FORGOTTEN WEALTH
Imagine someone forgetting about a piggy bank full of money and leaving it untouched for years. Surprisingly, something similar is happening in India today. A massive amount of money is lying idle in banks as unclaimed deposits. Recently, the Finance Minister shared that government banks have moved ₹45,000 crore of unclaimed money to a special fund managed by the Reserve Bank of India (RBI).
What Are Unclaimed Deposits?
People deposit money in banks to keep it safe and earn some extra income through interest. However, there are times when people move to a new city or country and forget about their old accounts. In other cases, a person may pass away and their family might not even know the account exists. If an account remains untouched for 10 years, the money in it is marked as unclaimed.
What Happens to Unclaimed Deposits?
According to RBI rules, if a bank account is inactive for more than 10 years, the bank must transfer the money to the Depositor Education and Awareness Fund (DEAF), managed by the RBI. This ensures the money is protected and cannot be used by banks for other purposes.
But don’t worry — if someone remembers an old account, they can still reclaim their money. All they need to do is visit the concerned bank with proper identification. The bank will then request the RBI to release the funds from DEAF, and the money will be returned to the rightful owner.
How does DEAF help?
Besides keeping unclaimed money safe, DEAF also funds educational efforts. The RBI uses a portion of this money to organise workshops, events, and share useful financial information. These initiatives help people make smarter decisions about saving and banking.
How to Check for Unclaimed Money
To make things easier, the RBI has launched an online portal called UDGAM (Unclaimed Deposits – Gateway to Access Information). People can sign up and search for unclaimed deposits by entering details like name, bank name, and date of birth. This portal helps users identify forgotten accounts and start the process of reclaiming their money.
Why this matters
This initiative is important because a huge amount of money is simply lying unused in old bank accounts. By checking and claiming this money, people can put it to better use — whether it’s for education, medical needs, or daily expenses. The government and banks are actively working to make the process simple and accessible for everyone.
About the RBI
The Reserve Bank of India (RBI) is the country’s central bank. It ensures the smooth functioning of all other banks, prints currency, controls inflation, and safeguards the nation’s financial system. It also sets rules to ensure fair treatment of customers by banks.
In summary, if you or your family ever had a bank account that you’ve forgotten about, now is a good time to check. Your forgotten money is waiting to be claimed — safely kept by the RBI until you come for it.
