Market News
RBI Clarifies How to Recover Funds from Dormant Accounts
Published 2026-05-30 · Bazaar Watch Research
- RBI rules designate bank accounts unused for over 10 years as 'unclaimed deposits', transferring them to the DEAF fund.
- The RBI launched the UDGAM portal to help users track and trace unclaimed deposits across various banks.
- These measures protect primary account holders' rights and prevent financial fraud, unauthorized transfers, or identity theft.
- The UDGAM portal was introduced to simplify the process of tracing and recovering these long-lost funds for depositors.
- Indian retail investors with inactive savings, current, or fixed deposit accounts are directly impacted by these rules.
- Banks must adhere to RBI guidelines for managing dormant accounts and facilitating claims from original depositors or heirs.
- Utilize the RBI's UDGAM portal to check for any unclaimed deposits linked to your name or family members.
- Approach your bank with required KYC documents (Aadhaar, PAN) to reactivate the account or claim funds
.jpg&w=3840&q=75)