Few things are more painful than knowing your family’s savings exist but remain out of reach. Money once set aside for children’s studies. An insurance payout meant to ease loss. A locker of jewellery built over years of sacrifice. Across India, such savings have slipped into silence. Forgotten deposits, lapsed policies, unclaimed pensions and dividends gather dust. Paperwork disappears, nominees are missing and heirs wander through the system unsure where to begin.
Union Finance Minister Nirmala Sitharaman earlier this month inaugurated the “Aapki Poonji, Aapka Adhikar” (Your Capital, Your Right) campaign for returning the money lying with the government to the citizens. She revealed that financial assets worth ₹1.84 lakh crore remain unclaimed with banks and regulators. As on August 31, banks have transferred more than ₹75,000 crore of unclaimed deposits to the Reserve Bank of India (RBI). In the insurance sector, over ₹14,000 crore is lying unclaimed. Similarly, over ₹3,000 crore is lying with the mutual fund industry, unpaid dividends of ₹9,000 crore and over 172 crore shares valued at ₹19,000 crore are also lying unclaimed.
The campaign’s core promise is simple: Savings should not vanish into bureaucracy, but return to the people who need them most. At the campaign launch, Sitharaman reassured depositors and investors that unclaimed financial assets remain fully protected under government custody. Emphasising the safety of these funds, she said the government merely acts as a custodian until rightful claimants step forward, underscoring that legitimate claims would be settled promptly once due verification is completed.
Recent regulatory changes have also introduced penalties for delays in releasing claims, signalling a stronger push to protect heirs and nominees. This article attempts to broadly explain, asset by asset, what counts as unclaimed, where it lies and how families can claim it.
Bank deposits
Savings or current accounts with no activity for 10 years, or fixed deposits left unredeemed are treated as unclaimed. Such balances move to the Depositor Education and Awareness (DEA) Fund with the RBI, but depositors or heirs can still claim them later with eligible interest.
To help tracing, banks list unclaimed deposits on their websites. RBI’s UDGAM portal ( also offers a common search facility across 30 banks, with more being added, so families can locate forgotten accounts with some key inputs.
To push faster settlement, the RBI has launched the Scheme for Facilitating Accelerated Payout of Inoperative Accounts and Unclaimed Deposits ( Running from October 2025 to September 2026, it rewards banks that actively reactivate dormant accounts and return funds to rightful claimants. The incentive varies by how long the account was inactive, but payouts are made only when banks release money to customers or heirs.
Claim process: Individuals approach the bank branch with ID and address proof. Heirs need the depositor’s death certificate and succession or nominee documents. The bank verifies before releasing funds. Under the RBI’s proposed Settlement of Claims Directions, 2025, banks that delay releasing deposit claims beyond 15 days must pay interest at not less than the bank rate plus 4 per cent per annum for the period of delay.
Lockers
Bank lockers often become inaccessible when the locker hirer dies, no nominee has been recorded, rent is unpaid for three years, or the key is lost. In such cases, banks may drill the locker after notice, seal the contents, and hold them in safe custody until a valid claimant approaches.
The RBI’s Safe Deposit Locker Rules, 2022, set timelines and procedures for settlement. Where a nominee or survivorship clause exists, banks must release the contents within 15 days of receiving the death certificate and nominee’s ID proof. This is also reflected in RBI (Settlement of Claims in respect of Deceased Customers of Banks) Directions, 2025.
In joint lockers with “either or survivor” mandates, the surviving holder can access the locker directly.
If no nominee has been recorded, legal heirs must produce a succession certificate, probate or court order along with proof of relationship. Only after due verification, are the contents handed over. Banks prepare an inventory in the presence of claimants and witnesses before releasing articles.
Claim process: Heirs approach the branch with the death certificate, locker details and relevant succession or nominee documents. Banks then complete verification and provide access or return of contents. RBI draft rules prescribe compensation of ₹5,000 per day if banks delay handing over locker contents beyond the 15-day timeline.
Insurance policies
Insurance payouts often remain unclaimed when maturity proceeds are not collected, death claims are never filed, or survival benefits bounce back because the bank account on record is inactive. These balances sit with insurers for 10 years before being transferred to the Senior Citizens’ Welfare Fund (SCWF), but even after transfer, claims can still be made through the insurer.
The IRDAI framework requires all insurers to host an online search facility where beneficiaries can trace unclaimed amounts using info such as name, date of birth, PAN, Aadhaar or policy number. The regulator’s Bima Bharosa portal ( also provides direct links to each insurer’s page.
In a reply to Parliament, the government confirmed that “all insurance companies are complying with guidelines” to list unclaimed amounts of ₹1,000 or more on their websites (Lok Sabha Starred Question No. 7, 3 February 2025).
Claim process: Claimants must approach the insurer with ID proof, policy bond, bank details and for death claims, the death certificate and proof of relationship or nomination.
Mutual funds
In MFs, idle redemption proceeds and dividends often become unclaimed when payments bounce back because of closed bank accounts, outdated addresses or incomplete KYC. In some cases, investors or their heirs simply lose track of folios, leaving units idle for years.
To address this, the Securities and Exchange Board of India (SEBI) issued a circular on February 12, launching the Mutual Fund Investment Tracing and Retrieval Assistant (MITRA). Developed by CAMS and KFintech, MITRA offers a searchable, industry-wide database of inactive and unclaimed folios.
