RBI – Your Money, Your Right: A Simple Guide to Claiming Your Unclaimed Money

Most of us don’t realise how easy it is to lose track of our own money. A bank account you opened years ago, a small fixed deposit you forgot, a dividend that never reached your bank, an insurance payout that nobody in the family knew about — these things happen more often than we think.

The Reserve Bank of India stepped in to fix this issue with its initiative “RBI – Your Money, Your Right”, a nationwide effort to help people find and reclaim what belongs to them. If you’ve ever wondered whether you might have unclaimed money lying somewhere, this guide walks you through everything you need to know.

Why Unclaimed Money Exists (And Why It Can Happen to Anyone)

In conversations with friends and readers, I’ve realised a common pattern: money gets forgotten when life gets busy. Maybe you shifted cities, changed your phone number, closed an old bank account or never encashed a cheque.

Banks call such accounts “inoperative” when there’s no activity for 10 years. After that, the money moves to the Depositor Education and Awareness Fund (DEA Fund) managed by RBI. But here is the key point — your money doesn’t vanish. Under the “RBI – Your Money, Your Right” initiative, you can claim it anytime.

Where Does Your Unclaimed Money Usually Get Stuck?

From the booklet you shared, here are the most common places people forget money:

• Old savings or current accounts
  
• Fixed deposits
  
• Recurring deposits
  
• Refunds, draft amounts or uncredited NEFT transfers
  
• Unclaimed mutual fund units
  
• Dividends and shares transferred to IEPF
  
• Unclaimed insurance proceeds
  
• NPS or NPS-Lite contributions not mapped to PRAN
  

All of this now falls under the umbrella of RBI – Your Money, Your Right, allowing you to search and claim them through a structured system.

UDGAM: The Easiest Way to Search for Unclaimed Bank Deposits

One of the most helpful tools RBI has created is UDGAM (Unclaimed Deposits – Gateway to Access Information).
It’s a central portal where you can search unclaimed deposits across multiple banks with just your name and a few basic details.

What UDGAM does:

• Helps you search unclaimed deposits from 30 major banks
  
• Covers around 90% of all unclaimed bank deposits in India
  
• Shows where you might have an old account
  
• Provides claim instructions for each bank
  

What UDGAM does not do:

• It doesn’t release the money directly
  
• It doesn’t settle claims
  You will still need to visit the respective bank to complete the process.
  

How To Claim Your Unclaimed Bank Money (Step-by-Step)

1. Identify your unclaimed deposit
   Search on UDGAM or your bank’s website.
   
2. Visit any branch of the bank
   You don’t need to visit your “home branch.”
   
3. Carry your KYC documents
   
   • Aadhaar
     
   • PAN
     
   • Passport/Voter ID/Driving Licence
     
   • Address proof
     
4. Fill out the Common Claim Form
   This is a standard form from Indian Banks’ Association.
   
5. Bank verifies and releases money to you
   You get the refund directly from the bank first.
   
6. Bank claims reimbursement from RBI
   This happens in the background. You don’t have to worry about it.
   

There is no time limit for you to claim your money from banks or the DEA Fund.

RBI – Your Money, Your Right: Claiming Unclaimed Mutual Funds

If you’ve ever invested in mutual funds and never received dividends or redemption amounts, that money doesn’t disappear.
It goes into something called the Unclaimed Dividend & Redemption Scheme (UDRS).

Here’s how you get it back:

1. Visit the AMC or RTA website (CAMS/KFin).
   
2. Search for unclaimed dues.
   
3. Submit the claim form with KYC and bank details.
   
4. After verification, your money is released.
   
5. Claims made within 3 years get full appreciation from the fund’s NAV.
   

You can also track everything using MITRA, a tool built into MF Central.

Unclaimed Shares & Dividends: Understanding IEPF

This is the trickiest area for many people.
If dividends remain unclaimed for 7 years, both the dividend and the shares go to the Investor Education and Protection Fund (IEPF).

Under RBI – Your Money, Your Right, the search and claim process includes:

• Searching for unclaimed shares/dividends using PAN or name
  
• Filing IEPF-5 online
  
• Submitting physical documents to the company
  
• Waiting for verification by the company
  
• Receiving the refund back in your demat/bank account
  

There is no time limit for claiming your IEPF money.

Unclaimed Insurance Amounts: Covered Under SCWF

If life or health insurance payouts remain unclaimed for 10 years, they move to the Senior Citizens Welfare Fund (SCWF).

You can still claim them up to 25 years from the date of transfer.

What you need to submit:

• Policy document
  
• ID and address proof
  
• Bank details
  
• Death certificate (if claiming as a nominee/heir)
  

Every insurer has a dedicated page to check unclaimed amounts, and IRDAI’s Bima Bharosa Portal consolidates all links.

Unclaimed NPS Contributions: SPCPA Refund

If a contribution to NPS or NPS-Lite never reached your PRAN, it may be sitting in the Subscribers’ Pension Contribution Protection Account (SPCPA) with PFRDA.

You can claim it by:

1. Filling the SPCPA claim form
   
2. Submitting ID proof and payment acknowledgement
   
3. Providing bank details
   
4. Receiving refund directly to your bank
   

Time limit: 25 years.

How to Make Sure Your Money Never Gets Lost Again

The “RBI – Your Money, Your Right” campaign repeatedly emphasises simple habits:

• Update your KYC regularly
  
• Keep bank accounts active
  
• Notify banks when you change phone numbers/address
  
• Maintain a list of your investments and share it with your family
  
• Link everything with PAN and Aadhaar
  
• Check UDGAM and insurer portals once a year
  

These small steps can prevent years of stress later.

Final Thoughts

When I first explored the “RBI – Your Money, Your Right” material, I was surprised by how much money lies untouched simply because people don’t know it exists. Most cases are not about negligence but about missing information or old memories.

If you’ve read this far, take a few minutes today to check your details on UDGAM, MF Central, IEPF, or your insurer’s portal. You never know — you might find a forgotten FD, an old dividend, or even a policy payout you didn’t know about.

And remember, your money truly is your right — and RBI’s initiative ensures you never lose access to it.