Somewhere in India's banks, companies, and insurers sits a staggering pile of money — tens of thousands of crores of rupees — that nobody has claimed. A grandfather's fixed deposit no one remembered. Shares bought decades ago and forgotten. An insurance policy that matured but was never collected. A provident fund balance left behind when someone changed jobs. Much of it belongs to ordinary families who lost track of it, moved house, or never knew a late relative had it.

The good news: the government now runs free official portals where you can search for this money and start getting it back. You do not need an agent, and you should never pay one. This guide walks you through where to look and how to claim what may rightfully be yours or your family's.

Where Lost Money Hides — and Who Holds It

Unclaimed money in India sits in four main places, each with its own way to search:

  • Banks — dormant accounts and matured deposits no one operated for 10+ years. After that, banks transfer the money to the RBI's DEAF fund; you search it on UDGAM.
  • Companies (shares & dividends) — dividends and shares left unclaimed for 7 years are moved to the IEPF (Investor Education and Protection Fund).
  • Insurance — matured policies and death claims never collected; held by the insurer (LIC and others).
  • Provident Fund (EPF) — dormant balances left when changing jobs; held by the EPFO.
₹0
Cost to search and claim — every official portal is free
Source: RBI, IEPF, EPFO
UDGAM
RBI's portal to find forgotten bank deposits across many banks
Source: Reserve Bank of India
7 Years
After which unclaimed shares & dividends move to the IEPF
Source: Companies Act, 2013
Free
No agent or "recovery service" is ever needed — beware of them
Vidur Foundation

1. Forgotten Bank Deposits — UDGAM (RBI)

The RBI's UDGAM portal lets you search for unclaimed deposits across many participating banks in one place.

  1. Go to udgam.rbi.org.in and register with your mobile number.
  2. Search using the account holder's name and the bank's name, plus any one ID detail — PAN, voter ID, driving licence, passport, or date of birth.
  3. If a match appears, note the bank and branch. You cannot withdraw the money on the portal — you then approach that bank with the claim to reactivate the account or claim the deposit.

This is especially useful for finding a deceased relative's forgotten accounts — search in their name.

2. Old Shares & Dividends — IEPF

If you or a relative once bought shares and forgot them, unclaimed dividends and the shares themselves are transferred to the IEPF after 7 years.

  1. Go to iepf.gov.in and click "Search Unclaimed / Unpaid Amount." Enter the company name or folio number.
  2. To claim, file Form IEPF-5 on the MCA portal, then send the required documents to the company's Nodal Officer.
  3. The IEPF Authority verifies and refunds the shares and money to your demat/bank account. It typically takes a few months.
The one rule that protects you
Never pay an agent to "recover" your unclaimed money
A whole industry of "recovery agents" and fake websites has sprung up promising to get your unclaimed money for a cut of it — some are outright scams that steal your documents or an advance fee. You do not need any of them. Every genuine search and claim is free and done only on the official government portals — udgam.rbi.org.in (bank deposits), iepf.gov.in (shares/dividends), epfindia.gov.in (provident fund), and the insurer's own website for policies. Never share your Aadhaar, bank OTP, or documents with anyone who calls offering to "release your unclaimed funds," and never pay an upfront fee.

3. Insurance and Provident Fund

  • Insurance: Check with the insurer directly — for LIC, use its unclaimed amounts search on licindia.in with the policyholder's details; other insurers have similar tools (mandated by IRDAI). Matured policies and death claims can be reclaimed by the policyholder or nominee.
  • Provident Fund (EPF): Old, inactive PF accounts can be traced and claimed through epfindia.gov.in and the UMANG app using your UAN/Aadhaar. If a family member passed away, the nominee can file a claim.

Doing This for a Deceased Relative

A large share of unclaimed money belongs to people who have died, with families who never knew. If a parent or grandparent has passed, it is worth searching in their name on UDGAM and IEPF, and checking their insurance and PF. As the legal heir or nominee, you can claim it with the death certificate, proof of relationship/legal heir, and KYC documents. It is a quiet way to recover what your family is genuinely owed.

Worth an hour of your time

Spend an hour searching your own name — and the names of your parents or grandparents — on udgam.rbi.org.in (bank deposits) and iepf.gov.in (shares and dividends), and check LIC and your EPF. Many families discover money they had completely forgotten or never knew a late relative had. It costs nothing, and whatever you find is legitimately yours to claim. Above all: never pay an agent — the official portals are free, and anyone charging to "recover" your money is either unnecessary or a fraud.

What You Can Do

  • Search bank deposits for yourself and relatives on udgam.rbi.org.in (free).
  • Search shares & dividends on iepf.gov.in → "Search Unclaimed/Unpaid Amount"; claim via Form IEPF-5.
  • Check insurance (LIC's unclaimed-amount search / your insurer) and EPF on epfindia.gov.in or UMANG.
  • For a deceased relative, search in their name and claim as legal heir/nominee with a death certificate and KYC.
  • Never pay a recovery agent or share OTP/documents with callers — every genuine claim is free and official.
  • Keep your own money from getting lost: keep nominations updated and tell your family where your accounts and policies are.

Money you forgot is still your money. The government has made it free to find and claim — a quiet hour on the official portals could return to your family what was always theirs.

Frequently Asked Questions

How do I find a forgotten or dormant bank account?
Use the RBI's UDGAM portal at udgam.rbi.org.in. Register with your mobile number and search using the account holder's name, the bank name, and one ID detail (PAN, voter ID, driving licence, passport or date of birth). If found, approach that bank to reactivate the account or claim the deposit — you cannot withdraw it on the portal itself.
Where do old unclaimed shares and dividends go?
Under the Companies Act, 2013, dividends and shares left unclaimed for 7 consecutive years are transferred to the Investor Education and Protection Fund (IEPF). Search at iepf.gov.in and claim by filing Form IEPF-5 on the MCA portal.
Is it free to search and claim, or do I need an agent?
It is completely free on the official portals — you never need an agent. Beware of "recovery agents" and fake websites that charge a fee or ask for your OTP and documents; many are scams. Never pay an advance fee.
Can I claim a deceased relative's unclaimed money?
Yes. As the legal heir or nominee you can claim it with the death certificate, proof of relationship or legal-heir status, and your KYC documents. Search in the deceased person's name on UDGAM and IEPF, and check their insurance and EPF.
What about a matured insurance policy or old PF account?
For insurance, use the insurer's unclaimed-amount search (for LIC, on licindia.in) with the policyholder's details. For provident fund, trace and claim old accounts through epfindia.gov.in or the UMANG app using your UAN/Aadhaar.

Sources