Over Rs 1 trn in unclaimed deposits: How to find, get back your money

Prime Minister Modi announces campaign called 'Your Money, Your Right' to encourage people to reclaim funds sitting idle across the financial system

People must check if they have unclaimed money with banks, insurers, mutual funds and listed companies and take back “what is rightfully theirs”, Prime Minister Narendra Modi has said.

 

More than Rs 1.84 trillion in unclaimed in the financial system, with a significant portion in bank deposits, insurance, and investments. Writing on social media Wednesday, Modi announced a national movement called “Your Money, Your Right” to return idle funds to owners.

 

A large amount of household savings is unclaimed due to people forgetting they had accounts, incomplete KYC details, the death of the primary holder, or a lack of awareness among nominees. Government data highlighted by the Prime Minister shows: 

• Banks hold about Rs 78,000 crore in unclaimed deposits.

• Insurance companies have Rs 14,000 crore that policyholders or nominees have not claimed.

• Mutual funds are sitting on nearly Rs 3,000 crore.

• Unpaid dividends and unclaimed shares are worth around Rs 900 crore.

 

Unclaimed deposits are made up of small and large sums of money accumulated across decades. Such money often belongs to senior citizens or investors who died and their families may not know about their deposits.

 

What is Your Money, Your Right

The awareness campaign has three pillars:

• Awareness: Informing people about unclaimed money and how to identify it.

• Accessibility: Organising camps across states and providing multilingual material and demonstrations.

• Action: Enabling individuals to file claims quickly through standard operating procedures and digital support.

 

According to the government, facilitation camps have already been held in hundreds of districts, including remote areas, and nearly Rs 200 crore has been returned to rightful claimants.

 

One-stop portals to trace your money

Regulators and ministries have set up dedicated platforms to simplify the search process:

 

• RBI UDGAM: For unclaimed bank deposits and inactive accounts.

• IRDAI Bima Bharosa: For unclaimed insurance payouts.

• SEBI MITRA: For unclaimed mutual fund balances.

• MCA IEPFA: For unpaid dividends and unclaimed shares.

 

Individuals can check these portals using basic identity details and then submit claims online or through district-level helpdesks.

 

Why you should act now

The Prime Minister has urged families not to postpone these checks, especially where older relatives may have had multiple accounts or policies. Reclaiming unclaimed money strengthens household finances and ensures years of savings do not remain locked.