten funds across multiple banks.
India’s banking system is grappling with a growing pile of unclaimed deposits, which reached ₹67,003 crore by mid-2025. These funds, often left untouched for over a decade, stem from forgotten savings accounts, fixed deposits, or deceased account holders whose families remain unaware of the balances. The Reserve Bank of India (RBI) has launched the UDGAM portal to help citizens track and reclaim these deposits.
Major takeaways
- Public sector banks hold the majority of unclaimed deposits, with SBI and ICICI Bank topping the list
- Common causes include job changes, relocation, death of account holders, and lack of nominee updates
- The RBI’s UDGAM portal (Unclaimed Deposits Gateway to Access Information) allows users to search across multiple banks using basic credentials
- Deposits are classified as unclaimed if inactive for 10 years or more, including savings, current accounts, and fixed deposits
- The government is promoting financial literacy and inclusion through schemes like Bima Sakhi Yojana to reduce future unclaimed balances
- Experts recommend periodic account reviews, updating nominee details, and maintaining digital records to avoid losing track of funds
- Banks are also required to publish lists of unclaimed accounts on their websites, aiding transparency and recovery efforts
With digital tools now in place, reclaiming forgotten deposits is easier than ever. The RBI’s initiative reflects a broader push toward financial accountability and citizen empowerment.
Sources: Moneycontrol, Economic Times, Adda247