When no transaction is done with the amount deposited in the bank for 10 years or more, then such amount is kept in the category of unclaimed amount. This amount includes the amount deposited in the current account and savings account as well as fixed deposit, RD, etc. The amount not claimed for 10 years or more is transferred to the Depositor Education and Awareness (DEA) fund, where it is invested in government securities etc. If you also feel that any of your relatives' unclaimed money is deposited in the bank, then you can get information about it through the UDGAM portal. This portal has been started by RBI itself.

First, know the reason behind the unclaimed amount.

According to RBI, there are account holders who deposited the money, but did not appoint a nominee and died. In such a situation, there is no one to claim their money, and that money remains unclaimed. Apart from this, many times people do not use current or savings accounts after opening them and do not even close them, in such a situation their deposited money remains in the account and becomes unclaimed. On the other hand, despite the maturity of FD, RD, or other savings and investment accounts, if the account holder does not make any claim on it for a certain period, then that amount is also considered unclaimed.

You can check from the UDGAM portal

If you feel that your family or any relative has unclaimed money lying in the bank, then you can check it from the UDGAM portal. But for this, you will first have to go to the UDGAM portal udgam.rbi.org.in and register in the unclaimed amount section. After registration, go to https://udgam.rbi.org.in/unclaimed-deposits/#/login and enter your mobile number, password, and captcha code. After this, in the next step, enter the name of the account holder, account number, and bank name. After this, enter the information according to any one of PAN, voter ID, driving license number, passport number, etc.

After this, click on the search button. If there is any unclaimed amount, it will come in front of you on the screen. After this, you can contact the bank to withdraw it. If the unclaimed amount has gone to the DEA fund, then also do not worry, according to RBI, you can withdraw that amount as well. Let us tell you that DEA is supervised by RBI.

Do these 5 things to ensure that the amount does not become unclaimed

In whichever scheme you invest, but definitely add the name of the nominee in it.

Do give information related to your money and investment to your family members.

Keep updating KYC details in the bank from time to time.

Close unnecessary accounts.

Keep the FD slips safe and tell your family.