How do I recover an old unclaimed bank deposit through the RBI's UDGAM portal?

Question

I found an old passbook of my grandfather's bank account that has had no transactions for over ten years. How do I check and recover this unclaimed deposit? What I am unsure about is the procedure — where the application goes, what it costs, and how long unclaimed bank deposit matters usually take. A plain explanation of the steps, in order, would help more than a general answer.

MyVakeel Legal Desk · Accepted Answer

The law that applies to unclaimed bank deposit here is Reserve Bank of India Act 1934, Section 26A, Depositor Education and Awareness Fund Scheme 2014 and Banking Regulation Act 1949, Section 45ZC. The detail below matters, because Reserve Bank of India Act 1934, Section 26A draws the line differently depending on what your documents show.

Under Section 26A of the Reserve Bank of India Act 1934, any deposit that has remained unclaimed for ten years or more must be transferred by the bank to the Depositor Education and Awareness Fund (DEAF) maintained by the RBI.

The transfer to the DEAF under the Depositor Education and Awareness Fund Scheme 2014 does not extinguish the depositor's or legal heir's right to claim the money; the original bank remains liable to pay the claimant along with the applicable interest, and it then seeks reimbursement from the DEAF.

The RBI's UDGAM portal is a centralised search facility that allows a person to check across multiple participating banks whether any unclaimed deposits exist in the name of themselves or a deceased relative, without having to approach each bank separately.

To actually claim the amount, the claimant must still approach the specific bank branch with the required documents, such as the original passbook or account details, identity proof, and if claiming as a legal heir, succession documents such as a nomination, succession certificate or legal heirship certificate as required by Section 45ZC of the Banking Regulation Act 1949.

Banks are required to process such unclaimed deposit claims within a reasonable time frame under RBI's customer service guidelines, and undue delay can be escalated as a service deficiency to the bank's grievance cell and then the RBI Ombudsman.

What this means for you: 1) Search the UDGAM portal using the account holder's name and applicable bank names to identify unclaimed deposits; 2) Visit the specific bank branch with the passbook, identity proof and address proof to initiate the claim; 3) If claiming as a legal heir, prepare a nomination record, succession certificate or legal heirship documents as applicable; 4) Escalate unreasonable delay in claim processing to the bank's grievance officer or the RBI Ombudsman.

Where the facts are disputed, what usually decides a unclaimed bank deposit matter is the paper trail — dated complaints, acknowledgments and written replies under Reserve Bank of India Act 1934, Section 26A. You can post the details on the MyVakeel forum for a practising advocate to review, or book a paid consultation with a Bar Council verified lawyer in banking law.