Unclaimed Money: Meaning, Search & Claim Process

Learn what unclaimed money means and discover how dormant funds, accounts, or investments accumulate over time.

Unclaimed money is a growing issue in India, with crores of rupees lying idle in banks, insurance companies, mutual funds, EPF accounts, and government institutions. Many individuals are unaware that they or their family members are entitled to these funds. This happens because accounts become inactive, beneficiaries are not informed, or documentation is incomplete.

Unclaimed money refers to funds that belong to an individual but remain untouched or unclaimed for a certain period, usually due to inactivity or lack of awareness. When an account holder does not operate an account for years, or when beneficiaries do not know about an investment, the money is classified as unclaimed.

Common examples include:

• Dormant demat accounts
  

• Unclaimed fixed deposits
  

• Matured insurance policies not encashed
  

• EPF accounts of former employees
  

• Dividends, shares, and mutual fund units not claimed
  

• Refunds or settlements left uncollected

After the designated period, these funds are transferred to regulatory bodies such as RBI’s DEAF, EPFO, IRDAI, or SEBI’s IEPF, depending on the type of asset.

Unclaimed money can originate from multiple financial institutions. Some of the most common sources include:

1. Banks & Fixed Deposits

Savings accounts, recurring deposits, and FDs become unclaimed if inactive for over 10 years. Funds are transferred to RBI’s Depositor Education & Awareness Fund (DEAF).

2. Life & General Insurance

Policies that mature but remain unpaid because policyholders or nominees do not submit claims.

3. Employee Provident Fund (EPF)

EPF balances of dormant or old employee accounts.

4. Shares, Dividends & Mutual Funds

Unclaimed dividends, matured debentures, and inactive mutual fund folios are shifted to SEBI’s Investor Education & Protection Fund (IEPF).

5. Post Office Savings & Schemes

Unclaimed deposits in NSC, MIS, RD, and other postal schemes.

6. PPF Accounts

Public Provident Fund accounts left inactive after maturity.

7. Bank Drafts, Refunds & Settlements

Uncollected refunds or settlement amounts from various authorities.

These sources represent most of the unclaimed funds left idle across the country.

The main causes of unclaimed funds include:

• Lack of awareness of accounts, investments, or insurance policies
  

• Death of the account holder without informing beneficiaries
  

• Change in address or contact details without updating records
  

• Misplaced or lost documents required for claiming funds
  

• Multiple job changes, leaving old EPF accounts unused
  

• Failure to follow up on maturity dates for FDs or policies
  

• Signature mismatch or KYC issues preventing claim processing

Understanding these reasons helps prevent future money from becoming unclaimed.

Finding unclaimed money has become easier with government portals and digital databases. Here’s how to search across major categories:

1. Bank Accounts & Fixed Deposits

Visit the RBI DEAF portal on your bank’s website.

Steps:

1. Go to the Unclaimed Deposits search page.
   

2. Select your bank and input your name, account number (optional), and other details.
   

3. If a match appears, follow instructions to claim via the branch.

2. EPF (Employee Provident Fund)

Use the EPFO Unified Member Portal to look up old accounts.

Search using:

• UAN
  

• PAN Card
  

• Aadhaar Card

3. Insurance Policies

Visit the IRDAI’s Unclaimed Amounts Search facility.

Enter your name, date of birth, or policy details.

4. Shares, Dividends & Mutual Funds

Search using SEBI’s IEPF portal, CAMS, or KFintech websites.

You can look up:

• Unclaimed dividends
  

• Unpaid interest
  

• Matured deposits
  

• Shares transferred to IEPF

5. Post Office Schemes

Visit the nearest post office with identity proof and old passbooks or receipts.

By checking all these platforms, individuals often discover funds they didn't know existed.

Once you identify unclaimed funds, the claim process usually involves verification and documentation. Here’s the general process:

1. Contact the institution (bank, insurer, EPFO, mutual fund house).
   

2. Fill out the claim form with details such as account/policy number.
   

3. Submit supporting documents (identity proof, bank proof, death certificate for nominees, etc.).
   

4. The institution verifies the claim.
   

5. After approval, the amount is released directly to your bank account.

Processing time may vary between 15–60 days depending on the source.

The typical documents needed include:

• Aadhaar card or PAN card
  

• Bank passbook or cancelled cheque
  

• Proof of address
  

• Old account statement or policy document
  

• Death certificate (for nominee claims)
  

• KYC details
  

• Claim form with signature verification

Additional documents may be required based on the institution’s guidelines.

Government institutions follow strict rules to safeguard unclaimed funds:

• Banks transfer inactive funds (10+ years) to RBI DEAF.
  

• Insurance companies follow IRDAI unclaimed policy norms.
  

• Mutual funds transfer unclaimed units/dividends to IEPF.
  

• Unclaimed EPF balances remain with EPFO until claimed.
  

• Claimants retain the right to reclaim funds at any time, regardless of the number of years passed.

These rules ensure transparency and protect investor rights.

Unclaimed money is more common than most people realise. With proper awareness and timely verification, individuals and families can recover funds that rightfully belong to them. Maintaining up-to-date financial records and keeping family members informed about investments can help ensure claims are made promptly.

Key points:

• Unclaimed money includes inactive bank accounts, EPF, insurance, and mutual funds.
  

• There are dedicated portals to search for unclaimed funds in India.
  

• Claims require proper documents and identity verification.
  

• Funds remain recoverable indefinitely.

This content is for informational purposes only and the same should not be construed as investment advice. Bajaj Finserv Direct Limited shall not be liable or responsible for any investment decision that you may take based on this content.