What Happened
- Unclaimed bank deposits totalling ₹72,454 crore were lying with the Depositor Education and Awareness (DEA) Fund maintained by the Reserve Bank of India as of January 28, 2026.
- Breakdown by bank category: public sector banks — ₹60,571.02 crore; private sector banks — ₹9,607.76 crore; foreign banks — ₹2,275.01 crore.
- Deposits are classified as "unclaimed" when savings/current accounts remain inoperative for 10 years, or term deposits remain unclaimed for 10 years from the date of maturity, after which banks are mandated to transfer them to the DEA Fund.
- The government and RBI have launched the UDGAM (Unclaimed Deposits — Gateway to Access InforMation) centralised web portal to help depositors and their nominees trace and claim unclaimed deposits.
- The Banking Laws (Amendment) Act, 2025 has introduced provisions for multiple nominations (up to four simultaneous or successive nominees) for bank accounts, addressing a key reason deposits go unclaimed — the death of a sole account holder without a nominated successor.
Static Topic Bridges
Depositor Education and Awareness (DEA) Fund
The Depositor Education and Awareness (DEA) Fund was established under Section 26A of the Banking Regulation Act, 1949, which was inserted by the Banking Laws (Amendment) Act, 2012. The Fund came into operation in May 2014. Banks are required to transfer the amounts of unclaimed deposits (savings, current, and matured term deposits inactive for 10+ years) to this Fund. The RBI manages the Fund and uses the income for depositor education and awareness activities. Depositors (or their legal heirs) retain the right to claim their money from the DEA Fund at any time, with the original principal and interest as applicable.
- Legal basis: Section 26A, Banking Regulation Act, 1949 (inserted by Amendment Act, 2012)
- Operational since: May 2014
- Transfer trigger: 10 years of inactivity (savings/current) or 10 years from maturity (term deposits)
- Total amount as of January 28, 2026: ₹72,454 crore
- PSBs: ₹60,571.02 crore
- Private banks: ₹9,607.76 crore
- Foreign banks: ₹2,275.01 crore
- Claim right: Depositors/legal heirs can claim principal + due interest at any time from the DEA Fund
- RBI uses Fund income for depositor education campaigns
Connection to this news: The ₹72,454 crore figure illustrates the scale of dormant deposits in India's banking system — representing both a consumer protection issue (rightful owners cannot access their money) and an economic inefficiency (capital sitting idle).
UDGAM Portal and Deposit Tracing Infrastructure
The UDGAM (Unclaimed Deposits — Gateway to Access InforMation) portal was launched by RBI to centralise the search for unclaimed deposits across multiple banks. Previously, depositors had to contact each bank individually. The portal, developed by RBI with the support of Reserve Bank Information Technology Pvt. Ltd. (ReBIT), aggregates unclaimed deposit data from participating banks, allowing account holders and their legal heirs to search by name, PAN, or account number.
- UDGAM portal: RBI-developed centralised search tool for unclaimed deposits
- Developed by: ReBIT (Reserve Bank Information Technology Pvt. Ltd.)
- Access: https://udgam.rbi.org.in (public portal)
- Initial launch: August 2023; progressively more banks added
- Banks covered: all major public sector and private sector banks
- Search parameters: name, PAN, voter ID, driving licence, passport number
- Recovery process: locate deposit → contact the specific bank → submit claim documentation → receive refund
Connection to this news: UDGAM directly addresses the consumer protection dimension — the portal is the government's operational response to the growing DEA Fund balance, designed to help rightful claimants recover their deposits before they remain permanently dormant.
Banking Laws Amendment and Nomination Framework
A key driver of unclaimed deposits is the absence of nomination — when a sole depositor dies without a nominee, legal heir access requires probate or succession certificates, a time-consuming legal process that many families abandon. The Banking Laws (Amendment) Act, 2025 addresses this by introducing multiple successive and simultaneous nominations (up to four nominees) for bank accounts, modelled on similar provisions in securities law. The amendment also requires banks to update customer contact information and proactively reach out to deposit holders before accounts become inoperative.
- Banking Laws (Amendment) Act, 2025: allows up to 4 successive or simultaneous nominees per bank account
- Previous law: only single nomination allowed under Banking Regulation Act
- Without nomination: legal heirs need Succession Certificate (from civil court) or probate — process takes months to years
- Proactive outreach: banks now required to contact dormant account holders and their nominees before 10-year transfer threshold
- Related initiative: "100 Days 100 Pays" campaign (2023): RBI instructed top banks to identify and return top 100 unclaimed deposits per district within 100 days
- Section 45ZA of Banking Regulation Act: existing nomination provision; amended by the 2025 Act
Connection to this news: The large DEA Fund balance reflects the historical inadequacy of India's nomination framework. The 2025 amendment is a structural fix — reducing future accretion to the DEA Fund by ensuring legitimate heirs can access deposits without legal barriers.
Key Facts & Data
- Total unclaimed deposits in DEA Fund: ₹72,454 crore (as of January 28, 2026)
- PSBs: ₹60,571.02 crore
- Private banks: ₹9,607.76 crore
- Foreign banks: ₹2,275.01 crore
- DEA Fund legal basis: Section 26A, Banking Regulation Act, 1949 (since May 2014)
- Transfer trigger: 10 years inactivity (savings/current) or post-maturity (term deposits)
- UDGAM portal: RBI's centralised search tool; launched August 2023
- Banking Laws (Amendment) Act, 2025: up to 4 nominees per account (successive or simultaneous)
- "100 Days 100 Pays" campaign: launched 2023 to accelerate refunds of top unclaimed deposits
- Claimants retain right: principal + applicable interest recoverable from DEA Fund at any time