Many people don't use their bank accounts for years. They think the money is with the bank and isn't going anywhere. But after a certain period of time, if you don't use your account, the bank transfers the money to the Reserve Bank of India (RBI). Many people simply forget about their bank accounts. If this has happened to you, don't worry. The Reserve Bank has launched a special campaign for this purpose. This campaign, which began in October, will continue until December 2025. The Reserve Bank has outlined three methods you can use to recover unclaimed money lying in your bank account for years.

What is the law of money in the bank?
If a bank account is closed for more than two years and up to 10 years, the money remains with the bank. However, if the account is closed for more than 10 years, the money goes to the RBI's Depositor Education and Awareness (DEA) Fund. This does not mean that the money belongs to the Reserve Bank. Depositors or their legal heirs can withdraw this money at any time. However, certain procedures must be followed.

Rules for Inactive Accounts for Two to 10 Years
If a person does not use their bank account for more than two years or up to 10 years, the account becomes inactive. When an account becomes inactive, the funds in it remain safe, but certain services are discontinued. To reactivate the account, KYC details must be updated and a single transaction must be made.

If an account remains inactive for more than 10 years, the bank deposits all the money and interest deposited in the account into the Reserve Bank's DEA Fund. This fund was launched in May 2014. It collects unclaimed money from all commercial and cooperative banks that have not been used for more than a decade or have no claimants.

How to Get Money Back from the DEA Fund?

Customers or their legal heirs can retrieve money deposited in the Reserve Bank's DEA Fund at any time. There is no time limit. You can take these three steps to get your money back:
Visit any bank branch.
Fill out a form and submit KYC documents as proof of identity, such as an Aadhaar card, driving license, voter ID card, etc.
Once your documents are verified, you will receive your money along with interest.

How to check for unclaimed money?
If you want to know if any of your money is lying unclaimed, you can contact your bank. Alternatively, you can also check for unclaimed money using the Reserve Bank's UDGAM portal. Currently, 30 banks are connected to the UDGAM (Unclaimed Deposits Gateway to Access Information) portal. These include SBI, HDFC, ICICI, and others.

Disclaimer: This content has been sourced and edited from Navbharat Times. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.