MITRA is accessible via MF Central ( AMFI, SEBI and AMC websites, giving families a single point of search. Inactive folios not only lock up rightful money but may also be vulnerable to misuse, which is why SEBI launched MITRA as an industry-wide safeguard.
According to AMFI, unclaimed dues are first parked in special Unclaimed Dividend and Redemption Schemes (UDRS), where they earn modest returns for up to three years. After that, appreciation is transferred to the investor education fund, though the principal remains payable. Investors can also spot unclaimed amounts through AMC/RTA websites and their Consolidated Account Statements (CAS).
Claim process: Claimants approach the AMC or RTA with folio details, PAN, Aadhaar, bank account proof, and, for death claims, the death certificate and nominee/heir documents.
Shares and dividends
Shares and dividends often go unclaimed when investors fail to encash payouts for seven consecutive years, or when heirs are unaware of old holdings. Many older physical share certificates are lost, and if dividends remain unclaimed, the underlying shares eventually move to the Investor Education and Protection Fund (IEPF) under the Ministry of Corporate Affairs. Much of today’s unclaimed equity traces back to the 1990s, when certificates were issued in paper form and later misplaced or never dematerialised. (For a detailed account, read bl.portfolio’s Unlock your unclaimed assets, March 2025)
Claim process: The IEPF portal ( lets investors search using PAN, father’s name and date of birth to see whether dividends or shares are still with the company or already transferred to IEPF. Once identified, a claimant must file Form IEPF-5 on MCA21 and submit it to the company’s nodal officer with documents such as Aadhaar, death certificate and proof of entitlement. After verification, the shares or amounts are credited back.
To reduce hurdles, SEBI and IEPFA have also begun organising Niveshak Shivir (Investor Camp), which bring together registrars, depositories and exchanges under one roof, providing guided claim support and KYC updates. Prior info of such events will be available in this link:
Pension Balances & Small Savings
Provident fund and small savings balances also add to Indians’ unclaimed money. Unlike banks or insurers, these balances are often left idle when people change jobs, retire or forget to inform their heirs.
EPF: There are no unclaimed accounts in Employees’ Provident Fund (EPF). However, as per Para 72(6) of the Employees’ Provident Fund Scheme, 1952, certain accounts are classified as ‘inoperative accounts’. According to a Ministry of Labour and Employment reply in Parliament (November 2024), over 21 lakh EPF accounts were classified as “inoperative”. These are not forfeited, claims can be filed anytime through the EPFO Unified Portal ( An EPF account becomes inoperative if no contributions are made for 36 months, typically when an employee quits and fails to withdraw or connect the old balance to a new job. The government has stepped up awareness through grievance camps, webinars and social media outreach.
NPS: Balances in NPS accounts are payable to nominees or legal heirs. Families must approach the Point of Presence (PoP) or NPS Trust with Permanent Retirement Account Number (PRAN) details, Aadhaar and succession documents. In rare cases where contributions were never linked to a PRAN, they are held in a special PFRDA protection account (SPCPA – Subscribers’ Pension Contribution Protection Account) and remain claimable for up to 25 years.
Post office schemes: Inactive accounts or certificates (NSC, PPF, MIS, etc.) that remain untouched for 10 years are transferred to the Senior Citizens’ Welfare Fund under the 2016 Rules. According to a PIB December 2020 release, depositors or heirs can still reclaim them by approaching the local post office with valid proof. India Post also publishes details of such unclaimed accounts on its website (www.indiapost.gov.in).
Before you claim: A few practical reminders
Claim procedures can differ across institutions and even across branches. Each may have its own checklist, requiring extra documents or verification. These reminders are useful not only for current account holders but also for heirs or nominees who may one day need to trace these assets.
Bank deposits: Record each account’s number, branch name and IFSC code. Keep track of nomination details and make small periodic transactions to keep accounts active. Maintain a single document listing all deposits for easy reference.
Lockers: Note the locker number, branch and bank contact. Register a nominee, pay rent on time and keep the key and details in a secure but known place accessible to family.
Insurance policies: Maintain a list of policy numbers, issuing branches and linked bank accounts. Share policy bonds and nominee details with trusted family members and update contact information regularly.
Mutual funds: Record folio numbers, AMC names and registrar details (CAMS/KFintech). Keep KYC and contact details current and check consolidated account statements periodically.
Shares and dividends: Maintain a record of demat account numbers, depository names (NSDL/CDSL) and company holdings. Link dividends to an active bank account and keep signatures updated.
Pension and small savings: Note EPF UAN, NPS PRAN or post office account numbers. Confirm nominees and inform family members where these records are stored.
When legal proof is required: If no nominee is registered or if multiple heirs exist, institutions may ask for additional documents such as a will, probate, succession certificate or indemnity bond. These requirements differ across banks, insurers and depositories etc., so check the specific rules before applying. Keeping copies of such papers in one place can prevent long delays later.
In practice, different institutions may ask for varying documents, even when norms appear clear. For many, the legal language can feel intimidating. Families should expect additional paperwork or clarifications. Knowledge, persistence and well-organised records can make recovery of rightful savings far smoother.
Published on October 11, 2025
